By Kate Snyder
In a similar land grab to a transaction from last year, Toll Brothers, Inc., has purchased more vacant property in Black Diamond from an entity affiliated with Bellevue-based Oakpointe Communities. According to King County public records, the site traded hands for $13 million and consists of approximately 8.8 acres out of a 37-acre parcel that is within the Ten Trails development planned by Oakpointe. The sale was recorded in December 2022.
Last year, Toll Brothers paid $15 million for a portion of another parcel from Oakpointe that was also within the planned Ten Trails development, according to previous reporting from The Registry. In a separate deal at the same time, Lennar paid $25.3 million for two parcels from Oakpointe in the same development.
Oakpointe began developing Ten Trails in 2009. The development is planned to include more than one million square feet of commercial office and retail space, as well as more than 4,800 residences and accessibility to several parks and trails. The development is located on the outskirts of King County, but is still accessible to Tacoma and Seattle, with Lake Sawyer Regional Park as well as the Black Diamond Natural Area located nearby.
Earlier this year, Toll Brothers also purchased a 214-acre mixed-use community in Covington from Oakpointe for $43 million. That transaction involved the sale of multiple addresses, including 18808 SE 256th Street, 19601 Frontage Road and 19501 Frontage Road. Entitlements for the property include an 850,000 square foot entertainment and lifestyle center, a 130-room hotel and up to 1,500 single-family and multifamily residential units.
Toll Brothers was founded in 1967 and is a builder of luxury homes that operates throughout the country, according to the firm’s website. The company currently builds in 24 states nationwide and is publicly owned.
Oakpointe is a real estate development and community development company with projects throughout the Puget Sound area, according to the firm’s website. It currently owns, manages and/or controls land that is largely approved to support the development of approximately 9,000 residential units and up to approximately two million square feet of commercial space. The company’s current land holdings are also able to support the development of 750 lots annually, 200-plus units of mixed-use residential and commercial parcels.