By Kate Snyder
A homebuilder is once again making land purchases in the Puget Sound region. Toll Brothers, Inc., bought a portion of a 24-acre parcel of undeveloped land in Black Diamond for $15 million, according to King County public records. The seller was an entity affiliated with Oakpointe Communities. Lots 152-181 and 182-233 were part of the sale, but no site address was recorded.
The deal is similar to one that took place a year ago, when Toll Brothers purchased approximately 8.8 acres out of a 37-acre parcel from the same seller for $13 million, according to previous reporting from The Registry. That site was positioned in the Ten Trails development planned by Oakpointe. The year before, Toll Brothers paid $15 million for a portion of another parcel from Oakpointe that was also within the planned Ten Trails development.
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.
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. It has been active in the Puget Sound region for many years.
In 2022, 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.
