By Jack Stubbs
On December 21st, four parcels of vacant commercial land totaling approximately two acres sold for $11.5 million, according to King County records. The buyer was Shoreline Apartments Owner LLC, which shares the same address as Texas-based multifamily real estate company Trammell Crow Residential (TCR), and the seller of the property was The Grassmueck Group based in Oregon.
TCR did not respond to emailed requests for comment about the transaction in time for the publishing of this story.
According to an industry source with knowledge of the transaction, the recently-acquired parcels are part of Trammell Crow Residential’s Alexander Shoreline 324 Apartments, which is a project that is already approved.
The four parcels, located at a 15560 Westminster Way N. in Shoreline, comprise approximately two acres of vacant commercial land, according to public records. The highest and best use for the land is retail/wholesale and mixed-use. The four-parcels of land are adjacent to the Aurora Square shopping mall and sit between the Highland Terrace and Parkwood neighborhoods. The property is also roughly one mile south of downtown Shoreline via State Route 99 and approximately two miles north of Bitter Lake.
Since 1977, Dallas-based TCR has developed more than 250,000 units in major markets (some of which include Washington, California and Oregon), according to the company’s web site. TCR looks to develop and construct market-leading rental communities that offer residents a comfortable and convenient lifestyle. Some of TCR’s other multifamily projects in the Puget Sound region include the Alexan 100 in Seattle and the Alexan Central Park and Alexan Marymoor in Redmond.