Home Finance Undeveloped Land Near Lake Tapps, Wash., Sells for ~$20.3MM

Undeveloped Land Near Lake Tapps, Wash., Sells for ~$20.3MM

By Meghan Hall

A sizeable land deal has closed in Pierce County, not far from Lake Tapps. In a transaction that was formalized in February 3rd, a number of parcels sold for $20,334,150. The seller was an entity affiliated with Bonney Lake, Wash.-based ESK Development LLC. The seller is affiliated with AGWIP Asset Management, based in Scottsdale, Ariz.

The transaction included 34 different parcels according to public records. The parcels are located along 129th Ave. E and Crossing Drive E. Project documents indicate that combined the properties are called “The Crossings at Sunrise, Lake Tapps.” According to assessor’s parcel data, the assets are listed as vacant and undeveloped.

It is unclear whether or not the properties will be at all tied to another development—called “The Crossings at Sunrise—located on 174th St. E. That development features homes under construction by Lennar that range in size from 1,669 square feet to 3,148 square feet. The community includes 180 homes that start in the $500,000s. Model homes for the development will open this spring.

The properties are located adjacent to a single-family neighborhood and are not far from Edgerton Elementary School. Pierce County Airport’s Thun Field is nearby, as is a commercial center anchored by Fred Meyer, Ross Dress for Less and Kohl’s. 

It is unclear what ownership’s plans are for the property. However, the sale fits within a larger trend of investors and developers grabbing up available tracts of land for development. In September of last year, the aforementioned Lennar purchased a Puyallup plot for $20 million as it continued to build homes in the area. Also in September, Polygon Homes purchased a Bothell site for $11.7 million, where it plans to build 94 townhomes.  In December, Puyallup-based RM Homes purchased a Lynnwood site for $11 million, where it plans to construct a 49-home project dubbed “Creekside Grove.”

Developers across the region are racing to keep up with demand and rising competition for available homes. Redfin has dubbed Seattle one of the most competitive markets in the country. The area posted a bidding war rate of more than 67 percent in January of this year. Housing prices continue to rise—sometimes in the double digits—prompting investors and developers to act quickly.