Home Finance Wolff Buys Totem Lake Site for $23.5MM, Plans 557 Apartment Units

Wolff Buys Totem Lake Site for $23.5MM, Plans 557 Apartment Units

By Brittan Jenkins

Real estate private equity firm, The Wolff Co. purchased a 12-acre property in the Totem Lake area of Kirkland where it plans to develop 557-units of housing. Wolff paid $23.5 million for the property from LifeBridge Church, formerly Christ Church of Kirkland, in a deal that closed May 26th.

LifeBridge originally purchased the property in 1996 when it paid $3.5 million for the 74,180-acre lot. On the site now is a three-story church, which used to be an industrial manufacturing site that was built in 1981.

According to plans filed with the city of Kirkland, Wolff plans to build four structures on the lot including a five-story senior housing building with 155 apartments and two six-story market-rate apartment buildings with 402 units. Plans also call for a three-story open parking garage within the footprint of the existing building, though the structure itself will be demolished. Wolff also plans to include an extension of 118th Ave. N.E. to the south to intersect with N.E. 116th St.

While the project is still in its early phase, Wolff is working with the Runberg Architecture Group on the development.

Outside of this project, Wolff has developed a number of housing developments in the state and across the Puget Sound region. Wolff has 4730 California, an 88-unit multifamily community in West Seattle; 8th & Republican, a 210-unit and retail development in South Lake Union; Badger Mountain Ranch Apartments, a 176-unit garden-style community in South Richland; CityLine, a proposed development with 250-units in Seattle’s Columbia City neighborhood; Island View, a 144-unit garden-style apartment community in Richland; Pike Motorworks, a 260-unit mid-rise in Capitol Hill; Pine Valley Ranch, a 256-unit garden-style apartment community in Spokane; The River House, a 216-unit garden-style community in Spokane; and Venn at Main, a 353-unit podium apartment building in downtown Bellevue CBD.