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Lynnwood Land Parcels Sells for $12M, Apartments Planned
Lynnwood 164 Apt LLC has paid $11.8 million for a 5-acre development land parcel on 164th Street, SW in Lynwood, WA. The buyer is affiliated with Grand Peaks, a developer based in Denver, CO, which plans to build a 326-unit apartment project at the site.
According to Snohomish County records, the mid-rise multifamily project will feature an underground parking garage, with Exxel Pacific acting as general contractor and Tiscareno Associates as the architect. The seller in the transaction was M&M Associates GP and the deal was worth about $55 per-square-foot.
The Lynwood location is just west of Highway 525 in a residential area with several apartment complexes, and about a mile from Interstate 5. It’s also situated just a short 10 minute drive to downtown Lynnwood via Highway 99.
This appears to be Grand Peaks first venture in the Seattle market. The developer has most of its properties in Denver, Florida and Texas.
- ◦Sale/Acquisition
- ◦Development
