A 100,000-square-foot rectangular land parcel, fully entitled for 425 apartments, has been sold for $35 million to an undisclosed buyer in downtown Redmond, WA. CBRE’s Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto represented the undisclosed seller.

Located at 16135 NE 85th St., the site, a former parking lot, is within walking distance of the future Downtown Redmond Link light rail, as well as parks, restaurants, retail and several large employers. Initial plans proposed prior to the sale called for two nine-story apartment towers with ground floor retail space.

“This was a rare opportunity to acquire a fully entitled residential real estate development site in one of the region’s most coveted cities for both residents and employers. We worked with the seller to vet multiple options and land on the right capital to make the deal happen,” said Hallgrimson, vice chairman, CBRE.