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Seattle & Northwest  + Seattle  + Apartments  | 
Lynnwood Land Parcel Sells for $12M, Apartments Planned

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.

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Inside The Story

Grand PeaksExxel PacificTiscareno Associates

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

Step 1: Select Education
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