Argosy Invests in King’s Corner

On April 4, 2012, Argosy Real Estate invested in King’s Corner, a 29.3-acre residential land parcel fully entitled for up to 162 single family detached homes. King’s Corner is located just outside of the Mill Creek city limits in south Snohomish County, an affluent submarket in suburban Seattle. AREP II has partnered with Oakpointe Communities (formerly YarrowBay Holdings), an experienced local land developer who will serve as operating partner. Oakpointe brings many years of experience as one of the preeminent land developers in the Seattle area, with expertise in site assemblage, entitlement, planning, and development.

King’s Corner is currently planned for 135 residential lots, ranging from 35’ to 45’ feet wide and 70’ feet deep (2,450 to 3,150 square feet). The relatively dense configuration of the site plan is common in the submarket. This product type has gained broad market acceptance as a result of the longstanding emphasis on dense urban and suburban development in the Seattle MSA. Home sizes will range from 1,600 to 2,250 square feet, averaging 1,905 square feet, at an average projected sales price of $335,000 or $176 per square foot. High local incomes make this an extremely affordable project for such a desirable location, with just 25% of the submarket median household income needed to support the costs of homeownership.

The project site boasts an excellent location with good access to major commuting routes, offering an easy drive to major employment centers along the east shore of Lake Washington including Bothell, Redmond, Kirkland, and Bellevue, home to companies including Microsoft, Costco, Eddie Bauer, Expedia, T-Mobile USA and Nintendo USA. King’s Corner is adjacent to a 40-acre Snohomish County park featuring ball fields, picnic facilities, trails, and natural areas, to which it will be linked by walking trail. The project also features a large scenic wetland area in the middle of the site, offering water or open space views from most lots. The project has good access to retail and cultural amenities in Mill Creek. King’s Corner’s location in south Snohomish County is considered an “A” location by local homebuilders, and there is strong builder activity and continued interest in the submarket.