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4/06/23
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A 1.5-acre development site in South Seattle was acquired by locally-based real estate development, investment and management firm Bode in a $2.1 mil, all-cash deal. The buyer plans to develop a 330-unit housing project on the site, located at 5960 Martin Luther King Jr. Way S.
Ryan Kidwell and Robert Parmar with The Mogharebi Group represented Bode in the transaction. Kidwell’s team also assisted Bode with the complex due diligence process that involved wetland mitigation.
“The Puget Sound region’s topography is quite varied, so developable land in Seattle usually comes with some type of hurdle—and this property was no exception,” Kidwell added. “Since the land is partially impacted by wetlands, we had to determine the best options to mitigate those sensitive areas while still allowing our client to cost-effectively develop the site.”
Bode, an active owner and developer of quality affordable housing for lower-to-middle-income renters in the Seattle area, is also currently in escrow on a few additional sites across the Puget Sound region, according to Kidwell, who has represented Bode in several other transactions.
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