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July 12, 2024
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Washington-Based Developer Buys 14 Acres in Silverdale, WA for Res Project

7/02/24

Six contiguous land parcels totaling 14.3 acres in Silverdale, WA sold for $2.4 mil. The buyer was Bode, a Washington-based multifamily developer, while the seller was a Washington-based private investor.

The development site is located at the northwest corner of NW Anderson Hill Rd and Old Frontier Rd NW, west of State Route 3. Bode plans the construction of a 438-unit multifamily community comprised of eight residential buildings, abundant amenities, and a community center. Bode will dedicate approximately 3.4 acres of the land to act as a buffer between the development and the surrounding natural areas.

“The seller, a Washington-based private investor, was extremely cooperative allowing our buyer to complete much of the entitlement process pre-closing,” said Senior Vice President Ryan Kidwell, who leads TMG’s Seattle office and represented Bode on the transaction. “

Ryan Kidwell with The Mogharebi Group represented Bode in the transaction. Kidwell also assisted Bode with navigating the difficult capital markets environment by arranging seller financing for the property. According to Kidwell, the seller was extremely cooperative as the entitlement process for the planned res development lasted over a year, which allowed the buyer to save on holding costs during this time.

“Bode still needs to obtain the necessary building permits before work can commence at the property, which could take another year. Hopefully, by then, the capital markets will improve and more construction financing options will be available,” added Kidwell.





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