The Mogharebi Group (“TMG”) has arranged the $2.4 million sale of six contiguous land parcels on Old Frontier Road totaling 14.3 acres in Silverdale, Washington to Bode, a Washington-based multifamily developer.
“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. “This process lasted over a year, allowing our client to save on holding costs while simultaneously navigating the crucial step to bringing over 400 new units to the Silverdale market.”
The development site is located at the northwest corner of NW Anderson Hill Road and Old Frontier Road NW, west of State Route 3. Kidwell also assisted Bode with navigating the difficult capital markets environment by arranging seller financing for the property.
“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.
Bode is an active owner and developer of multifamily and workforce housing communities throughout Washington State. They currently have seven other projects under construction throughout the greater Puget Sound.
The Mogharebi Group is a leader in real estate investment and advisory, specializing in the multifamily property sector throughout the Western U.S. with nationwide reach. Backed by unparalleled local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with an estimated billion dollars in revolving inventory, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.
