Updated Dec 4, 2024
KB Homes Acquires 25 Acres Of Land In Lake Stevens, WA For $16.9M
11927 20th Street Southeast & 12009 20th Street Southeast
$16,900,000
Building Size
—
Asset Type
Land
Closing
Sep 7, 2023
About this deal
AI
KB Homes, a Los Angeles-based homebuilder with a presence nationwide, has acquired approximately 25 acres of land located at 11927 & 12009 20th St SE in Lake Stevens, Washington. The transaction price for this land acquisition amounted to $16.9 million.
Summary of Transaction Details
- Property Type: Land
- Transaction Amount: $16,900,000
- Address: 11927 & 12009 20th St SE, Lake Stevens, WA
- Market: Lake Stevens, WA
- Acreage: 25 acres
Jeffrey T. Mezger, representing KB Homes, acted as the buyer in the transaction. He is the CEO of KB Homes, a well-established homebuilding company known for its nationwide presence. On the other side, Land Pro Group, Inc served as the seller of the property.
This significant acquisition by KB Homes allows them to expand their reach into the Lake Stevens, Washington market. With the addition of this 25-acre land parcel, KB Homes now has the opportunity to develop and build new properties in this area. The transaction demonstrates KB Homes' commitment to growth and its strategic investment in expanding its portfolio.
On the Map
$16,900,000
Land
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.94%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93