Gravelly Lake is located in Lakewood, offering an urban oasis in the city for those who own Gravelly Lake waterfront real estate. Named for its gravel-covered lake bed, itâs fed entirely by groundwater and surrounded by a community of high-priced homes as the most prestigious of the three main lakes and lakefront communities in Lakewood. Ideally situated less than 12 miles south of Tacoma and just over 20 miles north of Olympia, residents can enjoy a relatively easy commute along with plenty of big-city amenities nearby while coming home to a tranquil lakeside environment. As a private, resident-access only lake, youâll be able to enjoy fishing, floating, swimming and boating without the crowds typically seen on other area lakes. As operating watercraft over 5 mph between sunset and sunrise is unlawful, it helps maintain a more tranquil atmosphere too.