Legacy Partners, a privately held national real estate firm, together with their joint venture partner Bridge Investment Group, announced the start of construction for Legacy Heights, a new 240-residence apartment community coming to Tampa, Florida.
Legacy and Bridge recently closed on the undeveloped site with a $40.180 million construction loan from Santander Bank. Bridge Debt Capital Markets served as the broker for the transaction. Dynamik Design is the architect while CBG Building Company is the general contractor
This is Legacy Partners’ second multifamily development in Tampa’s urban core, joining 228-residence Legacy Encore, which opened in Dec. 2021, and recently won “The People’s Choice” honors and was a finalist in the Tampa Downtown Partnership’s 2023 Annual Urban Excellence Awards in the Landmark Development Project category.
“Legacy Heights will be a beautiful multifamily community offering our residents state-of-the art homes, the latest in modern amenities, ideally located between Ybor City and Tampa Heights in an appealing neighborhood,” said Matt Brendel, senior managing director at Legacy Partners. “Based on our success at Legacy Encore, there seems to be plenty of demand in Tampa Bay, particularly in the urban core.”
The development’s mix of 240 studio, one-, and two-bedroom apartment homes will range from 491 to 1,277 square feet, with an average size of 760 square feet. Included in the mix are four live/work homes, as well as 4,000 square feet of ground floor retail. Residences will feature state-of-the-art smart home technology with high-speed internet provided to all homes; stainless steel appliances; wood-style flooring, 10-foot ceilings; and full-size washers and dryers. Select units will have balconies and private stoops, as well as kitchen islands and spacious walk-in closets.
The community will offer extensive shared amenities including a rooftop saltwater pool with tanning ledges and cabanas; expansive outdoor kitchen and lounge; meditation garden, club room with resident lounge and kitchen; internet café; private co-working offices; covered bike storage, package room with cold storage, and an elite fitness center, as well as a yoga and spin studio. The pet-friendly community will also have a dog run and pet spa. A parking garage will provide 453 spaces.
Legacy Heights is the latest community Legacy is developing in Florida. Adding nearly 1,200 homes to the market this decade, Legacy’s developments also include the aforementioned Legacy Encore in Tampa, Legacy Universal in Orlando, and Legacy Daytona, featuring 352 homes on the site of the old Macy’s at Volusia Mall in Daytona Beach.
Legacy Partners (Legacy), a privately held real estate firm founded in 1968 and headquartered in the San Francisco Bay Area, owns, develops, and manages multifamily communities throughout the United States. Since its inception, the company has developed or acquired more than 80,000 apartment homes at more than $8.5 billion in cost. Legacy has regional offices in California, Colorado, Florida, Georgia, Texas, and Washington, and has developed more than 68,000 apartment homes in Arizona, California, Colorado, Florida, Nevada, Oregon, Texas, and Washington. Since inception, Legacy has worked with some of the world’s largest financial institutions, life insurance companies, and real estate companies, consistently delivering exceptional results. Legacy provides management services for its own portfolio, as well as other owners. Combined, Legacy manages a portfolio of more than 50 multifamily communities with almost 12,000 apartment homes, and with a gross value in excess of $3 billion.
Bridge is a leading alternative investment manager, diversified across specialized asset classes, with approximately $49.4 billion of assets under management as of September 30, 2023. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. verticals across real estate, credit, renewable energy and secondary strategies.
