Legacy Partners (“Legacy”), a privately held national real estate firm, together with their joint venture partner Silverpeak Real Estate Partners, announced the start of construction for Legacy at University Place, a 240-residence apartment community coming to University Place, Washington outside of Tacoma.
Legacy and Silverpeak recently closed on the undeveloped site with a $39.8 million construction loan from PNC. Berkadia JV Equity & Structured Capital, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, is the exclusive equity advisor and Berkadia Mortgage Banker, while Ed Kim is the exclusive debt advisor for the transaction.
Legacy at University Place is Legacy’s first development in Pierce County and represents a shift towards more cost-effective surface-parked construction while retaining an elevated project aesthetic and finish, versus the higher cost podium midrise projects the company has been building along the Eastlink light rail line in the tech centric submarkets of Bellevue and Redmond, which include the 288-unit Copal Apartments in the Bel-Red neighborhood of Bellevue and the 623-unit Eastline Apartments located on the terminus of the Eastline light rail line in downtown Redmond.
“The goal of this project was to create an elevated suburban garden product, offering prospective tenants air-conditioning in every unit, podium-style interior finishes and a resort-style amenity package, located in one of the most sought-after bedroom communities in Pierce County,” said Parker Nicholson, senior managing director for the Pacific Northwest at Legacy Partners.
Designed with a Modern Farmhouse aesthetic, the community’s mix of 240 studio, one-, two-, and three-bedroom apartment homes will range from 706 to 1,293 square feet. Each unit is equipped with a podium midrise spec level split-system air-conditioning system. Units feature modern kitchens with stainless steel appliances, titled backsplashes, and large kitchen islands (in many units); wood-style flooring; and full-size washers and dryers. All homes will have either a patio or large deck.
Legacy at University Place will feature a nice central park amenity including half soccer field, pea patch, pickle ball court, basketball court, and large dog run with covered area to sit. The amenities also include a large children’s play area, clubhouse, fitness center, pool, and multiple gas fire pit breakout areas.
The community is conveniently located with proximity to University Place’s quaint downtown core, which boasts a myriad of local shops along with major grocery stores such as Whole Foods and Trader Joes. The project also has good access to nearby employment centers including Downtown Tacoma, Joint Base Lewis-McChord, and the State Capitol of Olympia while offering quick access to Interstate-5, the region’s major north/south transportation corridor.
