Legacy Partners Secures JV Equity for Seattle Development
New York Life Real Estate Investors provided the financing.
Legacy Partners has secured joint venture equity from New York Life Real Estate Investors for the development of the eight-story Bellevue Station multifamily project in Bellevue, Wash. The transit-oriented development is in the city’s Bel-Red corridor submarket.
The 288-unit Bellevue Station, located at 1525 132nd Ave. N.E., will offer 230 market-rate apartments and 58 below-market Multifamily Tax Exemption units. Resident amenities will include controlled access, a gym with a separate yoga zone, a coffee bar, a rooftop club room with associated terrace, and an indoor/outdoor games room. The lobby will also include co-working space complete with open booths for residents. Bellevue Station will include 10,000 square feet of retail space.
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Bellevue Station will be constructed on less than 2 acres of land previously occupied by an industrial facility. The project was designed by Encore Architects. Legacy Partners has not yet broken ground on the property and expects to complete construction by the first quarter of 2025.
Bellevue Station is near I-405 and SR-520 and is within walking distance of the under-construction Bellevue Downtown Station on Sound Transit’s East Link light rail system, which will connect residents with downtown Seattle. Residents will have access to many of the area’s technology and e-commerce employers.
Dave Karson and Chris Moyer with Cushman & Wakefield’s equity, debt and structured finance team represented Legacy Partners.