Legacy Partners Closes Sale of Seattle-Area Apartments

The 117-unit asset is reportedly the most amenitized apartment community in Redmond, Wash.

by Adina Marcut

Milehouse Apartments, Redmond, Wash.

Milehouse Apartments, Redmond, Wash.

SeattleLegacy Partners has announced the sale of Milestone, a six-story apartment community located in Redmond, Wash. Financial details have not been disclosed.

The property opened in October 2015 and incorporates 177 studio, one- and two-bedroom residential units and five live/work spaces at ground level. The first floor also features 2,100 square feet of retail space, leased to gastro-pub Growler USA.

“Redmond has transformed, in the years since we brought our Riverpark project to market in 2009, into a much more ‘happening’ vibrant place, combining the best of urban and suburban lifestyles,” Kerry Nicholson, senior managing director of Legacy Partners, said in prepared remarks.

Located at 8300 160th Ave., NE., Milehouse lies within a block of two grocery stores and the Redmont Transit Center, and within a five-minute walk of the Redmond Town Center lifestyle shopping destination. According to Legacy Partners, Milehouse is the highest amenitized apartment community in Redmond, featuring two fitness rooms, clubhouse with full kitchen, large landscaped courtyard with outdoor hot tub and barbecue stations, movie theater, bike and ski storage space, and a dog-wash station.

According to Yardi Matrix data, 16 of the 177 apartment units are affordable, and the community boasts an occupancy rate of 93.8 percent as of September 2016.

AIG provided equity financing for the project, while JP Morgan was the lender. Tiscareno Associates was the project architect and Compass Construction served as general contractor. Pete Shelton and Kim Grant of IPA brokered the sale of the community.

Image courtesy of Yardi Matrix