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BELLEVUE, Wash. (November 30, 2022) – Legacy Partners (“Legacy”), a privately held nationwide actual property firm, has damaged floor on Copal, a 288-unit multi-family constructing in the fast-growing Bel-Red Corridor submarket of Bellevue, Washington .
The mid-rise, transit-oriented housing growth at 1525 132nd Ave NE, previously generally known as Bellevue Station, was not too long ago named Copal.
“Copal is in a highly desirable location adjacent to Sound Transit’s new NE 130th St station in Bellevue’s fast-growing Bel Red submarket,” mentioned Parker Nicholson, senior managing director of Legacy Partners. “The project will offer prospective tenants an enhanced living experience with modern finishes, state-of-the-art amenities and quick light rail access to the region’s most renowned tech employers.”
Last July, Cushman Wakefield, unique advisor to Legacy Partners and New York Life Real Estate Investors, introduced it had closed $91.88 million in development financing for the event. The lead architect for the mission is Encore Architects, whereas Compass Construction is overseeing the development of the mission.
Spread over eight flooring, Copal may have 288 residence residences, together with 230 market priced models and 58 under market priced Multi-Family Tax Exemption (MFTE) models. Amenities embody a well-equipped gymnasium with separate yoga space, espresso bar, rooftop membership room with terrace, and indoor/out of doors/video games room. The foyer will even embody a co-working space with separate breakout cubicles for residents. Copal’s facade alongside Spring Blvd. throughout from the brand new Sound Transit gentle rail station is activated by 10,000 sq. ft of retail house on the bottom flooring.
Upon completion in Q2 2025, Copal can be positioned alongside the newly expanded East Link gentle rail, near among the world’s largest and most influential know-how and e-commerce employers and with easy accessibility to your complete Puget Sound area.
“New York Life is excited to begin construction on this project and to be working with a world-class development team including Legacy Partners, Compass Construction and Encore Architects,” mentioned Albert Pura, senior director at New York Life Real Estate Investors.
About Legacy Partners
Legacy Partners (Legacy), a personal actual property firm based in 1968 and headquartered in the San Francisco Bay Area, owns, develops and manages multi-family properties all through the United States. Legacy has regional workplaces in Northern and Southern California, Colorado, Florida, Texas and Washington and has developed or acquired greater than 78,000 residential properties primarily in Arizona, California, Colorado, Florida, Nevada, Oregon, Texas and Washington. Since its inception, Legacy has labored with among the world’s largest monetary establishments, life insurance coverage corporations and actual property corporations, persistently delivering distinctive outcomes. Legacy supplies administration providers for its personal portfolio in addition to for third occasion shoppers. Collectively, Legacy manages a portfolio of over 50 multifamily properties with greater than 12,000 residences and gross worth in extra of $3 billion.
About actual property traders from New York Life
New York Life Real Estate Investors is a division of NYL Investors LLC, an entirely owned subsidiary of New York Life Insurance Company.
New York Life Real Estate Investors is a totally built-in, full-service actual property agency with greater than 100 professionals. The division has market-leading capabilities in originating, underwriting and investing in actual property fairness merchandise and associated debt devices, together with actual property fairness investments, business mortgage loans and business mortgage-backed securities. With over $69.0 billion in property underneath administration as of June 30, 2022(1), New York Life Real Estate Investors is actively looking for to accumulate further properties in the United States