Bay Area multifamily developer begins its first project in Pierce County

Two national real estate firms are teaming up on a joint venture to develop 240 apartment units in University Place near Tacoma.

Bay Area developer Legacy Partners and New York-based Silverpeak Real Estate Partners broke ground Monday on Legacy at University Place, a 10-building complex totaling 250,000 square feet at 6021 S. Orchard St.

The first buildings will deliver in November 2025, with the project expected to be fully completed by July 2026. Windsor Construction Co. of Issaquah is the general contractor, according to public filings.

This is Legacy’s first development in Pierce County and represents a company shift towards a more cost-effective model, according to a new release. Legacy’s other local developments have been more expensive podium mid-rise projects, including the 288-unit Copal Apartments in Bellevue’s Bel-Red neighborhood and the 623-unit Eastline Apartments near the future downtown Redmond light rail station.

The estimated cost for the University Place project was not disclosed.

The joint venture partners recently secured a $39.8 million construction loan from PNC Bank, according to the release. Berkadia’s Chinmay Bhatt, Noam Franklin, Cody Kirkpatrick and Ed Kim assisted with the transaction.

Pierce County records show the JV has a 99-year ground lease for the undeveloped site. The 9.5-acre property is owned by Duvall Family LLC.

“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,” Parker Nicholson, senior managing director for the Pacific Northwest at Legacy Partners, said in the release.

The complex will have a mix of one, two and three-bedroom units ranging from 700 to nearly 1,300 square feet.

The grounds will include a central park, including a half-sized soccer field, pea patch, pickle ball court, basketball court and large dog run with covered area to sit. Amenities will also include a large children’s play area, clubhouse, fitness center, pool and multiple gas fire pit areas.