LEGACY PARTNERS AND SILVERPEAK BREAK GROUND ON 240-RESIDENCE APARTMENT COMMUNITY IN UNIVERSITY PLACE, WASH. Partnership recently closed loan from PNC for $39.8 million

UNIVERSITY PLACE, Wash. (Oct. 14, 2024) – Legacy Partners (“Legacy”), a privately held national real estate firm, together with their joint venture partner Silverpeak Real Estate Partners, today announced the start of construction for Legacy at University Place, a 240-residence apartment community coming to University Place, Washington.

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 highercost 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 project is located at 6021 South Orchard Street in a tree-lined neighborhood of University Place and will consist of ten three-story garden-style residential buildings and a 5,000-square-foot luxury clubhouse. A phased delivery, the first building will be completed in November 2025 with the community’s total completion anticipated for July 2026.

“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.

About Legacy Partners

Legacy Partners (Legacy), a privately held real estate firm founded in 1968 and headquartered in the San Francisco Bay Area, owns, develops, and manages multifamily communities throughout the United States. Since its inception, the company has developed or acquired more than 80,000 apartment homes at more than $8.5 billion in cost. Legacy has regional offices in California, Colorado, Florida, Georgia, Texas, and Washington, and has developed more than 68,000 apartment homes in Arizona, California, Colorado, Florida, Nevada, Oregon, Texas, and Washington. Since inception, Legacy has worked with some of the world’s largest financial institutions, life insurance companies, and real estate companies, consistently delivering exceptional results. Legacy provides management services for its own portfolio, as well as other owners. Combined, Legacy manages a portfolio of more than 50 multifamily communities with almost 12,000 apartment homes, and with a gross value in excess of $3 billion. For further information, please visit www.legacypartners.com

About Silverpeak

Silverpeak is an alternative investment management firm exclusively focused on investing across the real estate and energy sectors. Headquartered in New York City, with offices in Atlanta and London, Silverpeak has acquired more than $25 billion of gross asset value across asset classes and geographical markets. For more information, please visit www.silverpeak.com.

About Berkadia

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Powered by deep relationships and industry-changing technology, our people sell, finance, and service commercial real estate, providing support for the entire life cycle of our clients’ assets. Our unique ownership structure allows us to put our clients’ interests first and create a marketplace that delivers a superior experience. To learn more about Berkadia, please visit www.berkadia.com