BELLEVUE, Wash. (Nov. 30, 2022) – Legacy Partners (“Legacy”), a privately held national real estate firm, is breaking ground on Copal, a 288-residence multifamily property in the fast-growing Bel-Red corridor submarket of Bellevue, Wash.
The mid-rise, transit-oriented apartment project located at 1525 132nd Ave NE, formerly known as Bellevue Station, was recently branded Copal.
“Copal is in a highly desired location adjacent to Sound Transit’s new NE 130th St Station, in the fast-growing Bel-Red submarket of Bellevue,” said Parker Nicholson, senior managing director for Legacy Partners. “The project will offer potential tenants an enhanced residential experience complete with modern finishes, state-of-the-art amenities and quick access via light rail to the region’s most prestigious technology employers.”
This past July, Cushman Wakefield, exclusive advisor to Legacy Partners and New York Life Real Estate Investors, announced the close of $91.88 million in construction financing for the development. The architect of record for the project is Encore Architects, while Compass Construction is overseeing construction of the project.
Rising eight stories, Copal will feature 288 apartment residences, including 230 market rate units and 58 below market Multifamily Tax Exemption (MFTE) units. Amenities will include a well-equipped gym with a separate yoga zone, coffee bar, rooftop club room with terrace, and an indoor/outdoor/games room. The lobby will also include co-working space with separate breakout work booths for residents. Copal’s frontage along Spring Blvd., facing the new Sound Transit light rail station, will be activated by 10,000 square feet of ground floor retail space.
Upon completion in the second quarter of 2025, Copal will sit along the newly expanded East Link light rail close to some of the world’s largest and influential technology and e-commerce employers, and with easy access throughout the Puget Sound region.
“New York Life is excited to commence construction on this project, and to be able to work with a first-class development team including Legacy Partners, Compass Construction and Encore Architects,” said Albert Pura, senior director at New York Life Real Estate Investors.
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. Legacy has regional offices in Northern and Southern California, Colorado, Florida, Texas, and Washington, and has developed or acquired more than 78,000 apartment homes primarily 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 third-party clients. Combined, Legacy manages a portfolio of over 50 multifamily communities with more than 12,000 apartment homes, and with a gross value in excess of $3 billion.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Company.
New York Life Real Estate Investors is a full service, fully integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage backed securities. With over $69.0 billion in assets under management as of June 30, 2022(1) New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.