Home Commercial Legacy Partners Buys Bellevue Asset for $18.2MM, Moves Forward with Redevelopment Plans

Legacy Partners Buys Bellevue Asset for $18.2MM, Moves Forward with Redevelopment Plans

Legacy Partners, Bellevue Station, Compass Construction, Encore Architects, KPFF, MFID, Bellevue
Courtesy of Encore Architects

By Meghan Hall

Foster City, Calif.-based Legacy Partners has snapped up a commercial property in Bellevue, paying $18.2 million, in a deal that closed at the end of February. According to public records, the seller was an entity associated with Bothell, Wash.-based DMC Assets LLC.

The property is located at 1525 132nd Ave. NE and totals 1.8 acres. While the property is currently developed with a 7,326 square foot industrial building, it is slated to become “Bellevue Station,” a 288-unit mixed-use project. In addition to rental units, documents show that the project will also include about 8,600 square feet of commercial space. 318 vehicle parking spots are also included in the project plans.

Encore Architects has designed the project. Compass Construction, KPFF, MFID and others are also part of the project team.

“Growing in anticipation of its future light rail connection, Bel-Red is the up-and-coming area where Bellevue meets Redmond—a centrally located neighborhood soon to be accessible by public transit,” states Encore Architects on a landing page for the project. “Our team approached Legacy Bellevue Station with this in mind, designing a hub for contemporary urban living while simultaneously helping to advance the City’s Comprehensive Plan for added density and connectivity.”

Before the project can proceed, Legacy Partners will need to finish the entitlements process, meaning that the project’s completion is several years away.

Legacy Partners has developed multifamily real estate since 1968. During its time in business, it has constructed more than 66,000 apartment homes; currently, its portfolio includes 54 multifamily communities and more than 12,000 apartments. According to the firm’s website, the company’s portfolio is valued in excess of $3 billion.