Legacy Partners sells Mercer Island’s Hadley apartment building

  • Monday, October 23, 2017 4:00pm
  • News

The 209-unit Hadley apartment building on 76th Avenue Southeast was recently sold. Image courtesy of Legacy Partners

The Hadley, Mercer Island’s newest apartment building, has been sold for an undisclosed amount.

Legacy Partners, a privately-owned national real estate firm, in partnership with Resmark Apartment Living, announced the sale of their Built Green Hammer Award-winning, 209-unit, 160,000-square-foot apartment community on Oct. 23.

The community, which is more than 90 percent leased, was purchased by Northern California-based SyRES Properties. Legacy will retain property management of the Hadley, marking a combined 2,125 units on 10 communities under management in the Pacific Northwest Region. The deal was brokered by JLL.

“The very strong interest in the property, which is situated on a ground lease, represents the high quality of the asset and the fact that the island’s extremely high barriers to entry result in no other projects coming up behind us – a rarity in any submarket,” said Kerry Nicholson, senior managing director of Legacy Partners. “Residents love residing in the peaceful village atmosphere of Mercer Island, but also having quick access to the high energy of both Bellevue and Seattle.”

Hadley provides residents with state-of-the-art appliances and finishes, as well amenities including a fitness center, media room, conference room, lounge and rooftop deck complete with a barbecue and fireplace.

Residents also enjoy close proximity to the Metro Transit Park and Ride for easy transportation to the greater Seattle area, and in 2023 a short walk to light rail. The 5-story project features 9,200 square feet of ground floor retailers, including Mioposto Pizzeria and Bar, Orange Theory Fitness and Freshy’s Local Market. The underground parking garage contains 237 spaces.

The building was named after the Interstate 90 floating bridge engineer Homer Hadley.

The nearby 77 Central apartment complex was sold for $96 million in 2016, and Island Square sold for $112 million in 2008.

For more, see www.legacypartners.com.

[flipp]

More in News

Rosenbaum wins by 40 votes in election recount

Mercer Island City Council Pos. 1 results certified Dec. 6.

Washington Low Income Housing Alliance is among supporters of statewide “just cause” legislation to protect tenants in Washington. However, some landlords say removing the ability to quickly remove tenants limits their ability to get rid of problem renters. (Courtesy image)
Tenant advocates prepare for another push in Olympia

Following wins in Burien and Federal Way, just cause evictions are on the 2020 Legislative agenda.

City continues climate commitment

Mercer Island council adopts K4C update.

Natalie DeFord / staff photo
                                People walk past the Mercer Island Park-and-Ride on a cloudy morning Dec. 2.
New reserved parking permits for Park-and-Ride

Sound Transit’s online monthly pass secures a spot during busy commute times.

Fire along Twisp River Road in the Okanogan Wenatchee National Forest in 2018. Courtesy photo
Wildfire response: State unveils funding legislation proposal

Last year, Department of Natural Resources responded to record number of wildfires.

A new report, complete with recommendations to the Legislature, has been released by a statewide task force that was formed to address a lack of child care in Washington. File photo
Report outlines lack of child care in Washington

In King County, supply doesn’t meet demand for child care.

Demonstrators from La Resistencia protest Amazon’s involvement with ICE. Photo courtesy of La Resistencia
How will the U.S. respond to climate refugees?

Business as usual has been harder borders, are there other ways to address climate migration?

Eastside election recounts

Bothell, Redmond, and Mercer Island council races going to recount.

Most Read