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.