Legacy, Resmark Divest Mercer Island MF
Foster City, CA-based Legacy Partners, in partnership with Los Angeles-based Resmark Apartment Living, sold Hadley Apartments, a 209-unit, 160,000-square-foot apartment community in Mercer Island, WA. The community, which is more than 90% leased, was purchased for an undisclosed amount by Northern California-based SyRES Properties.
Legacy Partners’ Kerry Nicholson says, “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.”
The five-story property at 2601 76th Ave. SE features 9,200 square feet of ground floor retailers, including Mioposto Pizzeria and Bar, Orangetheory Fitness and Freshy’s Local Market. Legacy, which has 2,125 units in 10 communities under management in the Pacific Northwest Region, will retain property management of the Hadley.
JLL handled the transaction.
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