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May 20, 2010
Legacy Partners
Legacy Partners repositioned a 309-unit apartment project in Federal Way with a $13 million renovation. Campus Grove Apartments has bene renamed Arcadia Townhomes. Kerry Nicholson, the company's Northwest regional partner, said rental revenues are up 15 percent on a per-unit basis. The average rental rate is $1.06 per square foot. Legacy's equity partner on the renovation is a separate account managed by Cornerstone Real Estate Advisers LLC. DH Design of Redmond designed the makeover and Western Exteriors did the exterior work. Legacy hired subs for interior work.