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12/01/22
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Legacy Partners, in partnership with New York Life Real Estate Investors, has broken ground on Copal, a 288-residence multifamily property in the fast-growing Bel-Red corridor submarket of Bellevue, WA. The mid-rise, transit-oriented apartment project located at 1525 132nd Ave NE, formerly known as Bellevue Station, was recently branded Copal.
“Copal is in a highly desired location adjacent to Sound Transit’s new NE 130th St Station, in the fast-growing Bel-Red submarket of Bellevue,” said Parker Nicholson, senior managing director for Legacy Partners. “The project will offer potential tenants an enhanced residential experience complete with modern finishes, state-of-the-art amenities and quick access via light rail to the region’s most prestigious technology employers.”
The project secured $91.88 million in construction financing this past July. The architect of record for the project is Encore Architects, while Compass Construction is overseeing construction of the project.
Rising eight stories, Copal will feature 288 apartment residences, including 230 market-rate units and 58 below-market Multifamily Tax Exemption (MFTE) units. Amenities will include a well-equipped gym with a separate yoga zone, coffee bar, rooftop club room with terrace, and an indoor/outdoor/games room. The lobby will also include co-working space with separate breakout work booths for residents. Copal’s frontage along Spring Blvd., facing the new Sound Transit light rail station, will be activated by 10k sf of ground floor retail space.
Upon completion in the second quarter of 2025, Copal will sit along the newly expanded East Link light rail close to some of the world’s largest and influential technology and e-commerce employers, and with easy access throughout the Puget Sound region.
“New York Life is excited to commence construction on this project, and to be able to work with a first-class development team including Legacy Partners, Compass Construction and Encore Architects,” said Albert Pura, senior director at New York Life Real Estate Investors.
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