Legacy Partners, together with its joint venture partner Silverpeak Real Estate Partners, announced the development of Ravine Ridge, a 138-residence garden-style apartment community in Port Orchard, Washington.
Legacy and Silverpeak closed on the undeveloped site with a $24.28 million construction loan from PNC Bank. Construction on the site is underway. “This was a complex closing given the subject site was previously taken back via deed in lieu of foreclosure with partially completed sitework, entitlements, and more,” said Parker Nicholson, senior managing director for the Pacific Northwest at Legacy Partners.“ Ravine Ridge is Legacy’s first development in Kitsap County, just west of Seattle and King County.
The community is located at 2864 Harold Dr. SE and will consist of seven three-story garden-style residential buildings, a leasing office and a standalone luxury clubhouse space. Designed by Ross Deckman & Associates, Ravine Ridge’s mix of 138 studio, one-, and two-bedroom apartment homes will range from 508 to 986 square feet.
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