[[{“value”:”
Legacy Partners and joint venture partner Silverpeak Real Estate Partners have launched development of Ravine Ridge, a new garden-style multifamily community planned for Port Orchard, Washington. The project will deliver 138 rental residences and represents Legacy Partners’ first ground-up development in Kitsap County, just west of Seattle and King County.
The partnership acquired an undeveloped site for the community and closed on a $24.28 million construction loan provided by PNC Bank. According to Legacy Partners, construction work at the site is already underway. The closing was described as complex due to the property’s history, as the land had previously been taken back via deed in lieu of foreclosure and came with partially completed sitework and existing entitlements.
Ravine Ridge is planned as a low-density, garden-style apartment community at 2864 Harold Dr. SE. The development will encompass seven three-story residential buildings, designed to provide a mix of unit types in a multifamily setting. The plan also includes a dedicated leasing office to support onsite management and resident services.
A standalone luxury clubhouse is part of the program, intended as the primary amenity and community space for residents. While specific interior features and finishes were not detailed, the inclusion of a separate clubhouse underscores a focus on shared spaces as part of the property’s design approach.
The project has been designed by Ross Deckman & Associates. The 138 apartment homes will include studios, one-bedroom, and two-bedroom layouts, with unit sizes ranging from 508 square feet to 986 square feet. This range of floorplans positions the community to serve a variety of renter household types within the local market.
In describing the transaction, Parker Nicholson, senior managing director for the Pacific Northwest at Legacy Partners, noted that the deal required navigating site conditions and prior entitlement work inherited from the previous ownership structure. With the construction loan in place and activity on the site already in progress, the Legacy Partners and Silverpeak Real Estate Partners venture is moving forward with bringing new multifamily supply to Port Orchard.
The post Legacy Partners, Silverpeak Land $24M Construction Loan for Ravine Ridge in Port Orchard, WA appeared first on CRE Market Beat.
“}]]
