Legacy Partners, AIG venture acquires Bay Area development site

Legacy Partners, a privately owned national real estate firm, in a joint venture with American International Group, has announced the acquisition of a 1.78-acre development site located at 28168 Mission Boulevard in Hayward, Calif. BMO Harris Bank has provided construction financing for the project. Legacy@Hayward will include 97 apartment units and 1,700 square feet of retail space, all within walking distance of the South Hayward BART Station.

The 97 units are being designed and built by Katerra, a construction technology company, headquartered in Menlo Park, Calif. Katerra’s design approach links standardization with customization, providing efficiency of manufacturing standard products, without sacrificing design freedom. Katerra will use building components produced at its Tracy facility in the development. Units at Legacy@Hayward range from one to three bedrooms averaging 883 square feet per unit.

“Hayward continues to seek smart, transit-oriented developments, staying competitive with the Bay Area’s explosive growth,” said Hayward planning manager Sara Buizer. “We’re excited to welcome Legacy Partners and Katerra to the area to help us build innovative housing solutions.”

Expected to open in April 2020, the property is located 0.3 miles from the South Hayward BART Station and 3.1 miles to the San Mateo Bridge. The community’s high-quality finishes and range of amenities are comparable to finishes typically found in the Bay Area’s condominium market.

Legacy@Hayward’s units will feature oversized unit patios and decks, movable kitchen islands, built-in closet organizers, stainless steel appliances, pocket doors, and solar shades. In the common areas, residents can enjoy a media room and kitchen, conference room, fitness center with yoga studio, pool and spa, an outdoor lounge area with fire pits and grill area, bike storage and repair room, electric vehicle parking, and an outdoor Skydeck with west-facing views.

The seller, a private family, was represented by Kidder Mathews multifamily investment broker Matthew Clark.

This year alone, Legacy Partners has developed and delivered more than 1,385 multifamily units in communities across the country, making 2018 one of its most active years.