American International Group, Inc. is participating in a joint venture with Legacy Partners that has helped Legacy Partners acquire a 1.78-acre site for the Legacy@Hayward multifamily community in Hayward, California.
Legacy@Hayward will include 97 apartment units, 1,700 square feet of retail space along with one-to three-bedroom units averaging 883 square feet.
Expected to open in April 2020, the Legacy@Hayward’s units will include movable kitchen islands, built-in closet organizers, pocket doors, and solar shades. In the common areas, residents will be able to access a media room and kitchen, conference room, fitness center with yoga studio, pool and spa, an outdoor lounge area, electric vehicle parking, and an outdoor Skydeck.
BMO Harris Bank will provide construction financing for the project.
The seller, a private family, was represented by Matthew Clark, a multifamily investment broker with Kidder Mathews.
Legacy Partners, a privately held real estate firm founded in 1968, has developed and delivered more than 1,385 multifamily units in communities across the country.
Editor’s Note: Why This Matters to Annuity Agents
Life insurers use investments in real estate, mortgages, in mortgage-backed securities, and in other types of financial instruments tied to mortgages and real estate, to support annuities and other products that may pay benefits starting far in the future, or for long periods of time.
U.S. life insurers had about 22% of their $4.4 trillion in general account assets invested in real estate, mortgages and mortgage-backed securities in 2017, according to data from the American Council of Life Insurers’ ACLI 2018 Life Insurers Fact Book.
— Read Prudential’s Real Estate Finance Arm Describes Its Lending Targets, on ThinkAdvisor.