Image courtesy of Icon Architects

A Newton flex-industrial property permitted for a large multifamily building has been sold to a partnership that includes an established player in the local commercial real estate space.

Legacy Real Estate Ventures sold the 3.4-acre property at 15 Riverdale Ave. to a joint venture between Criterion Development Partners and BVT Equity Holdings for $13.26 million, according to public records. The site is currently occupied by a single-story, 51,648-square-foot light industrial building built in 1968, according to city property records.

Legacy purchased the property in 2012 in a sale leaseback transaction from C&K Components for $4.55 million, as an addition to its portfolio of flex, medical and office buildings in the Northeast market.

“We purchased the property eight years ago and it has been a great income producer, but its highest and best use has always been as a residential redevelopment,” Legacy Principal Michael Price said in a statement. “We began discussing this possibility with Criterion Development Partners three years ago and they recently completed the permitting process which made this concept a reality.”

Legacy permitted the site for a 204-unit multifamily project under the state’s Chapter 40B affordable housing law, and received its permits from the city in early July. The permitted development consists of 20 studios, 87 one-bedroom units, 74 two-bedroom units and 23 three-bedrooms with 25 percent of the units designated as affordable. A portion of the property will be built with sustainable Passive House design procedures, led by Icon Architecture.