REDMOND, WA - Resmark Apartment Living, a division of The Resmark Companies, a full-service real estate investment advisor, in joint venture with Greystar, have started construction on a new 134-apartment community, Elan Town Center. The six-story, urban mixed-use development, located at 16355 Cleveland Street, is close to retail and restaurants at Redmond Town Center as well as recreation and entertainment at the 640-acre Marymoor Park. In addition, Elan Town Center is adjacent to the Redmond Regional Connector, a 27-mile walking and biking trail dotted with sculptures and paved public plazas that will connect Old Town with Redmond Town Center when completed in spring 2013.
“Elan Town Center is an ideal fit with our apartment investment and development program. We are pleased to partner with Greystar, whose expertise in development, property management and insight into the Redmond market will help make Elan Town Center a premier community,” said Ziv Cohen, COO, Resmark Apartment Living.
Residents will have access to a host of on-site amenities including a fitness center and yoga studio, as well as the building’s 7,735 square feet of ground floor retail, restaurants and convenience shops. Elan Town Center is incorporating many sustainable green building practices and is being developed to achieve LEED Silver certification. It will offer studio, one- and two-bedroom apartments, averaging 872 square feet, with nine-foot ceilings and state-of-the-art kitchens with granite counter tops and stainless steel appliances. The building also provides underground parking for residents and guests.
“This will be a terrific option for residents seeking a walkable environment and sophisticated urban lifestyle,” noted Jerry Brand, Senior Managing Director of Greystar.
Elan Town Center is located near top employers including Microsoft, AT&T Wireless, Honeywell International and Nintendo of America. It also offers convenient access to State Route 520, a major transportation corridor for the region, as well as to downtown Seattle. Thirteen of the units are set aside as affordable housing for moderate income families.
The design architect for Elan Town Center is Weber Thompson with Compass Construction serving as the general contractor. The development is expected to be completed in the second quarter of 2013.
Founded in 1995, Resmark is a leading national private equity firm focused on real estate and powered by core foundational discipline and focus. A fully integrated real estate investment group, The Resmark Companies' divisions—Resmark Land and Housing, Resmark Apartment Living and Resmark Shopping Centers—finance, acquire, develop and manage real estate in the Western United States, including California, Washington and Arizona, as well as in other select major metropolitan markets nationwide. To date, Resmark has participated in over 130 deals encompassing more than 21,900 single-family and multifamily residential units and representing over $6.7 billion in cumulative and anticipated revenues. Headquartered in Los Angeles, Resmark also maintains corporate offices in San Diego and La Jolla.
Greystar was founded in 1993 with the intent to become a provider of world-class service in the multifamily real estate business. Greystar’s innovative business model integrates the management, development and investment disciplines of the multifamily industry on both national and local levels. Headquartered in Charleston, S.C., Greystar manages over 190,000 units in 100+ markets with a team that is more than 5,000 strong and growing. Greystar has invested approximately $3 billion in multifamily investments since its inception.