LOS ANGELES, CA - Resmark Apartment Living, a division of The Resmark Companies, a full-service real estate investment advisor, announced today that it has entered into a joint venture with ColRich to develop two apartment communities totaling 427 units in southern San Diego County. The 19.6 acre development site, currently under construction, is located in the premier Eastlake master-planned community adjacent to the U.S. Olympic Training Center in Chula Vista.
“This is an exceptional property in a desirable area that is attractive to a broad demographic including young professionals and families. It is close to employment centers and offers easy access to a variety of retail and restaurants as well as Eastlake’s outstanding local school district, parks and recreation. The quality of the development and its location within a growing new community will make these finished projects ideal additions to Resmark’s expanding portfolio of superior apartment properties,” said Ziv Cohen, Chief Operating Officer, Resmark Apartment Living.
The large site is located south of the intersection of Olympic Parkway and Wueste Road adjacent to the Lower Otay Reservoir, known locally as Otay Lake. Its natural topography allows for the creation of two adjacent neighborhoods. On the 9.5-acre western portion of the property, 209 residences will be configured as 170 three-story townhomes and 39 residences in a triplex plan. On the eastern 10.1 acres, 218 residences will be developed as 158 two-story townhomes and 60 units in a triplex plan. Units located along the perimeter will offer commanding views of Otay Lake and the rolling hills beyond.
All residences are designed to create inviting home environments with comfortable living plans, premier finishes and direct access to enclosed garages. Triplex buildings consist of two, two-story townhomes in front with a carriage style unit in the rear. The one, two and three bedroom residences range in size up to 1,482 square feet. Each neighborhood will have a central clubhouse with a fitness center, yoga studio, entertainment spaces with media lounges, dining rooms and large kitchens for community and private celebrations. The amenities also include a central lap pool and spa and children’s play area, as well as a dramatic outlook pool and lounging deck with views of Otay Lake and the surrounding hillsides.
“We are pleased to once again partner with Resmark on this premier apartment development. Our companies have a long and successful track record in the development of superior residential communities,” said Graeme Gabriel, Chief Operating Officer, ColRich.
Construction of the development began in January 2012 and is expected to be complete in October 2013. Lincoln Property Company, the fourth largest property manager in the United States, has been engaged to manage the apartment communities.
Resmark Apartment Living is an active investor and joint venture capital provider in multifamily projects in major metropolitan markets in California and the Western United States. The company’s growing multifamily portfolio includes forthcoming projects with Archstone and Greystar, as well as its newly developed and repositioned assets in Hollywood, Orange County, San Diego, and Northern California.
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 21,800 single-family and multifamily residential units and representing over $6.6 billion in cumulative and anticipated revenues. Headquartered in Los Angeles, Resmark also maintains corporate offices in San Diego and La Jolla.