REDMOND, WA - Resmark Apartment Living, a division of The Resmark Companies, announced that it has completed the acquisition of an approximately 1.2 acre site on NE 83rd Street between 164th Avenue NE and 165th Avenue NE in downtown Redmond. It is fully entitled for development of a 208-unit, podium-style apartment community.
Resmark is an active investor in multifamily and single-family developments in the greater Seattle region. This marks the company’s fifth investment in the area in the past 14 months.
“This acquisition is an ideal fit with our strategic multifamily investment program that targets well-located, urban properties, which are walkable to retail, entertainment and transportation,” said Ziv Cohen, COO, Resmark Apartment Living. “In addition, the project is fully designed and approved, and will begin construction right away allowing us to quickly deliver new, high-quality residences to the market to meet the ever increasing demand.”
The property is ideally located on the eastside of downtown near major employers. It also is within walking distance to many retail, restaurant and entertainment options including the 1.3-million-square-foot Redmond Town Center, an open air mall complex that includes a Marriot Hotel and 600,000 square feet of office space. The location also offers easy access to the local Transit Center, a planned Light Rail station and major thoroughfares connecting Redmond to downtown Seattle and Bellevue.
Residences are designed to appeal to the young urban professional and will range in size from 528 square feet to 1,274 square feet with a variety of configurations from open-plan one bedrooms to two bedrooms with dens. All units will feature premier finishes including wood floors, stainless steel appliances, and designer kitchens and bathrooms with quartz countertops and contemporary cabinets.
Amenities at the building are also tailored to this demographic, with free wi-fi in the common areas, a bike storage and maintenance room, fitness center, dog washing station and a private courtyard lounge with communal seating areas, barbeque and community room with a full kitchen, large flat-screen television and indoor/outdoor fireplace.
Resmark has begun demolition and construction will follow shortly thereafter. Intracorp has been retained as the development manager, with AP | Rushforth serving as general contractor and BCRA as architect. The property is expected to be available for occupancy in the spring of 2015.
“We are pleased to have the opportunity to once again work with Resmark on a new multifamily development. Resmark is known for its high standards and focus on quality in its developments and investments, which will be evident in this project's superior design, finishes and amenities,” said Lis Soldano, Vice President of Residential Development in Intracorp’s Seattle office.
In addition to this new development, Resmark is an investor in several area projects, including a joint venture with Greystar Real Estate Partners in the 134-unit Elan Town Center in Redmond; joint venture partnerships with Intracorp on the 161-unit apartment development at 4545 8th Avenue Northeast in Seattle and a 112-unit apartment development at 1020 Northeast 63rd Street in Seattle; and a wholly-owned investment by its Land and Housing division in the development of 48 single-family homes fee built by Element Residential in Bothell's Bentley community.