BELLEVUE, WA - The Resmark Companies announced its sixth investment in for-sale housing in the Seattle market and a second joint venture with well-established local development group Windward Real Estate Services for Factoria, an infill project of 24 luxury townhomes in Bellevue, Washington.
“South Bellevue is an in-demand community on Seattle's east side but it has few new homes underway, which made it an attractive opportunity for Resmark,” said Michael Zarola, Senior Vice President, Investments. "It also underscores our belief in the market and in Windward as a leader in developing projects that resonate with their locations and the residents there."
“We anticipate that Factoria will attract a diverse cross-section of buyers -- young professionals, married couples and affluent families -- from Bellevue and the surrounding King County communities,” said Jim Toste, President, Windward Real Estate Services. "Resmark is a valued equity provider for the project, and we are pleased to extend the partnership with a second upscale development in one of King County's most coveted areas."
Located in south Bellevue, Factoria fits well within its mixed-use urban neighborhood that includes schools, retail centers, offices and services. The community is known for its excellent schools, including the well-regarded Newport Senior High. Groundbreaking for the project is scheduled for late 2015, with first closings anticipated in Spring 2016.
Factoria comprises six duplex lots and four triplex lots, each with 12 spacious townhomes that range from 1,812 to 2,886 square feet. All have three bedrooms and three bathrooms while some have an additional single bath or two half-baths. Fourth-floor penthouses include a bonus room and a finished rooftop deck that offers great views of the city. Each of the 24 residences has an attached two-car garage. Some have daylight or partial basements with a bonus room made possible by the sloping site. Factoria’s striking design by Bellevue-based Medici Architects takes full advantage of its hillside site and is highlighted by distinctive facades.
The 60-store Marketplace at Factoria, anchored by a Safeway supermarket, Target and AMC Theatres, is adjacent to the project. The south Bellevue community also includes several churches, small businesses, professional offices and a variety of dining options from simple fare to more creative cuisine. Bellevue offers direct access to downtown Seattle, Seattle-Tacoma International Airport and the neighboring cities of Kirkland, Redmond and Issaqua, and is located within easy commuting distance of major employers including Microsoft, Google, Boeing and Amazon. The area's lifestyle offerings range from outdoor spaces and recreational facilities including Mercer Slough Nature Park, Coal Creek Park, the nearby Newport Yacht Club and numerous golf courses.
In addition to Factoria, Resmark and Windward Real Estate are joint venture partners in the development of 401 State Street, encompassing 27 single-family attached homes next to Lake Washington in the heart of Kirkland, WA.