Resmark acquires 1.2-acre Redmond site for 208-unit apartment building

Resmark Apartment Living, a division of The Resmark Companies, announced today that it has completed the acquisition of an approximately 1.2-acre site on Northeast 83rd Street between 164th Avenue Northeast and 165th Avenue Northeast in downtown Redmond. It is fully entitled for development of a 208-unit, podium-style apartment community.

July 11, 2013 1:38 pm

Resmark Apartment Living, a division of The Resmark Companies, announced today that it has completed the acquisition of an approximately 1.2-acre site on Northeast 83rd Street between 164th Avenue Northeast and 165th Avenue Northeast 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 located on the eastside of downtown near major employers and is within walking distance to many retail, restaurant and entertainment options, including Redmond Town Center. The location also offers easy access to the local Transit Center.

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.

The building will feature 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, barbecue 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.

In addition to this new development, Resmark is an investor in a joint venture with Greystar Real Estate Partners in the 134-unit Elan Town Center in Redmond.