Redwood City, CA – A joint venture between Lennar Apartment Communities and Resmark Apartment Living today announced plans to develop an eight-story, 196-unit apartment building at 601 Main Street in downtown Redwood City. Located at the intersection of Main and Marshall Streets, the site is at the gateway to the city’s vibrant urban core with abundant restaurants, clubs and entertainment options.
“This is an ideal location that offers a dynamic urban lifestyle option within walking distance to shops and restaurants and close proximity to the area’s major employment centers and transportation corridors,” said Alex Waterbury, President, Northern California Development, Lennar Apartment Communities. “We are pleased to once again partner with Resmark on a premier urban rental project,” he added, noting that Resmark and the West Coast team of Lennar Apartment Communities recently broke ground on an apartment community in Tempe, Arizona.
Designed with seven floors of apartments over 3,500 square feet of ground floor retail space, the building’s architecture is sophisticated and contemporary, with large windows, setbacks and balconies and varying materials which create an articulated facade. The residences will average 901 square feet, ranging from urban studios to two-bedrooms with seven different floor plans. Residences will feature upscale finishes and fixtures including custom kitchens with stone counters and stainless steel appliances, tile bathrooms, a stacked washer and dryer and will be pre-wired for broadband Internet.
The building will also offer multiple gathering places and amenities. On the fourth floor overlooking Main Street, a 3,500-square-foot deck will provide residents with a lush oasis dotted with water features, fireplaces and lounge areas, barbeques and dining spots and a centerpiece pool and spa. In addition, adjacent to the deck will be a state-of-the-art fitness center and spacious residence lounge with a fully equipped gourmet kitchen for private parties or resident events. For the active San Francisco Peninsula resident, the building will offer indoor storage for approximately 100 bicycles.
“Resmark identified the greater Bay Area as a fit with our multifamily investment program and we are already an active investor in the region. This is a strong addition to our portfolio of infill properties in thriving urban centers. Lennar is a respected developer and strong partner that shares our high standards for quality and value. We are delighted to be in business with them in Northern California,” said Ziv Cohen, Chief Operating Office, Resmark Apartment Living.
Construction is expected to begin in the first quarter of 2014 and be completed in early 2016.
About Lennar Apartment Communities
Lennar Apartment Communities is a real estate investment company started by Lennar Corporation (NYSE:LEN), one of the nation’s leading homebuilders, as an initiative to combine its financial and entrepreneurial strength with favorable apartment fundamentals nationwide. Founded in mid-2011, Lennar Apartment Communities is focused on assembling a geographically diversified portfolio of institutional quality multifamily rental properties using both a development and value-add acquisition strategy in selected U.S. markets. Lennar Apartment Communities co-invests with both institutional and private equity partners, providing the partnerships with fully integrated service capabilities, including construction management, asset management and property management. Lennar Apartment Communities’ investment strategy is a market research based approach, focusing on risk-adjusted yields on properties in quality urban, Transit Oriented Developments, suburban locations and student housing. For additional information, please visit www.Lennar.com.
About The Resmark Companies
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 140 projects encompassing more than 23,000 single-family and multifamily residential units. Headquartered in Los Angeles, Resmark also maintains corporate offices in San Diego and La Jolla. For additional information, please visit www.Resmark.com