09 Aug Resmark and windward real estate services announce joint venture to start construction on urban neighborhood of 16 single-family cottage homes in sammamish in September
- Highly desirable walkable location close to services, shopping, entertainment, schools, recreation amenities
SAMMAMISH, WA – August 9, 2016— Resmark Land and Housing, a division of The Resmark Companies, a leading private equity firm, has announced a new joint venture with Windward Real Estate Services to develop Forbes Cottages, an urban neighborhood of 16 single-family detached cottage homes in Sammamish at the corner of 228 Ave. SE and SE 13th Way.
“Forbes Cottages with its close proximity to shopping, employment, entertainment, and schools is an attractive investment for Resmark,” said Michael Zarola, Senior Vice President, Investments, Resmark Land and Housing. “In addition, we have an outstanding partner with Windward that will bring its local expertise and high-quality standards to this new community.”
“We have an excellent partnership with Resmark, sharing strong commitments to good design, quality construction and homeowner service,” said Jim Tosti, President, Windward Real Estate Services, pointing out that this is Windward’s fifth project in King County with Resmark since 2014.
The Forbes Cottages homes will be two stories and range in size from 1,338 square feet to 1,604 square feet with two and three bedroom plans. Bellevue-based Medici Architects has designed the homes to include variations in floor plans including a ground floor master suite and office/bonus spaces. The homes will be designed with surrounding small private yards and arranged around a landscaped courtyard.
Located on the Eastside of Seattle about 20 miles from downtown, Sammamish is regarded as one of the most desirable cities in the greater metro area. The Forbes Cottages homes will be an easy walk to Pine Lake Village with shopping and dining options and Sammamish Commons, home of the City Hall and Library. They also are close to many major employers and have direct commuting access to all of the major employment centers in King County and Downtown Seattle. Forbes Cottages residents will have convenient access to open space and recreational opportunities at Pine Lake Park, Lake Sammamish and numerous other public parks and reserves.
Forbes Cottages are expected to have a broad appeal to homebuyers, including a mix of families drawn to the highly-ranked school system along with married couples and singles looking for a walkable community with close proximity to shopping, employment, entertainment and schools.
“The Seattle Metro Area is one of Resmark’s favorite cities for investment,” reported Zarola, noting that Resmark has invested in 17 residential projects throughout the area, both single-family and multifamily. “The Seattle Metro Area has a well-educated and young population, excellent companies, fast-paced job growth and wonderful communities with topflight schools and extensive recreational options. As a result, it has a continuing and strong housing demand.”
Construction on Forbes Cottages will get underway this September with first move-ins slated for March 2017.
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About The Resmark Companies
Founded in 1995, Resmark is a leading national private equity firm focused on real estate. A fully integrated real estate investment group, The Resmark Companies’ divisions—Resmark Land and Housing, Resmark Apartment Living and Resmark Impact Ventures—finance, develop and manage real estate in the United States, including the western states and the mid-Atlantic region, as well as in other select major metropolitan markets nationwide. To date, Resmark has participated in the development of over 200 projects encompassing approximately 30,000 single-family and multifamily residential units. Resmark is headquartered in Los Angeles and maintains offices in San Diego and Irvine, California and in McLean, Virginia. For additional information, please visit Resmark.com.