May 30, 2012

134-unit apartment project to start in Redmond

Rendering courtesy of Resmark [enlarge]

A spokesperson for Resmark says the company plans to start construction soon on Elan Town Center, a 134-unit, mixed-use apartment project in Redmond at 16355 Cleveland St. It's a joint venture project with Greystar.

Compass Construction is the general contractor. The name of the original architect that designed the project was unavailable. Weber Thompson took over the project and is the architect of record.

South Carolina-based Greystar paid $6 million for the 1.1-acre site and plans. The seller was a limited liability company whose manager is Allen Bauman of Hunts Point.

In April, when Greystar officials announced the joint venture with Resmark, they said the project will have nearly 7,750 square feet of restaurant and retail space and one and a half levels of underground parking.

Resmark's website states the project will have studio, one- and two-bedroom units up to 1,471 square feet. Greystar said units will average 872 square feet and have 9-foot ceilings, granite counter tops and stainless steel appliances. There will be a fitness center and yoga studio.

Resmark is a national private equity company that buys, develops and manages real estate in the West and select metro markets across the country. It has participated in more than 130 deals involving more than 21,900 multi- and single-family housing units. Greystar develops and invests in multifamily properties across the country, and manages more than 190,000 units.