Resmark and Intracorp Announce Plans for Two Apartment Developments in Seattle

SEATTLE--(BUSINESS WIRE)--A joint venture between Resmark Apartment Living and Intracorp today announced plans to develop two urban apartment communities, totaling 273 units, in the northeast region of Seattle. A seven-story, 161-unit building is planned in the University District at 4545 8^th Avenue Northeast, and a six-story, 112-unit building at 1020 Northeast 63^rd Street.

“We are delighted to partner with Intracorp on these two well-situated and designed projects as we expand our business in Washington. Intracorp brings forth a wealth of local knowledge and development expertise”

“We are delighted to partner with Intracorp on these two well-situated and designed projects as we expand our business in Washington. Intracorp brings forth a wealth of local knowledge and development expertise,” said Ziv Cohen, COO, Resmark Apartment Living, a division of the Resmark Companies. Resmark is an active investor in the western U.S. and has made four investments in single family and multifamily projects in the greater Seattle area this year.

The 8^th Avenue Northeast property is designed to fit the demands and lifestyle of students and young professionals. Units will range in size from 385 to 754 square feet with studio, one bedroom, one bedroom and den and two bedroom floor plans. Located in the heart of the “U District,” it is one-half mile from the University of Washington and walking distance to shopping, dining and entertainment. A portion of the units will be leased under affordable housing guidelines.

At Northeast 63^rd Street the building will offer contemporary units ranging in size from 385 to 800 square feet designed as studios, one- and two-bedrooms floor plans with four live/work units. Located in the generally single-family Roosevelt neighborhood, the building is close to major employers, five miles from the central downtown business district and walking distance to a host of amenities including an array of retail and restaurants on Roosevelt Way. The development will also include units leased under affordable housing guidelines.

Both properties will offer the most current technology to provide the level of access and connectivity demanded by “Generation Y” residents. Each will be designed as a sustainable building with green elements including systems and programs to improve indoor air quality and energy efficiency. They also will promote alternative transportation as both are walking distance to public transportation and will offer ample bike storage. Construction of the two apartment buildings is expected to commence in the first quarter of 2013.

“We know this market well and have tailored these apartments to appeal to the young professional that wants an environmentally friendly, modern living environment. Communal areas for working or socializing are also a priority to this demographic and are key features in these new properties,” noted Lis Soldano, Vice President of Residential Development in Intracorp’s Seattle office. The company has a 20+ year track record of infill residential development on the West Coast and has completed 19 projects and over 2,200 multifamily units in the greater Seattle area.

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 130 deals encompassing more than 22,500 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

About Intracorp

Intracorp is a leading West Coast developer and investor in urban-infill, residential housing. Since the 1980’s, Intracorp has been a pioneer in the development of urban neighborhoods and communities, having capitalized over $3 billion in the development, management and sale of over 50 projects and 6,000 residential units. Intracorp’s experienced staff, extensive local relationships, financial expertise and asset management capabilities combine with an entrepreneurial spirit to deliver extraordinary communities in great locations throughout its markets. For additional information, please visit www.intracorpcompanies.com.