Press release from Business Wire
Joint Venture between Lennar Multifamily and Resmark Apartment Living Celebrate Groundbreaking for 328-Unit Luxury Apartment Community at Tempe Town Lake
Tuesday, June 18, 2013
Joint Venture between Lennar Multifamily and Resmark Apartment Living Celebrate Groundbreaking for 328-Unit Luxury Apartment Community at Tempe Town Lake13:00 EDT Tuesday, June 18, 2013
TEMPE, Ariz. (Business Wire) -- Lennar Multifamily and Resmark Apartment Living hosted business, community and government leaders today to celebrate the groundbreaking of a 328-unit apartment project set on 5.72 acres in an unparalleled location south of the Tempe Center for the Arts on Rio Salado Parkway, adjacent to Tempe Town Lake and Arizona State University.
“Tempe welcomes Lennar, Resmark and all the residents of this fantastic new project as they become integrated members of our community,” said Tempe Mayor Mark Mitchell. “This location and the surrounding amenities set the scene for tremendous quality of life. We know your residents will be very happy here.”
“We are pleased to partner with Resmark,” said Scott Johnson, of Lennar Multifamily. “The project will offer best-in-class apartment living to those who seek great walkability and a carefree lifestyle address in an unparalleled Tempe location.”
The project design features five-story buildings set around greenbelts, with many attractive amenities including two swimming pools, cabana seating areas, a state-of-the-art fitness center with water views and a clubhouse with rooftop patio offering sweeping views of the lake, downtown Phoenix and downtown Tempe.
The 328 residences will range from studios to three bedrooms with spacious floor plans, ceiling heights will range from nine to 19 feet, and residences will have either a balcony or patio. Residences are designed with top quality finishes including plank wood flooring, contemporary cabinetry, granite or quartz countertops and stainless steel appliances.
“This community is an ideal fit for Resmark's multifamily investment program. It's a centrally located infill development in a thriving district. Additionally, we have a respected and experienced partner in Lennar, who has earned a strong brand name in the Valley of the Sun and shares our high standards for quality and value,” said Ziv Cohen, Chief Operating Officer, Resmark Apartment Living.
The community's location offers easy access to area freeways and transportation, such as the light rail system connections to downtown Tempe, metro Phoenix and Sky Harbor International Airport. The project also offers an appealing lifestyle option with a mix of outdoor recreation at the lake, noted as Arizona's second most popular attraction, and abundant shopping, dining and entertainment options including the Mill Avenue District and Tempe Marketplace.
Construction is expected to be completed in the first quarter of 2015, with the leasing office anticipated to open in Spring 2014.
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
About Lennar Multifamily
Lennar Multifamily 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 Multifamily 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 Multifamily 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 Multifamily's investment strategy is a market research based approach, focusing on risk-adjusted yields on properties in quality urban, Transit Oriented Developments and suburban locations. For additional information, please visit www.Lennar.com.
Karen Diehl, 310-473-8090