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4/17/12
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In the latest multifamily development news from San Diego, Resmark Apartment Living and ColRich have teamed up to develop two apartment communities totaling 427 units in southern San Diego County. The 19.6-acre development site, currently under construction, is located in the premier Eastlake master-planned community adjacent to the U.S. Olympic Training Center in Chula Vista.
The large site is located south of the intersection of Olympic Pkwy and Wueste Rd adjacent to the Lower Otay Reservoir, known locally as Otay Lake. Its natural topography allows for the creation of two adjacent neighborhoods. On the 9.5-acre western portion of the property, 209 residences will be configured as 170 three-story townhomes and 39 residences in a triplex plan. On the eastern 10.1 acres, 218 residences will be developed as 158 two-story townhomes and 60 units in a triplex plan. Units located along the perimeter will offer commanding views of Otay Lake and the rolling hills beyond
All residences are designed to create inviting home environments with comfortable living plans, premier finishes and direct access to enclosed garages. Triplex buildings consist of two, two-story townhomes in front with a carriage style unit in the rear. The one-, two- and three-bedroom residences range in size up to 1.5k sf. Each neighborhood will have a central clubhouse with a fitness center, yoga studio, entertainment spaces with media lounges, dining rooms and large kitchens for community and private celebrations. The amenities also include a central lap pool and spa and children’s play area, as well as a dramatic outlook pool and lounging deck with views of Otay Lake and the surrounding hillsides.
Construction of the development began in January 2012 and is expected to be complete in October 2013. Lincoln Property Company, the fourth largest property manager in the United States, has been engaged to manage the apartment communities.
Resmark Apartment Living is an active investor and joint venture capital provider in multifamily projects in major metropolitan markets in California and the Western United States. The company, a division of The Resmark Companies, a full-service real estate investment advisor, boasts a growing multifamily portfolio that includes forthcoming projects with Archstone and Greystar, as well as its newly developed and repositioned assets in Hollywood, Orange County, San Diego, and Northern California.
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