RESIDENTIAL INVESTMENT LEADER THE RESMARK COMPANIES ENTERS PORTLAND MARKET IN PARTNERSHIP WITH LMC, A LENNAR COMPANY
- Joint venture to develop, Amara a 138-unit apartment project in the Pearl District
- Highly desirable urban infill location walkable to jobs, streetcars, shopping, and entertainment
Leading private equity firm The Resmark Companies is entering the Portland multifamily market in partnership with longtime joint venture investment partner LMC, A Lennar Company to develop Amara, a 138-unit apartment community at 815 W. Burnside St.
“Portland is an attractive market for us. Its vibrant job market, high quality of life, relative affordability when compared to other West Coast gateway cities, and innovative culture are well-suited for our multifamily strategy,” said Ziv Cohen, Chief Investment Officer of The Resmark Companies. “This desirable site offers many of the ‘must-have’ hallmarks we seek in a development opportunity, including a best-in-class developer and an irreplaceable site close to transit, employers, retail and entertainment. Having LMC as our partner makes it the complete package for us.”
Amara marks the seventh partnership between Resmark and LMC, building on earlier successful apartment development investments in California, Colorado and Arizona.
“In addition to being one of Portland’s most desirable neighborhoods, The Pearl District is a model for urban districts around the U.S.,” said Brad Reisinger, Division President of LMC. “Our focus is on developing communities that offer a wide range of amenities, foster community and enhance our residents’ quality of life. In Portland, that lifestyle embraces walking, biking and public transportation, and the dual appeal of a spirited urban atmosphere and vital outdoor traditions.”
Reisinger noted that future residents will be able to walk to jobs in the city’s most desirable creative office spaces, commute to the Central Business District via the Portland Streetcar A and NS lines just one block away, and enjoy the Pearl District’s boutiques and bookstores, galleries, craft breweries and coffee shops, acclaimed restaurants, theatres and nightlife.
Designed by Ankrom Moisan Architects, the community will have five stories of wood-framed construction over a two-level concrete podium with one level of subterranean parking. The building’s tapestry-like upper level façade is made of large white and grey panels, with large picture windows that combine to create an energetic yet complimentary pattern that is reflective of the growing energy of West Burnside St. The development will offer a range of floor plans, including studios, open one-bedrooms, conventional one-bedrooms and two-and three-bedroom apartment homes. Amenities will include a fitness center, clubroom, bike storage and workshop, and rooftop deck with a barbeque area, fireplace, and views of the Portland skyline and Mount Hood. A street level retail promenade will wrap around the south side of the community facing Burnside Street.
Resmark and LMC anticipate a target resident mix of young professionals who work in downtown Portland, Baby Boomers who are downsizing, and graduate students from the three nearby universities.
Construction at 815 W. Burnside is projected to start in September with first residents slated to move-in by Summer 2021.