Shea Properties Announces Joint Venture With The Resmark Companies To Develop 200-Unit Apartment Community In Silicon Valley
Shea Properties announced a joint venture with Resmark Apartment Living, a division of The Resmark Companies.
- (1888PressRelease) October 09, 2012 - Responding to an unprecedented demand for premier apartment communities near California's booming job centers, Shea Properties announced it has formed a joint venture with Resmark Apartment Living, a division of The Resmark Companies, to build a 200-unit apartment complex in Milpitas.
Named for its location on an approximately three-acre site at 1201 South Main Street, the new apartments will provide residents convenient access to Silicon Valley's thriving employment centers in Northern California's South Bay region.
"Silicon Valley is once again a leading creator of jobs in California, and that's fueling an extraordinary demand for high-end, modern apartment homes," said Colm Macken, chief executive officer of Shea Properties. "Like Shea Properties, Resmark is admired for acquiring and developing apartment communities that residents are proud to call home, and we're very pleased to partner with them on this project."
Since 1995, Resmark has offered equity investment capital and asset management powered by core foundational discipline and focus. The Resmark Companies' investment and operating divisions- Resmark Land and Housing, Resmark Apartment Living and Resmark Shopping Centers-finance, acquire, develop and manage real estate in California and the Western United States and other select major metropolitan markets nationwide.
Comprising four stories, 1201 South Main Street will be designed in a contemporary Italianate style and offer an array of floor plans, including studio, one-bedroom, one-bedroom and loft, two-bedroom and two-bedroom and loft configurations with an average size of 919 square feet. Residences will feature open floor plans with nine-foot-high ceilings, walk-in closets and premier flooring, cabinetry and finishes. Construction is expected to begin late this year.
Macken said 1201 South Main Street's central location makes it ideal for employees who work in Silicon Valley's bustling South Bay area. It will provide easy access to the region's major highways and is within walking distance of the VTA light rail Great Mall station that connects Milpitas to Mountain View and San Jose. Also, the Great Mall of the Bay Area shopping center, the area's second-largest retail mall, is just three blocks away. Grocery stores, Costco and other amenities are also less than two miles away.
Shea Properties' Apartment Acquisition and Development Department is admired for building Class A multi-family apartment communities throughout California. The multi-faceted team has extensive experience in the development of a full spectrum of apartment communities, from garden-style walk-up neighborhoods, to high-density wrap products, to mixed-use developments.
About Shea Properties (www.sheaproperties.com)
Shea Properties, headquartered in Aliso Viejo, Calif., is a diversified real estate company responsible for the acquisition, design, development, construction and management of business parks, shopping centers, apartment communities and mixed-use environments. Since beginning operations in 1969, annual revenues have grown steadily to more than $200 million, while the overall value of the portfolio has grown from $150 million to more than $2.25 billion. Shea Properties currently owns and operates approximately 6,300 apartment units and 6 million square feet of office, industrial and retail space in California, Colorado and Arizona.
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