Quarterra and QuadReal Property Group Announce the Opening of Spectra

Rhea-AI Summary

Quarterra, a subsidiary of Lennar Corporation (LEN, LEN.B), has opened Spectra, a luxury mixed-use community in Redmond, WA, featuring 450 apartment homes and 37,259 square feet of retail space. This development, in partnership with QuadReal Property Group, marks the first residential project in the rezoned Marymoor Village area. Move-ins begin in September 2022, with a range of amenities including a pool, fitness center, and co-working space. The project enhances connectivity to major employers and attractions, aiming to offer modern urban living with suburban benefits.

Positive

• Opening of Spectra, adding 450 apartment homes and 37,259 square feet of retail.
• Strategic location across from future Marymoor Light Rail Station, enhancing accessibility.
• Diverse amenities with a focus on community and recreation.
• Partnership with QuadReal Property Group, expanding residential developments.

Negative

• None.

Joint Venture to bring 450 apartment homes and more than 37,000 square feet of retail to Redmond, Wash.

REDMOND, Wash., Sept. 15, 2022 /PRNewswire/ -- Quarterra (recently rebranded from LMC), a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer, and asset manager, today announced the opening of Spectra, a luxury mixed-use community in the Marymoor submarket of Redmond, WA. Spectra, developed in partnership with QuadReal Property Group, is the first apartment community to deliver in the core of the emerging Marymoor Village following the historically industrial neighborhood's rezoning in anticipation of the nearby Link Light Rail Station. Move-ins are scheduled to begin in September.

Spectra, a mid-rise community, features 450 apartment homes and 37,259 square feet of retail space across three distinct buildings. The unique design aesthetic and extensive residential amenities cater to a variety of tastes and preferences. Quarterra has curated a retail mix that will further enhance the resident experience. Future tenants include Sasquatch Strength, Phenix Salon Suites and Bright Horizons childcare. Additional retail spaces remain available to include the flagship restaurant space in the North building facing the entrance to Marymoor. Residents will also enjoy pedestrian access to Whole Foods Market and easy access to Downtown Redmond and the Redmond Town Center.

"We are excited to deliver Spectra as it will offer a new lifestyle option in Redmond that blends the best of modern urban apartment living with the breathability and outdoor amenities of a more traditional suburban garden community," said Brad Reisinger, Division President for Quarterra in the Pacific Northwest. "We are confident that the connectivity, range of amenities and unique family centric features will appeal to a wide spectrum of potential residents." 

Situated at 17620 Northeast 69th Court, Spectra sits across the street from the future Marymoor Light Rail Station, one block from the 520 freeway and is adjacent to the East Lake Sammamish Recreation Trail. Together, the transit, vehicular and biking access links Spectra to some of the region's major employers such as Microsoft, Nintendo, Meta/Oculus, Amazon, Google, Space X, SmartSheet, Paccar and Tableau. In addition, this connectivity enables residents' easy access to not only jobs, but also recreation, retail and restaurants. Marymoor Park, with its expansive recreation and sports facilities, is a virtual extension of the community itself.

"QuadReal is thrilled to welcome Spectra into a global residential portfolio of over 65,000 rental units and continue to partner with Quarterra on new residential developments across the US," said Jamie Weber, Managing Director, Head of Americas, QuadReal. "We are excited to watch Marymoor transform into a bustling residential neighborhood."

Upon arriving in Marymoor, Spectra will stand out thanks to the extensive art installations on and around the community. The North building boasts large murals by acclaimed artist Addison Karl while the central plaza will be anchored by a sculpture incorporating light effects from Perri Howard.  The West building weaves the art installations into 16 balconies adding additional interest from the street.

Spectra will first welcome residents of its 80-home North building, followed by the 183-home East building later this year and the 187-home West building by summer of 2023. As a MFTE/ARCH program participant, Spectra will offer 45 of its homes at rates affordable to income-qualifying residents.

Spectra offers studio, one-, two- and three-bedroom homes ranging from 495 to 1,337 square feet. In-home highlights include quartz countertops, tile backsplashes, stainless steel appliances, modern frameless cabinets, kitchen islands and peninsulas in select homes, luxury wood-style flooring and tile shower surrounds. The majority of homes include walk-in closets, select homes feature private entrances and balconies, and 20% of homes will be equipped with air conditioning. 

The amenity program centers around a central promenade with an adjacent oversized outdoor pool, spa, barbeque grills, entertainment deck and a community garden. From this central zone, each building has its unique set of amenities that are open to all residents. Opening up to the pool and entertainment plaza, the North building's interior amenities include an expansive game room and media center. An adjoining club room includes a kitchen, dining room, lounge area and fireplace. The North building is also home to a state-of-the-art fitness center, highlighted by strength, cardio and flexibility equipment.

Amenities in the East building include an extensive coworking facility that opens up to the central woonerf and includes private offices, lounge areas, and a media center. A bike lounge, makers room and bike storage all open towards the Lake Sammamish trail while multiple children's play areas and another community garden are also incorporated into the East building design.

The West building showcases a top-floor amenity space divided into a clubroom, sky lounge, catering kitchen, outdoor deck area and an additional outdoor play area. A two-story above-grade parking structure in the West building accommodates retail and commercial parking. All three buildings sit atop a large underground parking facility to accommodate resident vehicles, including 31 EV charging stations. 

Debt financing for Spectra is through Wells Fargo. Other key players include Encore Architects, interior design firm Vida, structural engineer BCQ, land use attorney McCullough Hill Leary, and Weisman Design Group as the landscape architect. NineDot Arts curated the public art collection.

Spectra is one of three joint ventures between Quarterra and QuadReal in the region including recently opened Ovation in Seattle's First Hill and The Piper, also in Marymoor, now under construction.

Spectra is Quarterra's eighth completed development in the Seattle Metro Area. It joins Atlas, Axle, The Bower, Ovation, Twenty20 Mad, Valdok and Whittaker. Quarterra has also started utility work on its 194-home Crown Hill community in Seattle.

About Quarterra

Quarterra Group, Inc., a wholly-owned subsidiary of Lennar Corporation (NYSE: LEN and LEN.B), is a multi-strategy, real estate focused, alternative asset management company comprised of two rapidly growing verticals: Multifamily and Single-Family Rental. Launched in 2011, Quarterra Multifamily, previously known as LMC, is among the nation's most active developers, builders, and managers and has been on the National Multi-Housing Council's (NMHC) annual Top 50 list for eight consecutive years. Quarterra Single-Family Rental launched in 2020 to provide individuals, couples, and families who prefer to rent over home ownership the opportunity to live in exceptional neighborhoods with great amenities. It is anticipated that Quarterra will spin-off from Lennar and become an independent, NYSE listed, Alternative Asset Manager later this year under ticker symbol "Q". For additional information, please visit Quarterra.com.

Quarterra creates extraordinary communities where people can live remarkably.
www.Quarterra.com

About QuadReal Property Group

QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management total $67.1 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest. QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.

QuadReal: Excellence lives here.
www.quadreal.com

Media Contact                                               
Marlena DeFalco
LinnellTaylor Marketing                                  
303-682-3943                                     
marlena@linnelltaylor.com

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SOURCE Quarterra

FAQ

What is the significance of the Spectra opening in Redmond, WA?

The opening of Spectra introduces 450 new apartment homes and retail space, enhancing the Marymoor Village area after its rezoning.

When will residents begin moving into Spectra in Redmond?

Move-ins at Spectra are scheduled to begin in September 2022.

Who developed the Spectra community in Redmond, WA?

Spectra was developed by Quarterra in partnership with QuadReal Property Group.

What amenities does Spectra offer to its residents?

Spectra offers amenities including a pool, fitness center, co-working space, and various recreational facilities.

What is the location advantage of Spectra in Redmond?

Spectra is strategically located near the future Marymoor Light Rail Station and major employers like Microsoft and Amazon.