Quarterra Multifamily and QuadReal Reach Key Milestones at Marymoor Submarket Developments in Redmond

Rhea-AI Summary

Quarterra Multifamily and QuadReal Property Group have announced key milestones at two luxury communities in the Marymoor submarket of Redmond. Spectra, a luxury mixed-use community, opened its third and final phase with delivery of the 187-home West Building. The Piper, a 284-home luxury community, reached the topping out point in its construction. Both communities aim to provide high-quality housing and amenities in the burgeoning Marymoor Village.

Positive

• Quarterra and QuadReal are introducing more than 730 apartment homes to the Marymoor Village, including 74 affordable homes for low and moderate-income households. Spectra offers modern conveniences and amenities, including an outdoor pool, fitness center, and co-working area. The Piper's amenities will include an outdoor plaza and resort-style pool and spa overlooking Marymoor Park. The communities are located near the under-construction light rail station, offering convenient connectivity to the surrounding region.

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• None.

Final, 187-home, phase delivered at Spectra; The Piper achieves topping out

REDMOND, Wash., Sept. 7, 2023 /PRNewswire/ -- Quarterra Multifamily, a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer, and property manager, in joint venture with QuadReal Property Group, today announced key milestones at two luxury communities in the Marymoor submarket of Redmond.

Spectra, a luxury mixed-use community at 17620 Northeast 69th Court, the first apartment community to open in the core of the emerging Marymoor Village, opened its third and final phase with delivery of the 187-home West Building.

Less than a mile away, The Piper, a 284-home luxury community directly fronting renowned Marymoor Park at 17305 NE 67th Court, reached the topping out point in its continued construction. The community is due to complete in H1 2024, with first residents welcomed shortly afterwards.

"Quarterra and QuadReal are excited to lead delivery of high-quality housing for people looking to relocate to the burgeoning Marymoor Village," said Brad Reisinger, Regional President for Quarterra. "Between Spectra and The Piper, we are introducing more than 730 apartment homes to the neighborhood, including 74 affordable homes for low and moderate-income households. We are committed to creating a sense of place in Marymoor Village that integrates great housing with investment in public infrastructure, prioritizes local small business retail and showcases public art."

Daniel Gliksman, Managing Director, Americas-East at QuadReal, added: "The multifamily sector has been, and remains one of our strongest convictions, underpinned by favorable demographic trends. We continue to look for opportunities to work alongside best-in-class developers and deliver high quality residential real estate in fast growing and desirable neighborhoods."

Marymoor Village was rezoned in anticipation of a nearby Link Light Rail Station, which will provide unprecedented connectivity with the surrounding region. Spectra, comprising of 450 apartment homes and 37,259 square feet of retail space, offers the modern conveniences and amenities of living found in urban podiums with the openness and outdoor features provided in suburban garden communities. Onsite amenities include an outdoor pool, multiple playgrounds, fitness center, pea patches, dog run, several club rooms, a rooftop lounge, and an expansive co-working area.

The apartment homes include new concept designs while offering interior finishes that rival those in downtown towers. Additionally, residents and the public alike can enjoy an extensive public art offering including multiple murals, an interactive light sculpture and bespoke art balconies.

Located at the neighborhood's front door and directly across the street from the under-construction light rail station, Spectra offers a curated retail mix that includes BrightHorizons daycare, Stone Korean Restaurant, Sasquatch Strength and Phenix Salon Suites, with two additional retail spaces available to lease. Spectra residents also enjoy direct pedestrian access to Whole Foods Market, as well as Downtown Redmond and the Redmond Town Center via the East Lake Sammamish Trail.

"Quarterra and our partners could not be more proud of how Spectra came together and its positive reception from our residents, the neighborhood, and the City of Redmond," said Reisinger. "We wanted Spectra to play an integral role in Marymoor's evolution, and we're excited for the community and its residents to help shape and influence the direction of this incredible locale."

The Piper, which directly fronts the 640-acre Marymoor Park and its sports facilities, trail system, dog park and concert venue, will similarly beckon residents to engage with their surroundings. The Piper's amenities will virtually cascade into the park, with an emphasis on open-air experiences including an outdoor plaza and resort-style pool and spa overlooking the park.

The Piper's 284-homes trend larger than those at Spectra and many are designed to cater towards those needing more space. The community is divided between two five-story mid-rise buildings separated by a pedestrian art walk, highlighted by murals, sculptures and other works from eleven different artists. The community will also house an artists in residence program in a dedicated space along the art walk.

Spectra is currently open and available to lease, while The Piper will complete construction next year and welcome its first residents in mid-2024.

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 nine consecutive years.

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 are $73.8 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

Melissa Casser
QuadReal Property Group
416-673-7631
Melissa.cassar@quadreal.com

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SOURCE Quarterra

FAQ

What are the key milestones announced at the luxury communities in Marymoor?

Quarterra Multifamily and QuadReal Property Group announced the opening of the third and final phase of Spectra, a luxury mixed-use community, and the topping out point in the construction of The Piper, a luxury community.

How many apartment homes are being introduced in Marymoor Village?

More than 730 apartment homes, including 74 affordable homes, are being introduced in Marymoor Village.

What amenities are offered at Spectra?

Spectra offers amenities such as an outdoor pool, fitness center, and co-working area.

What amenities will The Piper have?

The Piper will have amenities including an outdoor plaza and resort-style pool and spa overlooking Marymoor Park.

Where are the communities located?

The communities are located in the Marymoor submarket of Redmond, near the under-construction light rail station.