A California-based private equity firm announced Tuesday its joint development venture of single-family homes in Sammamish.

Resmark Land and Housing will venture with Windward Real Estate Services to develop Forbes Cottages, an urban neighborhood of 16 single-family cottage homes at the corner of 228 Avenue Southeast and Southeast 13th Way.

According to a press release sent out by the PR firm representing Resmark, the homes will be two stories and range in size from 1,338 square feet to 1,604 square feet with two- and three-bedroom plans.

In an email to the Reporter, Resmark senior executive Michael Zarola stated construction cost for the project is estimated to be $7 million, with home pricing expected to range from $500,000 to $600,000.

Zarola said site development is underway, with home construction currently anticipated for October.

First move-ins are slated for March 2017.

“The Seattle metro area is one of Resmark’s favorite cities for investment,” Zarola said in the press release. “The Seattle metro area has a well-educated and young population, excellent companies, fast-paced job growth and wonderful communities with topflight schools and extensive recreational options. As a result, it has a continuing and strong housing demand.”

Zarola noted that Sammamish will be one of 18 residential projects Resmark has invested in throughout the Seattle region, including both single-family and multifamily.

Resmark applied for its commercial site development permit in August of 2014, with the city of Sammamish approving the application in July of 2015, according to Tim Larson, the city of Sammamish’s communications manager. Last June, the city issued a site development permit to Resmark and issued building permits in July.

Bellevue-based Medici Architects has designed the homes with surrounding small private yards and arranged around a landscaped courtyard.