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BELLEVUE, WASH (April 27, 2010) – In recognition of the changing dynamics in the Puget Sound housing market, Schnitzer West has announced it will provide market-driven housing solutions for the greater Eastside by offering condominium price discounts and luxury apartment homes at The Bravern Signature Residences.

“Shorting the supply of condominium inventory provides our North Tower homeowners with enhanced value protection by limiting the amount of luxury housing in the Bellevue market,” said Dan Ivanoff, founder and managing member of Schnitzer West, developer of The Bravern. “We are taking a direct approach to address current housing market conditions for both our North Tower homeowners seeking long-term value in a premium residential community, and for those residents interested in luxury apartment housing who prefer to rent at this time.”

In the face of historically tight mortgage lending as well as national and regional economic headwinds, Schnitzer West implemented an interim rental strategy to remove excess condominium inventory. “We are in the midst of a shift back to more normalized market demand between owned and leased housing,” continued Ivanoff. “Our strategy of one condominium tower and one apartment tower is prudent in light of this changing dynamic in the marketplace that allows for the ability to convert the South Tower apartments to condominiums in the future.” This strategy allows The Bravern’s well-capitalized, institutional ownership group flexibility to provide the appropriate mix of upscale housing solutions well into the future as the economic recovery takes hold.

Schnitzer West has also implemented new pricing for The North Tower condominiums with asking prices starting from $320,000. Condominium sales will be phased, beginning with the release of the first five residential floors in an effort to meet current mortgage lending guidelines and to provide financing solutions for buyers. Exquisitely furnished model homes are available for touring and the Condo Sales Office is open daily until 6pm located at the 110th Arrival Court in Suite 288 next to Red Door Spa.

The South Tower apartment homes present an unprecedented rental opportunity in the Pacific Northwest. Grand Opening rents start at $1,100 per month. The South Tower residents have access to all of the residential amenities and will enjoy the same finely detailed finishes and gourmet appliances as the North Tower homeowners. Schnitzer West has retained Riverstone Residential to provide professional leasing and management services for the apartment homes. Apartment representatives are onsite in The South Tower on the fourth floor and leasing is now underway. Grand Opening events will be hosted May 22 and 23.

The expansive mixed-use project, located along NE Eighth Street at the gateway to downtown Bellevue, Washington, features two office towers fully leased to Microsoft Corp. and 305,000 square feet of fashion retail, distinctive restaurants and personal services in The Shops at The Bravern, anchored by Neiman Marcus. The Bravern Signature Residences offer 215 condominium homes in the North Tower, with units ranging in size from 600 to more than 5,000 square feet, and 232 apartment homes in the South Tower, with units from 600 to more than 2,000 square feet, each with its own, distinctive address.

The Bravern is delivering on its promise as the premier residential offering on the Eastside in an inclusive, boutique neighborhood, anchored by a highly acclaimed tenant base. This vision, along with Schnitzer West’s development expertise and stable, institutional ownership group, is what attracted Neiman Marcus and other tenants, including Karen Millen and soon-to-open Vovito Caffè & Gelato, the boutique coffee shop buyers have long anticipated. Ongoing capital investments in site improvements and other customer oriented enhancements are evidence of the strength of the developer and its investors and their commitment to realizing the vision they set out to create.

Both towers in The Bravern Residences share The Signature Plaza, a 25,000 square foot lifestyle amenity level located on the fourth floor that spans the two towers. Designed as an extension of the homes, the amenities plaza includes fireside lounges, an event room with catering kitchen, an entertaining room with an exhibition kitchen, a private theater, fitness center, furnished guest suites and concierge services. Residents can relax in the spa with a whirlpool, a sauna, a steam room and a private spa treatment room. The residential towers are joined by the Garden Terrace that features a Garden House with fireplace, outdoor grilling stations, meandering paths and dog walks. Rising above this are the two 29 story residential towers with sweeping views of the Cascades, Mount Rainier, Lake Washington and Seattle.

“The Bravern provides for an unparalleled lifestyle with spacious floor plans, premium interior finishes and appliances and extensive amenities and services, all located in downtown Bellevue’s premier community,” stated Cindi Strain, the Community Sale Representative for The Bravern. “Residents are attracted to the quality of the interior finishes and the attention to detail that is evident in every home.” Natural stone and exquisite hardwoods are complemented by professional appliances in the gourmet kitchens. The homes are move-in ready, featuring a washer and dryer, roller shades on expansive windows and built-in closet systems in each home.

Expectations are further fulfilled with such amenities as valet service, doormen to greet residents and guests, and dedicated concierge to handle everything from deliveries to theater tickets and dinner reservations. Residents have exclusive access to the residential-only garage, The Signature Plaza and to each resident floor. Guests first experience the Arrival Court entry lobby and use the dedicated guest elevator to The Signature Plaza where they are greeted by the concierge.

About The Bravern Signature Residences
North Tower Condominiums
Condo Sales Office
700 110th Ave NE, Suite 288
Bellevue, WA 98004
425-452-3788
Office Hours: 11am to 6pm Mon–Sat
12pm to 6pm Sun
Website: www.bravernresidences.com South Tower Apartment Homes
Apartment Leasing Office
688 110th Ave NE, 4th Floor
Bellevue, WA 98004
425-502-9748
Office Hours: 9 am to 7pm Mon-Sun

Website: www.LiveAtBravern.com

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About Schnitzer West
Schnitzer West, LLC is one of the West Coast’s fastest growing real estate investment, development and property management companies. Founded in 1997 by managing investment partner Dan Ivanoff of Seattle and Schnitzer Investment Corp of Portland, the company has built a successful track record in the commercial and multi-family housing markets through product innovation, disciplined management and investment expertise. Known for its commitment to “Outperform the Expected”, Schnitzer West has earned recognition for creating innovative workplaces and living spaces, for delivering superior-to-market returns and for its value-creation approach to property management. To date, it has developed and delivered approximately 4 million square feet of Class-A office and suburban office, flex, industrial and bio-tech space; 305,000 square feet of upscale retail and 1,000 luxury multi-family apartment and condominium units in the Seattle and Portland markets. Additionally, it has acquired and repositioned approximately 1.0 million square feet of commercial product. In addition, its Asset Operations group actively manages 5.1 million square feet of office, retail, industrial and bio-tech property for a variety of clients. Building on its success in the Northwest, Schnitzer West owns additional properties in Denver and is exploring new market opportunities. Learn more at www.schnitzerwest.com.