reSpace is ready to start sales on five co-ownership suites at a renovated Victorian mansion in West Leschi. Starting prices range from $150,000 to $325,000 per suite, including taxes, insurance, maintenance, landscaping and property management.

The Atelier Suite at reSpace’s Victorian mansion in West Leschi (via reSpace)

The company’s co-homeownership model will allow buyers to own interest in the larger property, granting equity in the market at an entry point well below typical prices in the area — which often exceed $1.5 million, reSpace said in a press release.

Shared, furnished common areas include the kitchen, co-working space, living room and backyard.

“We’re committed to making first-time homeownership possible again for people who’ve been priced out entirely,” said reSpace Founder and CEO Katrina Romatowski.

Pre-sales will begin after reSpace’s launch event on March 5. The company plans to introduce another 80 to 100 co-homeownership opportunities to market in the next year and a half, a representative told Seattle Agent.

reSpace’s showcase project, The Ballard Collective at The Grove, is currently under development.