CAMDEN, N.J., June 14, 2021 (Newswire.com) - The Michaels Organization, in partnership with Artemis Real Estate Partners, announced today that it has achieved a financial closing and is set to break ground on 3820 Chiles, a new 225 unit market-rate multifamily community to be built along Chiles Road in Davis, California.
"We are very excited about this development opportunity, which will provide much-needed new multi-family housing in a supply-constrained market. We look forward to providing Davis with a Class A product that hasn't been developed in decades," said John O'Donnell, Chief Executive Officer of The Michaels Organization, a national leader in residential real estate.
Situated on 7.2 acres, in close proximity to shopping and other community amenities, 3820 Chiles Road will feature three main residential buildings: two elevator-served buildings and one three-story walk-up, all centered on a concept of courtyards connected by a pedestrian walkway highlighted by colorful trees and native grasses.
Community amenities will include a large swimming pool and spa with covered shade and outdoor patios with barbecues pits, as well as ample bicycle storage and both surface and covered parking areas. Inside, the sustainable, energy-efficient apartments will feature a mix of floor plans from studios to three bedrooms. The units will provide luxury finishes, including LVT flooring throughout, quartz countertops, full-height backsplashes, walk-in closets and a high-end appliance package.
Other members of the team for the $82 million development include Sacramento-based Brown Construction serving as the General Contractor, Architectural firm ADC, and Civil Engineering firm and Landscape Architect Cunningham. Michaels Management will serve as the property manager.
The Michaels Organization, which has developments in 35 states, D.C., and the Caribbean, has been in the California market for more than 10 years, where it owns and manages almost 100 communities stretching across the state. For the past five years, Michaels has been a partner with UC Davis developing two student living communities, The Green at West Village and Orchard Park Apartments.
Construction on 3820 Chiles Road is expected to be completed by Q1 2023.
About The Michaels Organization: The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and finance. From single communities to comprehensive neighborhood revitalizations, Michaels has spent the last four decades crafting viable and financially successful housing solutions for a variety of markets including affordable, student, market-rate, and military housing communities. Serving 146,000 residents in more than 400 communities nationwide, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity, and to creating Communities That Lift Lives.
About Artemis Real Estate Partners: Artemis Real Estate Partners is an investment manager based in metropolitan Washington, D.C., with offices in New York City, Los Angeles and Atlanta. Artemis has raised over $5.8bn of institutional capital across core, core plus, value-add and opportunistic strategies. The firm makes equity and debt investments in real estate across the United States, with a focus on multifamily, industrial, office, self-storage, retail, hospitality, senior housing and medical office. Artemis invests both directly and via joint ventures with established, emerging and diverse operating partners.
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Source: The Michaels Organization