DAVIS, CA – The Michaels Organization, in partnership with Artemis Real Estate Partners, announced 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-tale 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 Californiamarket for more than 10 years, where it owns and manages nearly 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.

Powered by WPeMatico

HAMILTON, NJ – Total construction starts dropped 1% in May to a seasonally adjusted annual rate of $902.8 billion, according to Dodge Data & Analytics. The brunt of the decline was borne by residential starts, while nonresidential and nonbuilding starts continued their recovery from the COVID-19 pandemic.
The weight of higher material prices and a lack of skilled labor are having a direct and notable influence on residential construction activity, said Richard Branch, Chief Economist for Dodge Data & Analytics. These negative factors are expected to continue to impact the sector over the remainder of the year and will result in a less positive influence from housing on overall levels of construction activity. While feeling similar effects, the nonresidential sector continues its modest recovery off the lows of last summer. There are enough projects in the plotting pipeline to suggest this trend should continue into next year, but higher material prices will result in longer lead times to groundbreaking and more temperate improvements in nonresidential starts.
Below is the full breakdown:
Nonbuilding construction starts rose 5% in May to a seasonally adjusted annual rate of $199.2 billion. The utility and gas plant category increased 22% due to the start of a large transmission line, while highway and bridge starts rose 9% and environmental public works went 8% higher. The miscellaneous nonbuilding category lost 33% in May. Year-to-date through the first five months of 2021, total nonbuilding starts were 8% higher than in 2020. Environmental public works were up 37%, while utility/gas plant and miscellaneous nonbuilding starts were up 25% and 11%, respectively. Highway and bridge starts were down 10% through five months.
For the 12 months ending May 2021, total nonbuilding starts were 5% lower than the 12 months ending May 2020. Environmental public works starts were 18% higher, while utility and gas plant starts were down 23%. Highway and bridge starts were down less than one percentage point and miscellaneous nonbuilding starts were 14% lower through five months.
The largest nonbuilding projects to break ground in May were the $915 million Gateway South transmission project in Medicine Bow WY, the $795 million improvements to the West Davis Highway in Farmington UT, and a $528 million sewage reclamation project in Salt Lake City UT.
Nonresidential building starts jumped 10% in May to a seasonally adjusted annual rate of $309.5 billion. Manufacturing starts more than doubled over the month as a large refinery broke ground. Commercial starts gained 6%, with only the office category losing ground. Institutional starts were down 2% in May, despite a large increase in healthcare projects. Year-to-date, total nonresidential building starts were down 5% compared to the first five months of 2020. Institutional starts were 9% lower, while commercial starts were down 7%. Manufacturing starts were up 42% on a year-to-date basis.
For the 12 months ending May 2021, nonresidential building starts were 19% lower than the 12 months ending May 2020. Commercial starts were down 20%, while institutional starts fell 14%. Manufacturing starts dropped 43% in the 12 months ending May 2021.
The largest nonresidential building projects to break ground in May were the $1.5 billion Diamond Green Diesel refinery in Port Arthur TX, the $920 million Michigan Medicine Clinical Inpatient Tower in Ann Arbor MI, and the $475 million University of California Living and Learning dorm project in San Diego CA.
Residential building starts lost 10% in May to a seasonally adjusted annual rate of $394.2 billion. Single family starts were 12% lower, while multifamily starts dropped 7%. Year-to-date, total residential starts were 30% higher than the same period a year earlier. Single family starts were up 37%, while multifamily starts were 12% higher.
For the 12 months ending May 2021, total residential starts were 18% higher than the 12 months ending May 2020. Single family starts gained 27%, while multifamily starts were down 2% on a 12-month sum basis.
The largest multifamily structures to break ground in May were a $500 million mixed-use project in Brooklyn, N.Y, the $230 million Mather Senior Living Community in McLean VA, and the $160 million Alcove Tower in Nashville TN.
Regionally, May s starts rose in the Midwest, South Atlantic, and West regions but fell in the Northeast and South Central regions.

Powered by WPeMatico

LOWELL, MI – Walker & Dunlop announced that it structured $12,195,000 in financing for the Townhomes at Two Rivers, a green certified multifamily property located in Lowell, Michigan, a city within the Grand Rapids metropolitan area.
Walker & Dunlop Senior Director Benjamin Krosin refinanced the property on behalf of Forest Hills Homes and Rohde Construction, acting as general contractor. The transaction was originated in conjunction with Kari Zapolski, President of Inner Circle Holdings, a Preferred Correspondent of Walker & Dunlop. The team capitalized on their vast knowledge of GSE lending to secure an early rate lock for the ten-year, Fannie Mae loan.
“As a first-time client, Walker & Dunlop exceeded our expectations when refinancing Townhomes at Two Rivers,” said Matt McCollum, Owner of Forest Hills Homes, LLC, and Developer of Townhomes at Two Rivers. “The involvement of Rohde Construction from the beginning was also key to the project’s success, as the company’s several decades of experience provided a new and improved concept design and amenity package for the property.”
“Our team is proud to identify impactful solutions that help provide environmentally-conscious housing options in the Grand Rapids, Michigan area,” commented Senior Director Benjamin Krosin. “Walker & Dunlop worked closely with our clients to certify the property as a green building under Green Building Initiative’s Green Globes certificate program, which ultimately provided a lower interest rate for our clients.”
Townhomes at Two Rivers includes 80 multifamily units and features amenities such as a 24-hour fitness center, enclosed dog park, covered picnic area, and access to walking and biking trails. The property’s location offers proximity to Michigan’s Flat River and Downtown Grand Rapids and it is within walking distance to the Grand River Riverfront Park pedestrian and bike bridge.

Powered by WPeMatico