Kraus-Anderson and Inland Development Partners have started construction on a three-story, 316-unit housing project in Richfield, Minnesota.
Located near 66th Street and Cedar Avenue, the $53 million Chamberlain apartment complex is the first joint venture between the two companies, which both focus on developing and redeveloping multi-family, office, industrial and retail property.
The development will be located at 6745 18th Ave. South in Richfield.
Designed by UrbanWorks Architecture of Minneapolis, the Chamberlain apartment complex consists of six rental buildings – three will be new construction and three others will be renovated. Of the 316 mixed-income units, 20 percent of the units will be designated as affordable housing.
The property was purchased from the City of Richfield. Richfield Parkway will be extended through the Chamberlain complex south from 66th Street to 70th Street.
The project was financed through the HUD 221(d)(4) program through the AFL-CIO Housing Investment Trust and placed by Dougherty Mortgage of Minneapolis.
Kraus-Anderson Construction is the general contractor. The first units will be open in the fall of 2019.