CA Residential LLC, the multifamily investment and development division of CA Ventures, have launched a programmatic partnership with The Habitat Company providing them the management of a five-building, 1,215-unit apartment portfolio owned by CA.
In addition, the Chicago-based firms will draw on more than half a century of collective experience in the multifamily sector to pursue co-development and investment opportunities in select markets throughout the U.S., targeting properties between $40 million and $120 million.
Tom Scott, CEO of CA Ventures, noted the two firms have shared a mutual respect for each other for years and were waiting for the right project to bring them together. That project was 1136 S. Wabash, which Habitat began consulting on last year and will manage when it opens in 2018. Habitat will initially oversee operations at the following CA Residential communities, which are in various stages of development:
- 8 E. Huron (Chicago) – a 26-story, 102-unit luxury apartment tower in the Gold Coast with 2,756 square feet of boutique retail space, 8 E. Huron is steps from popular shops and restaurants along Chicago’s Magnificent Mile. Delivery is scheduled for mid-2017.
- 212 Meramec (Clayton, Mo.) – a 26-story, 250-unit high-end rental building adjacent to the MetroLink Blue Line in suburban St. Louis. The community is scheduled to open in mid- 2017.
- RISE at Prospect Park (Minneapolis) – a 15-story, 336-unit apartment tower located in a mixed-use development five blocks east of the University of Minnesota campus. The grocery-anchored, transit-oriented project is slated to deliver in early 2018.
- 1136 S. Wabash (Chicago) – a 26-story, 320-unit rental tower in Chicago’s burgeoning South Loop neighborhood with 4,921 square feet of lower-level retail. The property, located next to the Chicago Transit Authority’s Roosevelt Red Line station and across the street from Trader Joe’s, is scheduled to open in early 2018.