Chicago—CA Residential LLC, the multifamily investment and development division of CA Ventures, and the Habitat Co. have launched a partnership in which Habitat will assume management of a five-building, 1,215-unit apartment portfolio in the Midwest owned by CA. Also, the Chicago-based firms will pursue co-development and investment deal in various markets nationwide, targeting properties between $40 million and $120 million.
The two firms’ first project together was 1136 S. Wabash in Chicago, which Habitat began consulting on last year and will manage when it opens in 2018. The property is a 26-story, 320-unit rental tower under way in Chicago’s South Loop neighborhood with 4,921 square feet of lower-level retail.
Under the terms of the partnership, Habitat will oversee operations at the following other CA Residential communities as well, which are in various stages of development:
- The Buckler (Milwaukee), an 11-story, 207-unit rental community located west of the Milwaukee River in downtown Milwaukee. The development opened in early 2016 and is currently in lease-up.
- 8 E. Huron (Chicago), a 26-story, 102-unit apartment tower in the Gold Coast neighborhood in Chicago with 2,756 square feet of retail space, near the Magnificent Mile. Delivery is scheduled for mid-2017.
- 212 Meramec (Clayton, Mo.), a 26-story, 250-unit 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 TOD is slated to deliver in early 2018.
Founded in 2004 with a focus on student housing, CA Ventures has since diversified into other sectors, including multifamily residential. The firm’s $6.3 billion portfolio now includes senior lifestyle, hospitality and office properties. The Habitat Co.’s national portfolio spans a range of residential property types, including market-rate apartments, condos, affordable and public housing, and senior living communities.