By Adriana Pop
Indianapolis—As part of its strategy to develop and acquire properties with a market value exceeding $4 billion by 2020, Milhaus is expanding its footprint to the Carolinas. The company’s expansion efforts in the Southeast region will be led by Rachel Russell, who will serve as vice president of development for the Carolinas.
Based in Indianapolis, Milhaus specializes in developing Class A urban infill, mixed-use and multifamily residential buildings. The company has identified the Carolinas as an extremely desirable market for expansion, due to the region’s strong job growth and high demand for multifamily and mixed-use properties in urban neighborhoods. The company currently has a site under contract in Asheville, N.C., and Russell will be actively looking for other sites within the Carolinas.
Based in Charlotte, N.C., Russell will be responsible for managing the development lifecycle of each project in this new market, including land acquisition, financial analysis, market research, product visioning, construction management and transitioning to operations. She brings extensive multifamily and mixed-use property development experience in the Carolinas to her new role at Milhaus.
Prior to joining the company, she served as vice president, real estate development at Charlotte, N.C.-based multifamily and mixed-use developer Grubb Properties. Before completing her master’s degree from the University of North Carolina at Chapel Hill in city and regional planning with a specialization in real estate, design and preservation, Russell worked for the National Trust for Historic Preservation in Washington, D.C.
“Milhaus shares my passion for designing thoughtful urban core properties that enhance the livability and vibrancy of its neighborhoods,” Russell said in prepared remarks. “The company fills a unique need in urban housing by developing both small and large scale properties, and I look forward to bringing our mission of creating high-quality, timeless multifamily and mixed-use properties to the Carolinas.”
News of the company’s recent Asheville, N.C., site under contract follows other recent site acquisitions in Nashville, Tenn. and Tampa, Fla. With 11,400 apartment units under management and in development this year, the company is pursuing strategic growth opportunities in new and existing markets to reach its goal of having 20,000 units in 10 markets by 2020. Milhaus currently has projects under development in Cincinnati, Ohio; Kansas City, Mo.; Louisville, Ky.; Memphis, Tenn.; Milwaukee, Wis.; Nashville, Tenn.; Oklahoma City, Okla.; Pittsburgh, Pa. and Tampa, Fla.
“As we begin our expansion in the Carolinas and enter the Southeast market, we’re pleased to have Rachel Russell’s leadership, vision and experience to help us drive our continued momentum,” added Jeremy Stephenson, Milhaus principal & president of Milhaus Development and Milhaus Construction. “She shares our strong belief that the right development can and should improve the neighborhood around it, which is exactly the type of product we intend to bring to several urban core locations within this new market.”
Image courtesy of Milhaus