Joint Venture to Build Minneapolis-Area Multifamily Community

In a joint venture, Trammell Crow Company, through its subsidiary High Street Residential, and Investment Real Estate Trust Properties (IRET Properties) will develop a 260,000-square-foot multifamily community in Golden Valley, Minn.

Golden Valley, Minn.—In a joint venture, Trammell Crow Company, through its subsidiary High Street Residential, and Investment Real Estate Trust Properties (IRET Properties) will develop a 260,000-square-foot multifamily community in Golden Valley, Minn. The property, called Arcata, will be six stories and feature 165 class-A apartment units, and will be located adjacent to the Colonnade Office Tower and south of Golden Hills Office Center.

Arcata will include studios, one-bedroom, one-bedroom plus den and two-bedroom apartments.

Amenities will include a resort-style pool, clubroom, fitness center and heated parking garage with 215 parking spaces.

The community will be conveniently located near downtown Minneapolis. Arcata is near I-394 and Xenia Avenue. Additionally, the community will be near The Shops at West End, the Cedar Lake Bike Trail and Chain of Lakes, as well as various offices.

ESG Architects of Minneapolis will serve as lead architect.

“We are excited to work with IRET Properties and deliver a new, premier residential community that will provide residents with luxury housing and amenities,” Grady Hamilton, principal and head of Trammell Crow Company’s Midwest Business Unit, says. “Arcata provides an opportunity for residents to live in a centrally located, accessible, amenity-driven and employment-rich suburb of Minneapolis-St. Paul.”

Construction is slated to begin in the third quarter of 2013.