The Michaels Organization to Break Ground on $82M Sacramento Project
The multifamily community is slated for completion in early 2023.
The joint venture of The Michaels Organization and Artemis Real Estate Partners has landed $82 million in financing for a luxury development immediately west of Sacramento, Calif. Construction is imminent on the 225-unit community that will be located at 3820 Chiles Road in Davis.
Brown Constructions will serve as general contractor, while architecture, and engineering and landscaping services will be provided by ADC and Cunningham. Set for completion at the beginning of 2023, the property will be managed by Michaels Management.
Situated on a 7.2-acre site, the community will encompass three main residential buildings—two of which will feature an elevator—all centered on a concept of courtyards connected by a pedestrian walkway.
The property will feature studios and one- to three-bedroom floorplans. Community amenities will include a swimming pool and spa, outdoor patios with barbecue pits, bicycle storage and both surface and covered parking areas.
The development, which is situated close to Interstate 80, comes on the heels of a student housing California project that also features The Michaels Organization as the developer. The first phase of The Green at West Village was finalized in September of last year, adding more than 1,000 beds serving University of California, Davis’ students.
Earlier in 2020, the company broke ground on the second phase of an affordable housing community in Egg Harbor Township, N.J.