Michaels Poised to Break Ground on New Market Rate Community in California
CAMDEN, N.J., April 6, 2022 (Newswire.com) - The Michaels Organization, a national leader in residential real estate, will soon break ground on 1990 Third Street, a $60 million apartment development strategically located in the heart of downtown Sacramento.
Located in an Opportunity Zone, in a neighborhood where the City of Sacramento has been encouraging new housing, Michaels secured the development opportunity through a long-term ground lease with a private owner. Situated on 2.2 acres, 1990 Third Street will offer 187 modern apartments in a contemporary five-story, mid-rise building.
"We are thrilled to bring this much-needed housing to downtown Sacramento and to be able to offer our residents urban living close to employment, restaurants and retail, entertainment, and other cultural attractions while providing an oasis of amenities within the apartment community itself," said Michaels Vice President Scott Cooper, who is serving as the lead developer.
1990 Third Street offers gorgeous community spaces that are inspired by great artist studios and city lofts of the world. The "modern collective" brings together structured interiors, drawing from Sacramento's industrial past, warmed through with rich wood tones and colorful nods to midcentury icon Charles Eames.
Onsite amenities will include a clubhouse, sky lounge, indoor and outdoor co-working spaces and a resort-style pool and spa. The individual apartments will feature a mix of studios, one-bedrooms and two-bedroom units with high-end finishes, including luxury vinyl flooring throughout, full height backsplashes and energy-saving appliances.
The Michaels Organization, which owns and operates properties in 37 states from coast to coast, has been active in the California market for more than a decade. Its communities there include affordable, market-rate, and purpose-built student housing. Michaels also owns and manages the privatized family housing on several military bases throughout the state.
Financing for 1990 Third Street is being provided by Bank of the West and Verde Capital. Other members of the development team include BDE Architecture, Cunningham Engineering and Brown Construction. Michaels will serve as the property and asset manager.
Construction is expected to be finished by Q1 2024.
About Michaels: The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and investment. Serving 175,000 residents in more than 440 communities in 37 states, D.C., and the U.S. Virgin Islands, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.
Media Contact: Laura Zaner, 856-988-5983, lzaner@tmo.com
Source: The Michaels Organization
