CA Ventures and The Habitat Company Announce Partnership to Manage and Expand $600 Million Apartment Portfolio
CHICAGO (June 9, 2016) — CA Residential LLC, the multifamily investment and development division of CA Ventures, together with The Habitat Company today announced the launch of a programmatic partnership through which Habitat will assume management of a five-building, 1,215-unit apartment portfolio owned by CA. In addition, the Chicago-based firms will draw on more than half a century of collective experience in the multifamily sector to pursue co-development and investment opportunities in select markets throughout the U.S., targeting properties between $40 million and $120 million.
“Since our inception, we have worked tirelessly to unearth opportunity in niche markets – both geographically and in various sectors of commercial real estate – where few other developers have thought to look,” said Tom Scott, CEO of CA Ventures. “Our strategic alliance with The Habitat Company is one of many relationships we’ve established along the way and will supplement our development and investment expertise with high-quality development experience and the best-in-class management services for which Habitat has been known for the past 45 years.”
“We are proud to partner with CA Ventures and leverage our complementary skillsets to continue Habitat’s geographic expansion, capitalizing on the broader societal shift away from owning in favor of renting,” said Matt Fiascone, president of The Habitat Company. “Our experience as both a developer and manager makes us uniquely qualified to not only identify attractive development opportunities, but also ensure the long-term financial and operational success of each asset – resulting in strong relationships with residents and investors.”
Scott noted the two firms have shared a mutual respect for each other for years and were waiting for the right project to bring them together. That project was 1136 S. Wabash, which Habitat began consulting on last year and will manage when it opens in 2018. Habitat will initially oversee operations at the following CA Residential communities, which are in various stages of development:
- The Buckler (Milwaukee, Wis.) – an 11-story, 207-unit luxury 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 luxury apartment tower in the Gold Coast with 2,756 square feet of boutique retail space, 8 E. Huron is steps from popular shops and restaurants along Chicago’s Magnificent Mile. Delivery is scheduled for mid-2017.
- 212 Meramec (Clayton, Mo.) – a 26-story, 250-unit high-end 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, transit-oriented project is slated to deliver in early 2018.
- 1136 S. Wabash (Chicago) – a 26-story, 320-unit rental tower in Chicago’s burgeoning South Loop neighborhood with 4,921 square feet of lower-level retail. The property, located next to the Chicago Transit Authority’s Roosevelt Red Line station and across the street from Trader Joe’s, is scheduled to open in early 2018.
“In working with Habitat first on 1136 S. Wabash and then The Buckler, it was evident to everyone on our side why Habitat is a leader in multifamily development and management,” said Scott. “We immediately recognized the synergies between the two businesses and how we could work together to gain economy of scale and achieve our respective growth objectives more efficiently and profitably.”
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 also includes senior lifestyle, hospitality and office properties. Meanwhile, The Habitat Company brings more than four decades of development and property management expertise to the partnership, with a national portfolio that spans a wide range of residential property types, including luxury apartments, condominiums, affordable and public housing, and senior living communities.
“Throughout our 45-year history, some of our biggest successes have involved partnerships that allow us to pursue projects that might not otherwise be feasible,” said Daniel Levin, chairman and founder of The Habitat Company. “The relationship with CA Residential aligns perfectly with our long-term goal of measured growth for both our fee management business and our development and investment business. Together, we’ll be able to create hundreds of jobs and expedite the delivery of quality rental housing in sought-after markets across the country.”
About CA Ventures/CA Residential, LLC
CA Residential, LLC is the multifamily housing platform of CA Ventures, a Chicago-based real estate investing and holding company founded in 2004. CA Ventures is an owner, operator and developer of student housing, multifamily, lodging and through its affiliate, Vanderbilt Partners, office properties. Holdings are located across the U.S. as well as Latin America and Europe. CA Residential, LLC was established to invest in, and develop, premier multifamily properties in select urban and suburban markets across the United States. For more information, visit www.ca-ventures.com.
About The Habitat Company
Founded in 1971, The Habitat Company is a full-service residential real estate company specializing in property management, acquisitions and development. One of the largest residential property developers and managers in the United States, with over $3 billion in assets and more than 25,000 units under management across six states, the company’s portfolio spans a range of property types, from mid- and high-rise condominium, apartment and adaptive reuse developments to senior and affordable housing communities. Headquartered in Chicago, with more than 800 employees throughout the United States, Habitat is dedicated to improving the communities it serves through innovation and a commitment to excellence. For more information, visit www.habitat.com.