Trending Multifamily News
Canada Pension Plan Investment Board (CPP Investments) and LMC, a wholly-owned subsidiary of Lennar Corporation (NYSE: LEN and LEN.B) and a leader in apartment development and management, have formed a new joint venture to develop Class-A multifamily residential communities across high-growth metropolitan areas in the U.S.
CPP Investments and LMC have allocated US$979 million in equity to the joint venture. CPP Investments will own a 96% stake and LMC will own the remaining 4%.
“This investment is an excellent opportunity to meet the strong demand for high-quality multifamily housing,” said Peter Ballon, Managing Director, Global Head of Real Estate, CPP Investments. “We are pleased to work alongside a best-in-class partner like LMC to continue to build our portfolio of multifamily investments, which we believe will deliver steady, long-term returns for the CPP Fund.”
The joint venture will focus on urban and suburban communities across major U.S. markets exhibiting strong population and job growth. It will also leverage LMC’s extensive development and construction expertise to build multifamily communities at an attractive cost basis, and benefit from LMC’s fully integrated development management, construction management, property management and investment management platforms.
The venture will launch with five seed assets: One in Boston, one in Miami and three in Denver, together totaling 1,371 apartment homes.
“This joint venture specifically targets high-growth markets where the housing supply hasn’t kept pace with renter demand, and we are proud to be part of the solution,” said Todd Farrell, President of LMC. “Our partnership with CPP Investments enables us to deliver on our mission to create extraordinary communities where people can live remarkably. We look forward to delivering on that vision with these five initial assets, as well as all future endeavors with CPP Investments.”
LMC launched in 2011 and is among the nation’s most active developers, builders and managers. LMC is currently the eighth largest U.S. developer, according to the National Multi-Housing Council’s (NMHC) annual Top 50 list and has been on the list for seven consecutive years. LMC has been recognized on the NMHC Top 25 Builder list for five consecutive years and ranked No. 15 in 2021. LMC has also closed two previous funds, including Lennar Multifamily Venture (US$2.2 billion) and Lennar Multifamily Venture II (US$1.3 billion).
LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, today announced the opening of Camber, a brand new apartment community in the burgeoning Denver Gateway Center, ideally situated between Downtown Denver and Denver International Airport (DIA).
The garden-style community, which consists of 240 apartment homes, is located in the Aerotropolis planning district – a 53-square mile area poised to become one of the Denver Metro Area’s most prolific employment hubs. The submarket anticipates the creation of 13,400 new jobs in 2021, in addition to the more than 35,000 already employed at DIA and has evolved into one of the city’s most desirable locations. Move-ins begin this week.
“The Denver market has displayed impressive job growth for a number of years, and now it’s the Gateway Center that is really taking off. We’re always excited to broaden our footprint in the Denver Metro Area, and especially during this period of economic recovery and expansion,” said Scott Johnson, LMC Division President. “With Camber, we’re catering to renters who want easy access not only to downtown and the airport, but both ends of the metro region.”
Situated at 6025 N Ceylon Street, Camber puts residents within walking distance of dining options and just blocks from the Gaylord Rockies Resort and Convention Center – with its 1,500 guest rooms and 485,000 square feet of meeting space. Nature abounds to the west, with the 15,000-acre Rocky Mountain Arsenal National Wildlife Refuge providing the foreground for the snowcapped mountains beyond.
Residents will enjoy prime connectivity to Denver and the mountains via I-70, with nearby E-470 serving as an easy route to the north and south ends of the greater metro area. The Peña Light Rail Station is just steps away from the community, providing effortless accessibility to Downtown Denver, the Denver Tech Center and DIA.
Camber offers one-, two- and three-bedroom homes, ranging from 698 to 1,397 square feet. Camber homes feature spacious floor plans with high-end finishes, including stainless steel appliances, quartz countertops, hardwood-style flooring, gourmet kitchens with islands, walk-in closets and dual vanity sinks in main bedrooms. Practical features like USB outlets are integrated throughout the home designs.
Residents at Camber have access to a full slate of amenities that are more than just upscale conveniences. In addition to a resort-style swimming pool, spa and a Zen courtyard with fire pit, the property includes detached garages, a common patio with barbeque grills and a smoker, a community garden and a pet spa and dog park. Fitness enthusiasts and active families can take full advantage of Camber’s 24-hour fitness barn with children’s lounge, as well as the bike repair room and playground with multipurpose field area.
Camber marks the eighth Denver community for LMC, joining Radiant, Malbec at Vallagio, Beacon85, Parkhouse, Strata, Sync and Canvas.
LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, today announced the land closing for Paxton, a luxury mixed-use community in Tysons, a Northern Virginia suburb of Washington, D.C.
The high-rise community will feature 447 apartment homes and offer 14,713 square feet of retail space. First move-ins at Paxton are projected for early 2024.
“Tysons possesses a unique, diverse mix of urban, walkable spaces, with public parks and nature preserves. Paxton will provide well-appointed apartment homes in Tysons close to a variety of dining, entertainment, and transit options,” said Stuart Cain, Vice President of Development of LMC’s DC Metro Office. “Paxton will offer a broad range of apartment types, with spacious floor plans and ample, modern indoor and outdoor amenities and workspaces in a growing urban community.”
Situated at 1750 Chain Bridge Road, Paxton is located in Scotts Run, a one-of-a-kind experiential neighborhood now taking shape in Tysons. When fully built out, Scotts Run will include as much as 6.5 million square feet of mixed-use development. The heart of the project is the Scotts Run stream valley with walking trails and plenty of spaces for relaxation, reflection and connections to nature. Scotts Run is conveniently located near the McLean Metro Station on the Silver Line and is also close to I-495, the I-495 Express Lanes, Route 66 and Route 123. It’s the epitome of urban sensibility.
Pedestrians and recreationalists can access local parks and trails at nearby Scotts Run Nature Preserve, Freedom Hill Park, Great Falls and Carderock Recreational Area.
Paxton will be located within close proximity to several neighborhood attractions, including the McLean Farmer’s Market, Nova Central Farm Market, Capital One Hall, Art Whino Gallery, Kennedy Center, Eagle Bank Arena and McLean Project for the Arts. The area is also home to a variety of dining options, including Eddie V’s Prime Seafood, Seasons 52, The Capital Grill, Founding Fathers, Agora, North Italia, The Palm and Fleming’s Prime Steakhouse.
Nearby sporting venues include Capital One Arena, Nationals Park, FedEx Field, Audi Field and RFK Stadium. Notable employers headquartered in Tysons include Capital One, Gannett Company, Hilton Worldwide, Mitre Corporation and USA Today.
The modern community will offer studio, one-, two- and three-bedroom apartment homes. Apartment interiors will be appointed with wood plank-style flooring, quartz countertops, under-cabinet lighting, stainless steel appliances, walk-in closets, floor-to-ceiling windows, recessed lighting and additional storage space. Resort-inspired amenities at Paxton will include ample co-working space with a conference room and business center, swimming pool, cabanas and lounge seating, firepits and fireplace, outdoor grills, lounge, entertainment kitchen, club room with a gaming area and billiards table and fully equipped fitness center with weightlifting and cardio machines. Residents will also have access to a seven-story parking garage with electric vehicle charging stations, package lockers, additional storage space and a pet park with a dog grooming room.
LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, today announced the land closing for its latest multifamily development, Artemas, in the active north Boston suburb of Everett.
The mid-rise community will include 396 apartment homes and 1,500 square feet of retail space. Everett is a dynamic, thriving community located just four miles north of Downtown Boston. Situated at 65 Norman Street in the heart of Everett’s “Fermentation District,” Artemas residents will find themselves within walking distance of multiple breweries, distilleries, and a variety of activity-centric retailers.
“From trails, waterways, festivals, and a vibrant nightlife and entertainment scene, Artemas will be at the heart of everything renters are looking for to complement an active lifestyle,” said Dan Lee, Division President for LMC’s New England region. “We’re excited to be a part of the Everett community and everything it has to offer, as well as to deliver a modern, best-in-market resident living experience.”
Artemas residents will also have quick connectivity to the greater Boston metro via I-93 and Route 1, leading to south Downtown Boston or north to Medford and Revere Beach. The location is also a short walk to the MBTA Orange Line subway and MBTA bus routes.
Community highlights include a pool, multiple courtyards with grills and fire pits, a state-of-the-art fitness center, club room, indoor/outdoor sky lounge with views of downtown Boston, indoor/outdoor work-from-home spaces, a dog park, pet spa, and an on-site Bluebike station. Artemas residents will also have access to package lockers, leasable storage spaces, and a 500-space parking garage.
Artemas will offer studio, one-and two-bedroom floor plans, ranging from 561 to 1,481 square feet. Select one-and two-bedroom apartment homes will include dens, perfect for working from home. All homes come equipped with wood-plank style flooring, stainless steel appliances, quartz countertops, matte black fixtures in kitchens and baths, under-cabinet lighting, and spacious walk-in closets.
Leasing at Artemas is set to begin in mid-2023.
LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, today announced the start of preleasing at Triangle Square Apartments, a luxury mixed-use apartment community in the popular Bucktown neighborhood of northern Chicago.
The seven-story midrise community features 298 apartment homes for rent and 21,223 square feet of ground-floor retail space. The leasing office is open and pre-leasing has started with move-ins beginning in July.
“Bucktown has a diverse mix of dining, entertainment and outdoor recreation spaces with waterfront access, and we are excited to expand our portfolio in this world-class city,” said Peter Chmielewski, divisional president of the Central region for LMC. “Triangle Square Apartments offers residents upgraded living spaces with a one-of-a-kind outdoor amenity deck along the vibrant North Branch Corridor and complement one of Chicago’s most exciting neighborhoods.”
Situated at 2155 N. Elston Avenue, Triangle Square Apartments puts residents within walking distance of the Chicago River and many local eateries and shops. Lincoln Park is a short bike ride or walk to the east, giving residents easy access to Chicago’s largest park and gorgeous lakefront views. Residents can also experience the best of eclectic, upscale urban neighborhoods in Bucktown where art galleries, local breweries abound as well as Logan Square with its boutique shopping, coffee shops and bars – all while being able to enjoy nearby neighborhood parks or spots to relax along the river and lake.
Residents are close to major thoroughfares Kennedy Expressway, North Avenue and Lake Shore Drive to access some of Chicago’s most iconic and popular attractions. The Metra Clybourn is within walking distance, providing a commuter-friendly location for residents to easily access other parts of the city without a personal vehicle.
Triangle Square Apartments offers studio, one-, two- and three- bedroom apartment homes ranging from 464 to 1,413 square feet. Apartment homes feature spacious floor plans, pebble oak plank flooring, stainless steel appliances, quartz countertops, subway tile backsplashes in kitchens, pendant kitchen lighting, matte black plumbing fixtures, floor-to-ceiling windows, built-in WiFi and frameless glass showers with tile surrounds. Select homes offer private balconies or terraces, pantries, wine racks, under-cabinet lighting and walk-in closets.
Residents at Triangle Square Apartments can enjoy a 30,000-square-foot outdoor amenity deck with grills, bocce ball, fire pits and hammocks. The community also features a pool with downtown Chicago skyline views, catering kitchen, billiards space, co-working space, a dog run and state-of-the-art fitness center with a TRX bridge, treadmills, climbmill and virtual bike coaches. Residents will also have access to package lockers, bike storage, additional storage lockers and dry-cleaning lockers.
Triangle Square Apartments is directly adjacent to a separate seven-story residential condominium building featuring homes for sale and a two-story commercial building, both being developed by Belgravia Group.
Triangle Square Apartments marks the eighth Chicagoland development for LMC – joining Marlowe in the River North, The Fynn in Elmhurst, The Emerson in Oak Park, Brook on Janes in Bolingbrook, Gateway in the West Loop, Tapestry Glenview in Glenview, and Tapestry Naperville in Naperville.
LMC has launched LMC Emblem Communities, a new housing development initiative to increase supply of quality suburban housing options for middle-income residents nationwide.
LMC created the Emblem program in July 2019 to help address the national shortage in supply of Class A housing that is attainable for middle-income residents. Since the inception of the strategic platform, LMC has assembled a nationwide pipeline of 20 new communities with the first under construction in suburban Atlanta.
“The imbalance in the pending supply of Class A product, coupled with the challenges associated with developing cost-effective rental housing, has created a shortage of supply and strong demand for suburban garden apartments that fit within the budgets of middle-income residents,” said Doug Bober, who will lead LMC Emblem Communities as Division President. “We are aiming to improve the market share of quality rental housing by developing a high-quality, more attainable design that can be replicated across the country.”
The focus on simplification and standardization of LMC Emblem Communities is designed to increase efficiencies with regard to cost and schedule. These developments will reach the market much quicker than individualized communities, expediting the timeframe in which the nation's essential workers, first-responders and other middle-class professionals will have access to quality housing that doesn't price them out of the neighborhoods they serve.
The programmatic approach to housing development will utilize consistent interior finishes from one Emblem community to the next, featuring high-end materials like quartz countertops in kitchens and baths, stainless steel appliances, and luxury vinyl plank flooring. Amenity designs and property features such as social rooms and fitness centers will also follow the prototype.
Through scale and repetition, LMC estimates a significant reduction in costs associated with architectural and interior design, as well as branding. LMC anticipates a reduction in labor costs through increased contractor efficiency, and by acquiring materials in bulk it can also drive down front-end expenses for Emblem apartment communities.
“On a typical community, we make thousands of decisions to only build it once. At Emblem, we make all of these decisions once and replicate that prototype nationwide at a cost savings to residents,” said Todd Farrell, president of LMC. “There is a troubling lack of quality yet attainable homes in the suburban rental housing supply, and we’re taking direct aim at that missing middle with LMC Emblem Communities.”