LMC, a leader in apartment development and management, today announced the start of leasing at Oceanaire, a luxury apartment community located in the heart of downtown Long Beach. First move-ins are anticipated for this summer.
Oceanaire features 216 apartment homes, near-direct proximity to the beach off Ocean Boulevard and high-end finishes. The podium-style community offers seven stories of apartment homes along Ocean Boulevard and boasts views of the ocean, port and downtown.
“Downtown Long Beach possesses such a distinctive vibe with its signature shoreline and variety of shopping, dining and entertainment options,” said JJ Abraham, division president of California for LMC. “We are thrilled to join the neighborhood and offer what we believe is a top-of-market experience for our residents that perfectly complements the laid-back beach vibe.”
Located at 150 Ocean Boulevard, the midrise community sits within a mile of the eclectic East Village Arts District and a short walk from the Aquarium of the Pacific. The neighborhood boasts a Walk Score of 90, signifying a walker’s paradise where most daily errands do not require a vehicle. Several transit options are within a half-mile of the community, including Long Beach Transit Mall, Pacific Station and 1st Street Station.
Along Ocean Boulevard and throughout downtown, Oceanaire residents have prime access to a variety of boutiques, restaurants, craft breweries and waterfront dining. Shoreline Village, and its boardwalk shops and scenic harbor views, is a short walk south of the community. The Pike Outlets provide another nearby dining and entertainment district across the street from the community. Pine Avenue and The Promenade provide additional shopping options to the north.
Oceanaire offers studio, 1-, 2- and 3-bedroom apartment homes with two distinctive designer-inspired finish options. Expansive kitchens are delivered with custom pendant lighting, Samsung stainless-steel appliances, quartz countertops, upgraded cabinetry with under-mount ambiance lighting and ceramic-tile backsplashes. Additional apartment features include luxury vinyl-plank flooring, in-home washers and dryers, roller shades, Nest thermostats, and in master bedrooms, walk-in closets and large bathrooms with quartz countertops and ceramic tile shower surrounds.
Community amenities include outdoor terrace seating with daybed lounges, swimming pool, yoga lawn, clubroom with TVs, outdoor bar and lounge, state-of-the-art fitness center, barbecue/dining area. Pet-owning residents can utilize Victory Park, which is located adjacent to the community. Residents also have access to two levels of podium-style parking.
Situated between the Ballpark neighborhood and River North (RiNo) District, Canvas features 240 apartment homes and approximately 5,200 square feet of retail space. The podium-style community offers five stories of apartment homes atop ground-floor retail space and boasts superb views of the mountains and city skyline. First move-ins began earlier this month.
“New apartment homes in Downtown Denver remain in high demand, and we’re thrilled to join one of the most thriving submarkets within the city,” said Scott Johnson, division president of the Mountain States for LMC. “Canvas will offer a truly walkable urban lifestyle close to restaurants, retail, bars, live music venues and Coors Field, all while offering the high-end finishes and modern conveniences craved by today’s sophisticated renter.”
Located at 2401 Blake Street four blocks north of Coors Field, Canvas is uniquely positioned to access the many dining, entertainment and cultural options within the downtown sector while offering prime connectivity to the greater metropolitan area. Multi-modal hub Union Station and its numerous transit options are within a mile of the community. Interstates 25 and 70, the key thoroughfares of the city, are also within a short drive. The site is also within walking distance of Denver’s thriving Central Business District.
Canvas possesses a Walk Score of 90 and Bike Score of 94, representing a paradise for each. Some of the numerous nearby walkable/bikeable attractions include Coors Field (home of the Colorado Rockies), Blake Street Tavern, Great Divide Brewing Co., Cherry Cricket and Ophelia’s Electric Soapbox, a multi-level restaurant and live music venue. Nearby recreational options include Commons Park and City of Cuernavaca Park, which each offer riverside trails and shady picnic areas.
Canvas offers studio, 1- and 2-bedroom apartment and townhomes ranging in square footage from approximately 590 to 1,250. Smart-home capabilities include programmable thermostats and built-in USB ports to ensure residents remain connected. Apartment interiors are delivered with large, modern kitchens with islands and custom pendant lighting, custom cabinetry with under-mount lighting, stainless-steel appliances, quartz countertops, ceramic-tile backsplashes, luxury vinyl-plank flooring, in-home washers and dryers and walk-in closets. Bathrooms include tile shower surrounds and oversized tubs. Many of the apartment homes offer expansive views of the Colorado Front Range, Downtown Denver and Coors Field.
Community amenities include a two-story, 24-hour fitness and training facility, pool and spa courtyard, social courtyard with outdoor bar and fire pit, resident lounge with study niches and games, rooftop sky lounge with indoor/outdoor seating and spectacular views of downtown and Coors Field, including a pet grooming room and bike wash. Residents also have access to onsite storage and bike parking, electric-vehicle charging stations and 24-hour package acceptance.
Canvas is LMC’s seventh development in the Denver area. Others include Malbec at Vallagio, Beacon85, Parkhouse, Sync36, Strata and Radiant.
LMC, a wholly-owned subsidiary of Lennar Corporation and a leader in apartment development and management, today announced the final closing of Lennar Multifamily Venture II (LMV II). LMV II is a $1.3 billion equity fund targeting investments in Class A multifamily communities in the 25 top U.S. metropolitan markets.
LMV II follows on the heels of the successful Lennar Multifamily Venture (LMV) fund and features many of the same investors. LMV II's ownership includes eight prominent institutional investors, a group that consists of foreign pensions, sovereign wealth funds, banks and insurance companies. Lennar Corporation also has a $381 million commitment to the venture. Like its predecessor, LMV II will aim to provide superior risk-adjusted returns through a "build-to-core" strategy. LMV II will develop and acquire apartment communities and hold them to generate cash flow for the duration of the fund’s eight-year life.
The new fund focuses on the top growth and gateway markets in the United States, which are characterized by strong long-term demand fundamentals and constrained supply. It will also capitalize on LMC's deep construction expertise to build multifamily communities at an attractive cost basis, and will benefit from LMC's fully integrated development management, property management and asset management platforms. With target leverage of 50 percent, LMV II will provide LMC with capital to develop and acquire $2.6 billion in multifamily assets across the United States.
"The creation of LMV II represents a tremendously important milestone for our multifamily business," said Rick Beckwitt, CEO of Lennar Corporation. "The new fund empowers us to accelerate the growth of our highly successful LMC platform and maintain a long-term ownership position in income-producing communities. Having the ability to add significant value through the development process and to then continue to own a portfolio of income-producing properties is such a powerful combination for LMC."
Todd Farrell, President of LMC, said, “The creation of LMV II is validation of the success of its predecessor and a vote of confidence in the company. We could not be more excited about the closing of LMV II and the opportunity to substantially grow our portfolio of what we believe to be the premier communities in the best markets in the country. We are honored that so many of the investors in LMV have chosen to increase their investment with us. This increased partnership is something that we deeply appreciate and will work relentlessly to validate."
John Gray, President of LMC Investments, added, "LMV II gives LMC a material competitive advantage over our peers when it comes to acquiring land, achieving scale and developing high-quality assets. We take great pride in the investor base of LMV II on the heels of strong performance in the first LMV vehicle and aim to continue our track record of delivering outsized returns for long-term partners and investors."
Macquarie Capital acted as financial advisor and placement agent for LMC.
LMC, a leader in apartment development and management, today announced the start of construction at Odin, a luxury mixed-use apartment community in the emerging Northeast neighborhood of Minneapolis.
Odin will feature 335 apartment homes within a 12-story high-rise and five-story midrise building. The community, situated in a highly walkable and bikeable downtown locale nearby a wide variety of the thriving neighborhood’s key attractions, will also include 8,000 square feet of retail space. Odin will welcome its first residents in fall 2020
Odin will mark LMC’s fourth development in the Minneapolis area, joining NordHaus, Indigo at BCS and Onyx Edina.
“We’ve always believed in the strength of the Minneapolis market, as it is a city that can truly offer a little bit of everything,” said Doug Bober, division president of the central and Midwest for LMC. “We’re thrilled to develop Odin adjacent to our highly successful NordHaus community, and we’re eager to offer our residents another top-tier living option in one of the most vibrant, multifaceted neighborhoods in the city.”
Situated at 401 1st Avenue NE, Odin will sit a short distance off the Mississippi River in an eclectic neighborhood that contains an array of art galleries, museums, a variety of craft breweries and a mix of modern and longstanding restaurants and shops. The Northeast Minneapolis Arts District is located just over two miles to the north, and the University of Minnesota is situated less than three miles east of the community. UMN is one of the market’s largest employers along with Target, US Bank, Wells Fargo and others, and the Central Business District is within a five-minute drive.
The site features a Walk Score of 91, a Bike Score of 97, and Odin residents will experience commuter-friendly access to the metropolitan area, as the site is one block off key thoroughfare Hennepin Avenue. A bus stop sits adjacent to the site, and several other transit options are within a short distance of the community. Additional nearby attractions include Guthrie Theater, Mill City Museum, Target Field, Target Center and Minneapolis Stone Arch Bridge.
Odin will offer studio, 1- and 2-bedroom apartment homes with den layouts available and an average square footage of 837. Apartment interiors will be equipped with stainless steel appliances, slow-close cabinets and drawers, quartz countertops, tile backsplashes, pendant and under-cabinet lighting, wood-like flooring and walk-in closets. Bathrooms will be delivered with high-end vanities with open shelving, tile bath and shower surrounds.
The community will feature an amenity deck that includes a swimming pool with cabanas, lounge, fire pits and grill stations. A clubroom will sit adjacent to the amenity deck and offer a lounge, bar, kitchen, fireplace and games. Additional community amenities will include a sky terrace with downtown views, state-of-the-art fitness center with cardio equipment and cross-fit area, separate group fitness/yoga studio, work-from-home common area with four suites and an outdoor rooftop dog run with snowmelt system for winter use. Residents will also have access to digital package lockers with cold storage, bike lounge with repair station, bike storage and rentable storage units.
LMC, a leader in apartment development and management, today announced the start of preleasing at Bradham at New Bern Station, a luxury mixed-use apartment community in Charlotte’s South End neighborhood.
Bradham, which features 432 apartment homes and 25,500 square feet of retail space, has already announced that restaurants Link & Pin and Eight & Sand and hair salon Great Clips will be the first three retailers to join the community. LMC expects to announce as many as three additional restaurants and other service providers later this year. Bradham will welcome first residents this summer.
“This brings us one step closer to welcoming our first residents, and we are looking forward to officially joining the South End neighborhood,” said Jeff Harris, division president of the Carolinas for LMC. “We are eager to provide first-class apartment homes and new retail options along the LYNX Blue Line and Charlotte Rail Trail within one of the most dynamic neighborhoods in Charlotte.”
Located at 145 New Bern Street, the midrise community is situated at the site that served the first Pepsi-Cola bottling franchise in the nation. Pepsi creator and longtime New Bern North Carolina resident Caleb Bradham served as the inspiration for the community name. The neighborhood has experienced a pronounced increase of local and national retailers in recent years, in addition to a healthy level of high-end commercial office and residential construction.
Bradham residents will experience superior access to the Lynx Blue Line and Charlotte Rail Trail. A trail-adjacent transit lounge will feature a televised train schedule and gaming consoles. Additionally, a transit courtyard will offer outdoor amenities including an outdoor lounge, game areas and grilling stations while enjoying the ambiance of the nearby Rail Trail.
Bradham features studio, 1- and 2-bedroom apartment homes with townhome floor plans available. Apartment interiors offer two distinct color schemes and are finished with quartz countertops, stainless-steel appliances, hardwood-inspired flooring, ceramic tile backsplashes, under-cabinet lighting, spacious walk-in closets, front-loading washers and dryers and keyless entry.
Common-area amenities at this smoke-free community include a saltwater pool with cabanas, fitness workshop with yoga room, club and game room, private work pods, dog park and spa, outdoor kitchen and digital package lockers.
LMC, a leader in apartment development and management, today announced the start of preleasing at Vireo, a luxury high-rise apartment community in the city’s thriving Midtown district. First move-ins are anticipated for April.
Located near popular and vibrant Piedmont and Peachtree Street, Vireo adds 310 apartment homes and a deluxe suite of amenities to the neighborhood. The 26-story community will feature pedestrian-friendly access to the central Midtown area’s vast array of shops, restaurants and entertainment options. LMC’s ground-level efforts in the development process allowed the sidewalks on 13th Street to be widened, which further improves the area’s walkability.
“We’re extremely excited to welcome our first residents and eager to set a new standard for elegant living in Atlanta,” said Ray Crocker, vice president of development for the Southeast at LMC. “Residents will have the pulse of the city at their fingertips, with highly walkable access to retail, restaurants, entertainment, transit and virtually anything they could possibly want. They might even choose to stay home and enjoy the community’s resort-inspired living experience.”
Situated at 195 13th Street NE, Vireo will include ground-level terraces along 13th Street to enable residents to further connect with the central Midtown neighborhood. The community features a Walk Score of 90, with Peachtree Street a short walk to the west and Piedmont Park one block to the east. The park includes athletic fields, a dog park and is home to Lake Clara Meer.
Positioned between Buckhead to the north and Downtown Atlanta to the south, Midtown is the second largest business district in the city and attracts about six million annual visitors. The district is home to several cultural attractions, including the world-renowned Fox Theater, Woodruff Arts Center, High Museum of Art and Atlanta Symphony Orchestra.
Vireo residents will have access to several public transit options, including two MARTA train stations. That’s in addition to the Downtown Connector (I-75/85), which provides access to Downtown Atlanta, Buckhead, Hartsfield-Jackson International Airport and several additional key locales throughout the metropolitan area.
Vireo offers studio, 1- and 2-bedroom apartment homes with various floorplans. Apartment interiors feature floor-to-ceiling windows, stainless-steel appliances, gas stovetops, quartz countertops, wood-inspired flooring, tile backsplashes, smart-lock entry and high-end finishes. Select homes will also include wine refrigerators.
The community also features a courtyard amenity plaza and a full suite of rooftop amenities. Included are a resort-style swimming pool, rooftop grilling station with outdoor lounge areas, outdoor fire pits and a community lounge with gaming tables. Residents will also have access to a modern fitness center with outdoor terrace, pet-wash station, mailroom with parcel storage and bike storage with repair and wash stations.