TCC and The Carlyle Group Break Ground on Junction Flats
TCC and The Carlyle Group Break Ground on Junction Flats
May 21, 2013
Partnership to Deliver New Transit-Oriented Development in the North Loop of Minneapolis near Target Field
MINNEAPOLIS, MN – May 21, 2013 Trammell Crow Company, through its wholly owned subsidiary High Street ResidentialSM , in partnership with The Carlyle Group (NASDAQ:CG), a global alternative asset manager, has broken ground on Junction Flats, a new transit-oriented multi-family community that will feature a six-story, 240,000 square foot building comprising 182 Class A luxury residential apartment units. The project is located on 1.37 acres in downtown Minneapolis near Target Field, the new home of the Minnesota Twins, and The Interchange, a multi-modal transit hub and community gathering space. The project will deliver units in the summer of 2014.
“Junction Flats is located just northwest of the central business district in the North Loop, a vibrant community that offers residents a unique experience and a wide-range of destinations, including entertainment venues, fine dining and specialty shops,” said Grady Hamilton, Principal and Head of Trammell Crow Company’s Midwest Business Unit. “We have excellent partners and are pleased to be moving forward with such a unique development in the heart of the North Loop.”
Junction Flats will offer studio, one and two bedroom units, as well as direct-access live/work units. Residential unit amenities include nine-foot ceilings, balconies/patios, granite and stainless steel appliances, as well as a full appliance package option that includes washer and dryer units. In addition to the proximity to The Interchange and North Loop attractions, the apartment community will feature a clubroom, pool deck, rooftop deck, fitness center, dog wash station, bicycle storage, business center and Wi-Fi coffee lounge, along with a covered heated parking garage.
Carlyle Principal Tom Levy said, “This has all the makings of a great development: a vibrant city with a strong local economy, solid supply-demand fundamentals, convenient transit options and a trusted partner in Trammell Crow Company.”
Minneapolis’ robust job growth is projected to continue for the next couple of years at 35,000+ jobs per year. Meanwhile, apartment vacancy rates are among the lowest in the U.S. at 3.1% in the first quarter of 2013.
The new apartment community is located near I-94 and I-394, which offers residents convenient access to surrounding suburbs and bordering states, as well as the Central Business District and local amenities, including The Interchange, Target Field, Target Center, Minneapolis Skyway System and Mall of America. After The Interchange is complete in 2014, it is projected to serve an estimated 22,000 travelers per day.
ESG Architects of Minneapolis, MN will serve as lead architect for the project and US Bank is the lender. Grant financing for this project was provided by the Metropolitan Council Metropolitan Livable Communities Fund and the City of Minneapolis.
Carlyle’s equity for this investment comes from Carlyle Realty Partners VI, a $2.34 billion fund that targets opportunistic real estate investments in North America.
About The Carlyle Group The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $176 billion of assets under management across 114 funds and 76 fund of funds vehicles as of March 31, 2013. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,400 people in 34 offices across six continents.
About High Street Residential Trammell Crow Company’s residential development through its wholly owned subsidiary, High Street Residential SM, is focused on resurrecting old and creating new urban neighborhoods to provide more environmentally sound, user-friendly areas within the community. High Street Residential specializes in blending office, retail, housing, and civic venues within organized public gathering spaces through its leading-edge master plan/master developer services and residential development expertise.
About Trammell Crow Company Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of March 31, 2013, Trammell Crow Company had over $4.3 billion of projects in process and $1.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 15 major cities throughout the United States. The company serves users of and investors in, office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). For more information visit www.TrammellCrow.com.