165 unit, Class A Luxury Residential Community Near The Shops at West End
GOLDEN VALLEY, MN – May 13, 2013 Trammell Crow Company, through its wholly owned subsidiary High Street Residential™, in conjunction with Investment Real Estate Trust Properties (“IRET Properties”), a self-advised real estate investment trust that owns and operates multi-family residential properties and commercial office, medical, industrial and retail properties located primarily in the upper Midwest, will develop a six-story, 260,000 square foot building comprised of 165 Class A luxury residential units on two acres. The project, known as “Arcata”, is located adjacent to the Colonnade Office Tower and south of Golden Hills Office Center on Golden Hills Drive, near The Shops at West End. Construction is scheduled to commence in 3Q 2013.
“We are excited to work with IRET Properties and deliver a new, premier residential community that will provide residents with luxury housing and amenities,” said Grady Hamilton, Principal and Head of Trammell Crow Company’s Midwest Business Unit. “Arcata provides an opportunity for residents to live in a centrally located, accessible, amenity driven and employment rich suburb of Minneapolis-St. Paul.”
Arcata will offer studio, one bedroom, one bedroom plus den and two bedroom residential units. Prominent features of the project include contemporary design, resort style pool, clubroom and fitness center, along with a two-story, heated parking garage with 215 parking spaces.
Arcata is located off I-394 and Xenia Avenue, within ten minutes from downtown Minneapolis. Golden Hills Drive will offer ingress and egress to the residential parking garage. The project will be in close proximity to The Shops at West End, the Cedar Lake Bike Trail, Chain of Lakes, as well as many major suburban office destinations. ESG Architects of Minneapolis, MN will serve as lead architect for the project.
About Investors Real Estate Trust Properties
Investors Real Estate Trust is an equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis and St. Cloud, Minnesota.
About High Street Residential
Trammell Crow Company’s residential development through its wholly owned subsidiary, High Street Residential™, 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.