The Haven at Cranberry Woods

Overview

High Street Residential, a TCC subsidiary, recognized the opportunity to develop a multifamily project in a recently developed, mixed use park. TCC proceeded with a 302-unit apartment development partnership on a 14.1-acre site, completing the last phase in the park. The project started with land development in September of 2012, and achieving phased unit occupancy over four milestone delivery dates.

Prior to proceeding with the project, TCC performed extensive economic analysis, cost estimating, and scheduling studies. Results from that effort set forth the course of the project by establishing the targeted overall development budget, design aesthetic, vertical construction cost, unit mix, and rental strategy/phasing to maximize financial yield for the equity partners.

The final project resulted in the market tested mix of 1, 2 and 3-bedroom apartments in four separate elevator served buildings. Additional buildable area allowed for the inclusion of 8 condo style apartments and 2 live/work units. The project contains a full set of common area amenities including a community rooms, pool, Central Village Green, club room, game room, and kitchenette. Parking need was determined to be 1.75 spaces per apartment, accommodated by surface and 80 garage units. Stairways are internal, creating landing lobbies at each floor. Residents enjoy controlled access parking & smart modern interior finishes featuring granite counters, private terraces & wood floors. Lease-up was strong with stabilization achieved in the 3rd quarter of 2016. TCC’s equity interest was purchased by our JV partner, Johnson Development Associates at the end of 2016.