Kraus-Anderson and Inland Development Partners form joint venture to develop $53 million Chamberlain apartments in Richfield
Groundbreaking at 2:00 p.m., Thur. July 19
RICHFIELD, Minn. (July 2018) – Kraus-Anderson and Inland Development Partners have commenced construction on a three-story, 316-unit housing project in Richfield, Minn. Located near 66th and Cedar Ave., the $53 million Chamberlain apartment complex is the first joint venture between the two companies, which both focus on developing and redeveloping multi-family, office, industrial and retail property.
A groundbreaking ceremony will be held at 2:00 p.m., Thursday, July 19 at the site, located at 6745 18th Ave. South, Richfield, Minn. 55423.
Designed by UrbanWorks Architecture of Minneapolis, the Chamberlain apartment complex consists of six rental buildings – three will be new construction and three others will be renovated. Of the 316 mixed-income units, 20 percent of the units will be designated as affordable housing.
“The City of Richfield staff and policy makers have been a meaningful partner in making the Chamberlain project a reality,” said Steve Schwanke partner at Inland Development Partners.
The property was purchased from the City of Richfield. Richfield Parkway will be extended through the Chamberlain complex south from 66th Street to 70th Street.
“We are pleased to be a part of this exciting re-development, bringing additional vitality to the east edge of Richfield,” said Matt Alexander, Kraus-Anderson’s senior vice president of Kraus-Anderson Development Company.
The project was financed through the HUD 221(d)(4) program with the AFL-CIO Housing Investment Trust (HIT) as the investor and was placed by Dougherty Mortgage of Minneapolis. The HIT, a $6 billion Washington, D.C.-based company, has a long track record of investment in both the Midwest and in Minnesota.
“Since beginning its MidWest@Work investment strategy in 2016, the HIT has invested nearly $270 million in the Twin Cities,” said Ted Chandler, HIT COO and managing director of the MidWest@Work investment strategy. “The project will be built using union labor and is expected to create more than 200 union construction jobs.”
Kraus-Anderson Construction is the general contractor. The first units will be open in the fall of 2019.
Established in 1897, Kraus-Anderson (www.krausanderson.com) is an integrated construction management and real estate development enterprise working independently and in collaboration with a family of companies, including insurance, mortgage and realty operations. Kraus-Anderson, an EOE AA M/F/Vet/Disability employer, is headquartered in Minneapolis, Minn. and has regional offices in Madison, Wis., Bismarck, N.D., and Duluth, Bemidji and Rochester Minn.
Inland Development Partners
Formed in 2016 with more than 90 years of experience, Inland Development Partners (www.inlanddp.com) transforms raw land into marketable assets, revitalizes underutilized sites into in-demand real estate, and reintegrates forgotten properties into the community throughout the Twin Cities and the Upper Midwest. IDP is based in Wayzata, Minn.
About the AFL-CIO Housing Investment Trust
The HIT (www.aflcio-hit.com) is a fixed income investment company that has financed more than 500 projects over its more than three decades of investment, including 50 in the Twin Cities.