Kraus-Anderson and Inland Development Partners form joint venture to develop $65 million Chamberlain apartments in Richfield
MINNEAPOLIS, Minn. (July 31, 2017) – Kraus-Anderson and Inland Development Partners today announced a new joint venture that will develop a three-story, 316-unit housing project in Richfield, Minn. Located near 66th and Cedar Ave., the $60 million Chamberlain apartment complex is the first joint venture between the two companies, which both focus on developing and redeveloping office, industrial and retail property.
The property was purchased from the City of Richfield and is part of the Richfield Parkway, which runs through the Chamberlain complex and extends south from 66th Street, following 18th Avenue, to 70th Street.
“We are working closely with the City of Richfield, which is a strategic partner and has been instrumental in helping to develop the property,” said Kent Carlson, partner of Inland Development Partners.
Designed by Urban Works, the Chamberlain apartment complex consists of six rental buildings – three will be new construction and three others will be renovated.
“We are very excited to partner with IDP on this new joint venture,” said Matt Alexander, Kraus-Anderson’s vice president of Kraus-Anderson Development Company. “IDP and KA share similar goals and values, creating a strong relationship for this important economic development.”
Kraus-Anderson Construction is the general contractor. Construction is expected to begin in the spring of 2018. The first units will be open in the spring of 2019.
“The new joint venture between Kraus-Anderson and Inland Development Partners is a wonderful partnership with the City,” said John Stark, community development director for the City of Richfield. “We are looking forward for the project and the Chamberlain to move forward and provide another example of economic growth for the City of Richfield.”
Kraus-Anderson has transformed the American landscape for more than a century. Established in 1897, Kraus-Anderson provides strategic services including commercial real estate development and management, construction, equipment financing and risk management to clients nationwide. Kraus-Anderson (www.krausanderson.com) is an Affirmative Action, Equal Employment Opportunity Employer.
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 St. Louis Park, Minn.