The Michaels Organization, along with its joint venture partners, Albert Reuben Capital, LLC (“ARC”), and ICV Rep, a Family Office from Santiago, Chile, is set to break ground on its first market-rate multifamily community in Alabama, following a successful financial closing.
Located in the heart of a growing residential area just seven minutes from downtown Huntsville, the new Dean at Chase Creek apartment community will offer a modern, amenity-rich living opportunity for professionals in what's becoming one of the most rapidly growing tech hubs in the country. The co-developer, ARC, LLC is led by Seth Heller, managing partner of ARC, a real estate private equity and advisory firm based in Miami.
“Michaels is excited to bring this high-quality housing to Huntsville, where our residents can be close to major employment centers, retail, and cultural amenities,” said Michael Flanagan, Executive Vice President of Development at The Michaels Organization.
The $73 million development, to be built on a 17.55-acre site, will feature 336 apartments in three-story, garden-style walk-up buildings. Amenities will include clubhouse and resort style pool with pavilion, grilling areas, electric car charging stations, dog wash and park, upscale fitness and agility rooms, conference rooms and collaboration spaces. Residents will also have the option to rent garages.
Michaels has owned and operated affordable apartment communities in Alabama for more than a decade, but the Dean at Chase Creek will be its first market-rate community and its first in the Huntsville area.
ARC is currently focused on horizontal and vertical land development throughout the southeastern part of the United States with a particular focus on Huntsville, Alabama.
Nicknamed “The Rocket City,” Huntsville is home to NASA’s Marshall Space Flight Center, Redstone Arsenal, state-of-the-art medical facilities, FBI’s HQ2, the Mazda-Toyota Manufacturing U.S.A, and the Cummings Research Park, the 2nd largest research park in the United States. Major employers are located within one mile from the site, largely concentrated in the 1,700-acre Chase Industrial Park which has a daytime population of over 4,500 people. Major employers within the park include Johnson Controls, Qualitest, Cinram, and PPG Industries.
Urban Practice is serving as the architects. Michaels Construction will serve as the General Contractor and Michaels Management will serve as the property manager.
About Seth Heller: Seth Heller is a real estate developer and private equity professional. Mr. Heller is the Managing Partner of Albert Reuben Capital, LLC. Throughout his successful 26-year career, Mr. Heller has financed, acquired, and managed over $1.5 billion of real estate development.
About ICV Rep: ICV Rep is the Real Estate branch of Inversiones Convento Viejo (ICV), a Chilean Family Office owned by the Lavin family. The company has a long experience in financing development projects (by itself and acting as lead investor alongside other Chilean FFOO) in Chile, Spain and the U.S.
Published April 12, 2022Back to News Next article