The Michaels Organization Achieves Financial Closing on $88 Million Development
Camden, NJ. Aug 18 — The Michaels Organization, a national leader in residential real estate, and its partners, Kyuden Urban Development America and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN), are poised to break ground on a new multifamily housing community featuring ground-floor commercial space in Davis, California, following a successful financial closing.
The $88 million development, branded “The Lumberyard,” will rise on the former site of Hibbert’s Lumberyard and Hardware Store at the intersection of G and 5th Streets, in downtown Davis. The five-story mid-rise will offer 239 apartments along with a variety of high-end amenities and a dedicated public paseo along the railroad tracks. Additionally, five percent of the apartments will be set aside for households earning 50 percent or less of the Area Median Income.
This is Michaels’ first partnership with Kyuden Urban Development America and JOIN USA.
“We are excited and thankful for the opportunity to partner with Kyuden and JOIN on this transformative development,” said Michael (Mick) Flannagan, Michaels’ Chief Investment Officer. . “Working alongside their teams to reach this financial closing has been a wonderful experience, and we are thrilled to officially break ground and begin the journey of bringing The Lumberyard to life alongside such dedicated partners.”
Apartments will be offered in layouts ranging from studios to four bedrooms, with open layouts, high-end finishes, and energy-efficient appliances and lighting. The amenities will include a state-of-the-art fitness center, co-working space, clubhouse, pool and spa, and a landscaped roof deck and sky-lounge on the 5th floor.
“We are delighted to bring this beautiful property to the community, where our future residents will not only have modern, luxury apartment homes, but also be within walking distance of all that downtown has to offer,” said Michaels’ Vice President Scott Cooper, who is serving as the project’s lead developer. “We are grateful to the city of Davis for their support and to our partners for helping us bring this project to life. We look forward to future residents taking occupancy in Fall 2028.”
Designed by BDE Architects, the development will incorporate elements reminiscent of a lumberyard and industrial-use structures. At the corner of 5th and G Streets, the five-story project is capped with a sawtooth roof and solar photovoltaic panels. Directly below, the wrap-around roof deck presents an architecturally pleasing corner, intentionally offering human scale to the building. The Lumberyard also incorporates materials that are representative of the former lumberyard, including corrugated metal and wood-look siding. The project uses a rustic red accent color on the east-facing façade that pays tribute to the former Hibbert lumber yard building, while providing warmth and texture to the building.
In addition to the solar photovoltaic panels, sustainability features will include energy-efficient HVAC systems, installation of low-flow plumbing fixtures (toilets, faucets, showerheads) and drought-tolerant or native landscaping and smart technology controls within the unit. The Lumberyard will be LEED certified.
The Development team of Michaels and Doug Buzbee of DBRE Consulting Inc. also includes Brown Construction, which is serving as the General Contractor. Michaels will serve as both property and asset manager once the community opens in 2028.
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About The Michaels Organization
Michaels is a national leader in residential real estate, offering full-service capabilities in development, property and asset management, construction, and investment. Serving more than 200,000 residents in more than 600 communities across 39 states, the District of Columbia, and the U.S. Virgin Islands, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity, and to creating Communities That Lift Lives.
About KUDA
Company Name: Kyuden Urban Development America, LLC
Headquarters: Torrance, California, USA
Representative: Ken Matsumoto, President and CEO
Business Description: Real estate development
Website: https://www.kyuden.co.jp/ ( Kyushu Electric Power Co.)
About JOIN
Company Name: Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development
Headquarters: Tokyo, Japan
Representative: Tatsuhiko Takesada, President and CEO
Business Description: Investment in overseas transport and urban development infrastructure projects
Website: https://www.join-future.co.jp
Media Contact:
Laura Zaner, The Michaels Organization
[email protected]; 856-988-5983
