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Hines and Simon Break Ground on Ann Arbor Multifamily Project
Hines and Simon have broken ground on a Class A, luxury residential community in Ann Arbor, Michigan.
The four-story luxury apartment building will be part of a broader mixed-use development at Briarwood Mall, which Simon owns, that will include grocery store Harvest Market, along with additional retailers and an outdoor activated plaza.
The development was partially funded through Hines U.S. Direct Investments (HUSDI). HUSDI is a private placement program that connects financial professionals and their high-net-worth clients with one-off development opportunities. Northwestern Mutual provided a loan to facilitate the construction of the project, which is expected to take approximately two years to complete.
“Ann Arbor, renowned as one of the best places to live in the U.S. and home to a world-leading university, presents a highly attractive market for residential investment,” said Brad Soderwall, managing director at Hines.
The project will feature 370 residential units centered around a 325-stall private parking structure, with additional surface parking stalls available onsite. Homes will include studio-, one-, two- and three-bedroom formats and will feature best-in-class finishes.
