$48 Million Market-Rate Residential Community is Latest Sign of Camden's Resurgence
Camden, NJ, January 4, 2018 (Newswire.com) - CP Residential announced today that it has closed on a $48 million development deal that will bring 156 new rental apartment homes to the Camden waterfront in an environmentally conscious, amenity-rich mid-rise building. The development is among the first market-rate apartment communities to be developed in Camden in years, another sign of the city’s resurgence as a live/work/play destination.
“We’re excited that this residential community will offer beautiful, high-quality apartment homes to Camden’s growing workforce and will attract new families and young professionals to the exciting waterfront area,” said John J. O’Donnell, president of The Michaels Organization, one of three firms that comprise CP Residential.
This residential community will offer beautiful, high-quality apartment homes to Camden's growing workforce and will attract new families and young professionals to the exciting waterfront area.
John J. O'Donnell, President, The Michaels Organization
The other partners involved in this much-needed housing--Conner, Strong & Buckelew and NFI--are also partners with The Michaels Organization in The Camden Tower office development currently under construction on the waterfront. The Camden Tower, which is expected to be complete in 2019, will serve as the corporate headquarters for each of the partner firms, bringing a combined total of more than 1,000 employees to the city.
The new residential community, known as “11 Cooper”, will offer 156 apartments, in a mix of studios, one- and two-bedroom layouts, in the heart of the city’s booming waterfront district adjacent to The Ben Franklin Bridge. Twenty percent of the apartments will be designated as affordable for those earning 80 percent or less than the area’s median income.
11 Cooper will incorporate the latest green technology, high-end building materials, and energy efficiency. Planned amenities include a residential lobby with 24/7 concierge services, a business center, bike storage, a fitness center, and club room with adjacent roof-top terrace. On-site parking will accommodate more than 190 cars.
The spacious apartments will feature stainless steel appliances, quartz countertops, and spa-inspired bathrooms. Each residence will have its own in-unit washer and dryer. In addition, 11 Cooper will offer 5,000 square feet of street-level retail space, fronting Cooper Street.
Construction has already begun and leasing is expected to begin in March 2018 with first occupancy planned for April of 2019.
About CP Residential GSGZ, LLC
CP Residential GSGZ, LLC is comprised of three firms: The Michaels Organization, Connor, Strong & Buckelew, and NFI. The Michaels Organization is serving as the managing partner, developer and property manager for 11 Cooper.
About The Michaels Organization
The Michaels Organization is a family of independent operating companies dedicated to lifting lives and enhancing communities through high quality, environmentally conscious, and well-managed affordable, mixed-income, military, student and market-rate multifamily housing. Serving more than 140,000 residents in 370 communities across 35 states, the District of Columbia, and the U.S. Virgin Islands, The Michaels Organization is a national leader in residential real estate with full-service capabilities in development, property management, finance, construction, and tax credit syndication. Learn more at www.TMO.com.
About Conner, Strong & Buckelew
Conner Strong & Buckelew is among America’s largest insurance brokerage, risk management and employee benefits brokerage and consulting firms. With a team of nearly 400 professionals, the firm is an industry leader and provides high-risk businesses across the country and abroad with comprehensive solutions to prevent losses, manage claims, and drive bottom line growth.
About NFI
NFI is a fully integrated North American supply chain solutions provider headquartered in Cherry Hill, N.J. Privately held by the Brown family since its inception in 1932, NFI generates nearly $2 billion in annual revenue and employs more than 10,000 associates. NFI owns facilities globally and operates 41.5 million square feet of warehouse and distribution space. Its dedicated and drayage fleet consists of over 4,000 tractors and 8,700 trailers, operated by more than 2,600 company drivers and 1,600 owner operators. Its business lines include dedicated transportation, warehousing, intermodal, brokerage, transportation management, global logistics, drayage, and commercial real estate services. For more information about NFI, visit www.nfiindustries.com.
Source: The Michaels Organization
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