Hines and Simon have begun construction on a new luxury residential community in Ann Arbor, Michigan. The development, located at Briarwood Mall which is owned by Simon, will also include a Harvest Market grocery store and other retail spaces as well as an outdoor plaza.
Funding for the project was secured through Hines U.S. Direct Investments (HUSDI), a private placement program that connects financial professionals with high-net-worth clients for unique development opportunities. Northwestern Mutual provided a loan to support the construction of the four-story apartment building, which is expected to be completed within two years.
According to Brad Soderwall, managing director at Hines, Ann Arbor’s reputation as one of the best places to live in the country and its proximity to top universities make it an attractive market for residential investment.
The community will consist of 370 units ranging from studios to three-bedroom apartments with high-end finishes. A private parking structure with 325 stalls will be available on-site along with additional surface parking options.
