Michaels set to launch new market rate community in California


$60 million development will bring 187 new apartments to downtown Sacramento

Rendering of Third Street apartments from 1990

Rendering of Third Street apartments from 1990

CAMDEN, NJ, April 06, 2022 (GLOBE NEWSWIRE) — The Michaels Organization, a national leader in residential real estate, will soon open 1990 Third Street, a $60 million apartment development strategically located in the heart of downtown -city of Sacramento.

Located in an Opportunity Zone, in a neighborhood where the City of Sacramento encourages the construction of new housing, Michaels secured the development opportunity through a long-term land lease with a private landlord. Located on 2.2 acres, 1990 Third Street will offer 187 modern apartments in a contemporary five-story mid-rise building.

“We are thrilled to bring this much-needed housing to downtown Sacramento and be able to provide our residents with city living close to employment, restaurants and retail, entertainment and other cultural attractions while by providing an oasis of amenities within the apartment community itself,” said Michaels Vice President Scott Cooper, who is the lead developer.

1990 Third Street offers beautiful community spaces inspired by major artist studios and urban lofts around the world. The “Modern Collective” brings together structured interiors, drawing on Sacramento’s industrial past, warmed with rich wood tones and colorful nods to mid-century icon Charles Eames.

On-site facilities will include a clubhouse, sky lounge, indoor and outdoor coworking spaces, and a resort-style pool and spa. Individual apartments will include a mix of studio, one-bedroom, and two-bedroom units with high-end finishes, including luxury vinyl floors throughout, full-height backsplashes, and energy-efficient appliances.

The Michaels Organization, which owns and operates properties in 37 states coast to coast, has been active in the California market for over a decade. Its communities include affordable, market-priced, purpose-built student housing. Michaels also owns and manages privatized PMQs on several military bases across the state.

Funding for 1990 Third Street is provided by Bank of the West and Verde Capital. Other members of the development team include BDE Architecture, Cunningham Engineering and Brown Construction. Michaels will act as property and asset manager.

Construction is expected to be completed by the first quarter of 2024.

About Michaels: The Michaels Organization is a national leader in residential real estate offering comprehensive services in development, property management, construction and investment. Serving 175,000 residents in more than 440 communities in 37 states, DC and the U.S. Virgin Islands, Michaels is committed to designing housing solutions that jump-start education, civic engagement and neighborhood prosperity and to create communities that improve lives.

Media contact: Laura Zaner, 856-988-5983, lzaner@tmo.com

Related images

Image 1: Rendering of Third Street apartments from 1990

Rendering of a mid-rise apartment building highlighting the exterior amenities of the community, including the pool to be built at 1990 Third Street in downtown Sacramento by The Michaels Organization.

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