Opening new doors in Florida is not unusual for Continental Properties and Springs Apartments. The first move-ins for one of our communities marks the culmination of sometimes years of work for our Development, Finance, Legal and Construction teams, and as such, we all feel a great sense of satisfaction. Our Property Management teams also put in long hours, not only working leads, but also working closely with Construction, ordering initial office supplies, setting up Clubhouse furniture, and even ordering golf carts and leaf blowers.
On October 10 Continental acquired approximately 4 acres of land in Eagan, Minnesota from United Properties for a 127 room Residence Inn by Marriott. Construction started on the site the next day. Our new hotel will be adjacent to the recently completed 450,000 square foot Central Park Commons which is anchored by Hy-Vee and also includes Hobby Lobby, Total Wine and More and Sierra Trading Post.
On September 11, Continental officially completed our obligations to Mariano’s by submitting the Substantial Completion notice for a new Bannockburn, IL location. On October 10, 2017, Mariano’s officially opened for business.
We are pleased to announce that Springs at Six Mile Cypress is now stabilized.
The last 12 months have been very active for Continental in the Rocky Mountain State. On September 6, 2017, we purchased land in Aurora, Colorado for our fourth apartment community in the state, Springs at Eagle Bend.
In a very busy few days, Continental added two new Springs communities to our growing portfolio. Springs at 2534 in Johnstown becomes our third community under construction in the Denver metro, and Springs at Sunfield in Buda adds to our growing Texas portfolio, becoming our third community under construction in the Austin area.
On June 7, 2017 Continental closed on the acquisition of 14.7 acres in Sun Prairie, WI for our newest Springs apartment community. The site is located in a high growth corridor with immediate access to new retail, restaurants and other resident amenities. Upon completion the project will have 228 homes.
In a deal that reflects all of the attributes of the Continental DNA, our Springs development team has brought a new Springs community to groundbreaking in the Chicago suburbs.
Continental Properties has a number of apartment communities under construction throughout the country. It is gratifying to see our hard work turn into someone's new home, and the first move-in's in a new community are always special. Springs at Cottonwood Creek in Waco, Texas was buzzing with activity on May 16th as the doors were opened for several new residents. We are proud to be in such a busy community.