Local Firm Building Two Multifamily Projects

ANN ARBOR, MI-An locally based real estate company, Captec Realty Capital, has partnered with two out-of-state firms to build properties in two separate areas.For one development, Captec has partnered with SNK La Playa I LLC to build a new 102 unit multifamily project with an additional 15,000 SF of retail spaceand a structured parking garage on 1.68 acres of land in Emeryville,CA, which is located in the East Bay of the San Francisco Bay area.

The multi-family development will consist of one and two bedroom luxury apartment homes along with the ground floor retail.SNK La Playa I LLC is a joint venture between SNK Realty Inc. of Phoenix, Ariz. and La Playa Properties LLC of Santa Barbara, CA.

The company has also entered into an agreement with La Playa Properties to develop a new 343-unit multi-family in the city of Ft. Myers, FL.Bay Harbor Club at Mac Gregor will consist of one, two and three bedroom luxury apartment homes with lake views and many property amenities, said the two firms.The property is located on MacGregor Boulevard, which is the major highway for Lee County.