Thursday, October 24, 2024
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Investment Sales

400 Lake Shore in Chicago
DevelopmentFinanceIllinoisInvestment SalesMarket ReportsMidwest

Chicago Rent Growth Outpaces Nation

by Channing Hamilton

Chicago can’t match the number of construction cranes crowding the skylines in high-growth markets such as Nashville, Austin or Atlanta. But now there’s at least one high-profile symbol of growth in downtown Chicago as construction gets under way at 400 Lake Shore, a massive two-tower apartment development.  Developer Related Midwest recently secured more than $500 million in construction financing for the project located on the last vacant waterfront site where the Chicago River meets Lake Michigan. The first phase, already under construction, includes a 72-story building with 635 new apartments, …

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ArizonaInvestment SalesNewsPeople NewsWestern

JLL Capital Markets Adds Four to Phoenix Multifamily Investment Sales Advisory Team

by Channing Hamilton

PHOENIX — JLL Capital Markets has added Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke to the firm’s multifamily investment sales advisory team in Phoenix. The team will focus on multifamily investment sales, including private capital and institutional deals. They will report to Ben Geelan and Brad Miner, who serve as co-leads of the Phoenix office. Prior to joining JLL, the team was a part of CBRE’s Phoenix Multifamily Investment Properties team. Most recently, Smuckler and Seaman held positions as executive vice presidents and co-leads of the team, and …

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Sentio in Phoenix
ArizonaInvestment SalesNewsWestern

IDEAL Capital Group Purchases Sentio in Phoenix for $108 Million

by Channing Hamilton

PHOENIX — IDEAL Capital Group has acquired Sentio, a 325-unit property in Phoenix, from Hines. The asset traded hands for $108 million. Sentio was built in 2023. Units feature open-concept floor plans, smart-home technology, energy-efficient appliances and window treatments. Residents have access to interconnected amenity spaces and walking paths. Asher Gunter, Matt Pesch, Austin Greon and Sean Cunningham of CBRE represented the seller in the deal. Trevor Breaux, Troy Tegeler and Ryan Greer of CBRE Debt & Structured Finance arranged financing for the buyer.

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Meridian Heights in Sandy, Utah
Investment SalesNewsUtahWestern

Institutional Property Advisors Brokers Sale of 96-Unit Meridian Heights Near Salt Lake City

by Channing Hamilton

SANDY, UTAH — Institutional Property Advisors (IPA) has brokered the sale of Meridian Heights, a 96-unit community in the Salt Lake City suburb of Sandy. Meridian Heights was built in 1998 on five acres. The property offers one- and two-bedroom units, as well as amenities such as covered parking, a clubhouse and laundry room. Tablerock Capital sold the the asset to Orion Real Estate Partners for an undisclosed price. Danny Shin and Brock Zylstra of IPA represented the seller and procured the buyer.

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The Mill at Still River Apartments in Winsted, Connecticut
ConnecticutInvestment SalesNewsNortheast

Chozick Realty Negotiates $4 Million Sale of The Mill at Still River Apartments in Winsted, Connecticut

by Channing Hamilton

HARTFORD, CONN. — Chozick Realty Inc. has negotiated the sale of The Mill at Still River Apartments, a 39-unit community in the northwest Connecticut of Winsted. The Mill at Still River Apartments was originally constructed as a mill in 1887. The property was converted into apartments in 1986. Units feature exposed brick walls and beams. The asset traded hands for $4 million. Steve Pappas of Chozick Realty represented the buyer and seller in the transaction. Both parties were undisclosed.

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ConnecticutInvestment SalesNewsNortheast

Northeast Private Client Group Brokers Sale of Two Buildings in Hartford, Connecticut

by Channing Hamilton

HARTFORD, CONN. — Northeast Private Client Group has negotiated the sale of a portfolio of two buildings totaling 52 units in Hartford. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the deal. The portfolio includes a building at 17 Marshall Street that features 12 studios and 13 one-bedroom units, and a building at 50 Gillett Street that houses 16 one-bedrooms, eight two-bedrooms and three commercial spaces.

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Southdale Parc Apartments and Wingate Apartments near Minneapolis
Investment SalesMidwestMinnesotaNews

JLL Capital Markets Arranges Sale of Two Communities Near Minneapolis

by Channing Hamilton

RICHFIELD AND NEW HOPE, MINN. — JLL Capital Markets has arranged the sale of two communities in the Minneapolis metropolitan area, including Southdale Parc Apartments in Richfield and Wingate Apartments in New Hope. Centerspace was the seller. JLL worked on behalf of the seller and procured the buyers, both local private investors. Southdale Parc Apartments was built in 1962. The property comprises 69 one-bedroom units and offers amenities such as laundry facilities, smart package lockers, green spaces and on-site parking. Built in 1967, Wingate Apartments offers 136 apartments. Units come in …

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Investment SalesNew JerseyNewsNortheast

CBRE Brokers $7.5 Million Sale of 13,000-Square-Foot Site in Hoboken, New Jersey

by Channing Hamilton

HOBOKEN, N.J. — CBRE has negotiated the $7.5 million sale of a 13,000-square-foot development site located at 511-521 Newark St. in Hoboken. Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian of CBRE represented the seller, AIRN Management, in the deal. The site is included in a portfolio of seven Northern New Jersey parcels that have collectively been approved for the construction of 450 units. The buyer, a private developer headquartered in Hudson County, did not provide further plans for the site.

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Cobalt Apartments in Culver City, California
CaliforniaFinanceInvestment SalesNewsWestern

JLL Arranges $40 Million in Acquisition Financing for Cobalt Apartments in Culver City, California

by Channing Hamilton

CULVER CITY, CALIF. — JLL Capital Markets has arranged acquisition financing for Cobalt Apartments, a 135-unit property in Culver City. Jeff Sause, Chad Morgan and Jacob Michae of JLL represented the buyer, Helio Group, in securing a $40 million loan from a regional bank. Cobalt Apartments is located on a 0.9-acre site along Washington Blvd., across the street from Sony Pictures Studios. The property also includes 14,754 square feet of ground floor retail space.

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Creekside Park I and II in Napa, California
CaliforniaInvestment SalesNewsWestern

Marcus & Millichap Arranges $47 Million Sale of Two-Property Portfolio in Napa, California

by Channing Hamilton

NAPA, CALIF. — Marcus & Millichap has arranged the sale of Creekside Park I and II, a two-property portfolio totaling 188 units in Napa. The original developer of the portfolio sold it to an undisclosed buyer for $47 million. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller and procured the buyer. Creekside Park was constructed in two phases in 1983 and 1985. The asset comprises 15 two-story residential buildings and two single-story amenities buildings on a 10-acre site. Units come in one-, two- …

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