GLENVIEW, ILL. — Daniel Management Group has taken over management services at Aloft at the Glen Town Center, a 180-unit community in Glenview. Aloft at the Glen Town Center offers amenities such as a fitness center, social room and co-working spaces. Units feature full-size washers and dryers, soaking tubs and self-controlled heating/cooling. The property is located in the heart of Glenview, a city approximately 25 miles north of Chicago.
CONCORD, N.C. — Lansing Melbourne Group and Denholtz Properties have begun pre-leasing for Novi Rise, a 167-unit community located at 30 Market Street in Concord. The property will rise seven stories. Community amenities include a lounge, fitness center, work pods, conference room, dog wash station and package lockers. Novi Rise will also feature 4,757 square feet of ground-level retail space, which will be leased to Salon Lofts. Novi Rise is scheduled to open on May 15.
OAK PARK, MICH. — Friedman Communities, the management division of Friedman Real Estate, has been selected to manage The Loop on Greenfield in Oak Park, about 14 miles north of Detroit. The property was built in 1965 and features 717 units. Apartments come in studio, one- and two-bedroom layouts. Amenities include a fitness center, playground, pool and courtyard.
BLOOMINGTON AND NORMAL, ILL. — Churchill Living has selected RMK Management Corp. to manage Elm Point Apartments in Bloomington and Oak Point Apartments in Normal. Elm Point comprises 104 units. Apartments range from 900 to 1,165 square feet in size. Monthly rents range from $1,190 to $3,800 per month. Oak Point offers 144 units ranging from 696 to 1,560 square feet in size. Monthly rents range from $1,050 to $2,150. RMK Management is headquartered in Chicago and manages approximately 8,800 apartment units across 38 properties in Chicago, Indiana, Wisconsin and Minnesota.
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Multifamily Market Challenges: Strategies for Operators to Preserve NOI Amidst Rising Costs, Supply Pressures
Multifamily operators face a number of challenging factors in today’s market. The spike in the cost of debt along with higher expenses across the board — from property insurance and taxes to construction and labor — as well as adverse effects left over from eviction moratoriums are eating away at net operating income (NOI) across the country. During the third quarter of 2023, multifamily expenses grew 7.2 percent, more than double the rate of inflation, according to Freddie Mac’s 2024 multifamily forecast. Additionally, rent control efforts in some jurisdictions are …
FLORHAM PARK, N.J. — Garden Communities has begun leasing 147 Columbia, a 126-unit complex in the Northern New Jersey borough of Florham Park. The site is located at 147 Columbia Turnpike and formerly housed an office building. The redevelopment began last year. The community now offers one- and two-bedroom floor plans that range from 861 to 1,535 square feet in size. Units feature with stainless steel appliances, custom cabinetry and individual washers and dryers.
TALLAHASSEE, FLA. — Asset Living has been awarded management of Industry Tallahassee, a community located at 440 N Monroe Street in Tallahassee. According to Apartments.com, the property comprises 248 apartments across six stories. Industry Tallahassee offers studio, one-, two- and three-bedroom floor plans. Units feature stainless-steel appliances and European-style cabinetry. Amenities include a pool, fitness area with a yoga room, grand lounge, co-working spaces and a dog park.
TAMPA, FLA. — Mast Capital has begun pre-leasing at The Harlow, a garden-style community in Tampa’s Wesley Chapel neighborhood. Located at 5101 Bruce B. Downs Blvd., The Harlow comprises 248 units on a 16-acre site. Mast Capital and Rockpoint collectively entered the Tampa market in November 2021 with the acquisition of the development site. Construction began in late 2022, and the property is slated to open in March. The Harlow offers one-, two- and three-bedroom units that range from 751 to 1,501 square feet in size. Amenities include a central …
IRVINE, CALIF. — Alliance Residential has opened Broadstone Edition, a 264-unit property in Irvine. The five-story community offers studio to three-bedroom units. Of the total unit count, 22 have been set aside for very-low-income households and 14 for moderate-income households. Details regarding income restrictions were not disclosed. Amenities include a pool, karaoke lounge, 2,000-square-foot rooftop deck with a social lounge and fire pits, 2,000-square-foot gym and studio, bicycle parking and a courtyard barbecue area. KTGY designed the community. Hendy was the interior designer. Fuscoe Engineering was the civil engineer. MJS …
WESTFIELD, N.J. — Adoni Property Group has begun pre-leasing at The Franklin Westfield, a 40-unit building in the New York City suburb of Westfield. The Franklin Westfield offers flats, duplexes and penthouse duplex apartments. Units range from 750 to over 2650 square feet in size. Amenities include a pool and hot tub, putting green, pergola with grilling stations, lounge, dining/wine tasting room, fitness center, golf/multisport simulator, theatre, business center, library, dog park and pet wash. Monthly rents range from $4,300 to $8,000.