Midwest

The-Element-Mount-Prospect
IllinoisInvestment SalesMidwestNews

Eastham Capital Buys Workforce Community in Mount Prospect, Illinois, for $75.3 Million

by Lynn Peisner

MOUNT PROSPECT, ILL. — Eastham Capital, along with co-investor Chicago-based Bender Cos., has acquired The Element, a 509-unit garden-style property in Mount Prospect, 22 miles northwest of Chicago. The Element, which traded at $75.3 million, is the first asset acquired with Eastham’s Fund VII. The company will invest $5 million to upgrade units, exterior areas and building systems. The property was 95 percent occupied at the time of the sale, with average monthly effective rents at $1,590. The Element was built in 1968 on approximately 10 acres. Eastham Capital is …

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1900-W-Lawrence-Chicago
IllinoisInvestment SalesMidwestNews

Cushman & Wakefield Brokers $28.5 Million Receivership Sale in Chicago

by Lynn Peisner

CHICAGO — Cushman & Wakefield has arranged the $28.5 million sale of 1900 W. Lawrence, a redeveloped former Sears store in Chicago’s Ravenswood neighborhood. Cushman & Wakefield’s Jack Maloney and Brad Smith represented the seller, Matthew Tarshis from Frontline Real Estate Partners, a court appointed receiver in the matter. According to CoStar, the buyer was locally based Bender Cos. The sale resolves a foreclosure lawsuit. The 59-unit community includes approximately 19,000 square feet of ground-floor retail, which was 100 percent occupied at the time of the sale. Residence were 94 …

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The-Eddi-at-Pentagon-Village-Edina
Investment SalesMidwestMinnesotaNews

Oaks Properties Buys The Eddi at Pentagon Village in Twin Cities Submarket

by Lynn Peisner

EDINA, MINN. — Joint venture owners Rise Modular and Soloman Real Estate Group have sold The Eddi at Pentagon Village in Edina, about 10 miles south of Minneapolis, to Oaks Properties for an undisclosed sum. The sellers developed the 202-unit property, breaking ground in 2022. JLL brokered the transaction. The community is situated within the 12.5-acre mixed-use Pentagon Village district. Units are offered as studio, one- and two-bedroom floor plans with an average size of 753 square feet. The Eddi is a wood-frame modular apartment building with 205 modules manufactured …

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Belay-Milwaukee
Investment SalesMidwestNewsWisconsin

Mandel Group Sells Belay Apartments in Milwaukee

by Lynn Peisner

MILWAUKEE — CBRE has arranged the sale of Belay Apartments, a 46-unit community with 17,000 square feet of commercial space leased to climbing gym Adventure Rock. Belay is located at 2200 N. Commerce St. in Milwaukee’s Beerline neighborhood. La Crosse, Wisconsin-based Three Sixty Real Estate Solutions LLC purchased the property from its original developer, an affiliate of Mandel Group, marking the buyer’s first investment in greater Milwaukee. CBRE’s Sean Beuche, Matson Holbrook, Gretchen Richards and Patrick Gallagher represented the seller in the transaction and procured the buyer. The sales amount …

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506-W.-Deming-Place-Chicago
IllinoisInvestment SalesMidwestNews

Interra Realty Brokers $17 Million Sale of Apartment Building in Chicago’s Lincoln Park Neighborhood

by Lynn Peisner

CHICAGO — Interra Realty, a Chicago-based commercial real estate investment services firm, has arranged the sale of 506 W. Deming Place in Chicago’s Lincoln Park neighborhood. The 49-unit apartment building traded for $17.4 million. Interra’s Colin O’Malley represented the confidential seller of the property as well as the buyer, Horizon Realty Group. The building was 98 percent occupied at the time of sale. The asset has not traded for more than 30 years. Built in 1915, the courtyard building features seven studio, seven one-bedroom, 31 two-bedroom and three three-bedroom units …

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Wildwood-Missouri
DevelopmentMidwestMissouriNews

Mia Rose Holdings and Its Partners Break Ground on $57.5 Million Mixed-Use Project in St. Louis Metro

by Lynn Peisner

WILDWOOD, MO. — Locally based Mia Rose Holdings, along with Ed Kohn and Greenberg Development Co., has begun construction of Wildwood Luxury Living, a 188-unit community in Wildwood, 30 miles west of St. Louis. The developers are planning to deliver 188 luxury apartments with approximately 7,000 square feet of ground-floor commercial and restaurant space. First move-ins are predicted to occur in summer 2027. The project, which includes 7,000 square feet of commercial and retail space, is designed to complement the existing Wildwood Town Center, a mixed-use district. Wildwood Luxury Living …

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Block-Three-Madison
DevelopmentMidwestNewsWisconsin

Smith Gilbane Breaks Ground on Block Three at Madison Yards

by Lynn Peisner

MADISON, WIS. — Smith Gilbane, a joint venture comprised of developers Gilbane Development Co. and Summit Smith Development, are underway on construction of Block Three, the most recent phase of Smith Gilbane’s Madison Yards project in Madison’s Near West Side neighborhood. The Madison Yards master-planned community is a 21-acre site at the southwest corner of University Avenue and Segoe Road, the former location of the Wisconsin Department of Transportation’s headquarters. The total project includes approximately 500 units, a hotel, Class-A office spaces, 400,000 square feet of medical office space, a …

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Second-&-Second-Minneapolis
Investment SalesMidwestMinnesotaNews

Roundhouse Buys Second + Second in Minneapolis

by Lynn Peisner

MINNEAPOLIS — Boise, Idaho-based Roundhouse has acquired Second + Second, a 158-unit property in the North Loop neighborhood of Minneapolis, from Vail, Colorado-based Solaris Group. The Minneapolis/St. Paul Business Journal reports the sales price was approximately $47 million. CBRE’s Ted Abramson, Abe Appert and Keith Collins represented Solaris in the transaction. Second + Second is located at 120 N. Second St. It was developed in 2020 and features studio, one- and two-bedroom floor plans that average 863 square feet. Community and unit amenities include underground parking, a sky lounge, a …

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Avanza-Noblesville
Build-to-RentDevelopmentIndianaMidwestNews

Trinitas-Led JV Breaks Ground on Avanza at Hyde Park in Noblesville, Indiana

by Lynn Peisner

NOBLESVILLE, IND. — PCCP, Trinitas Ventures and Peninsula Investments have broken ground on Avanza at Hyde Park, a 237-unit build-to-rent (BTR) project in the Indianapolis suburb of Noblesville. Completion is slated for fall 2027. This is the first project bearing Trinitas’ new Avanza brand. The community will consist of one-, two- and three-bedroom villas and two- or three-bedroom townhomes situated on 25.5 acres. Homes will feature fenced backyards, double vanities in primary bathrooms, in-unit washers and dryers, stainless steel appliances and quartz countertops. Amenities include private conference rooms and a …

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Denver-Dry-Goods
Affordable HousingDevelopmentFeaturesFinanceMidwestNortheastSoutheastTexasWestern

Creative Capital Strategies Drive Today’s Affordable Housing Deals

by Lynn Peisner

Skillful players are leveraging a bevy of public and private funding sources to get projects across the finish line. By Jack Rogers As costs of affordable housing projects continue to rise, developers are meeting the challenge by pulling together a resilient capital stack with a growing range of sources for gap financing, bridge loans and grants. They’re also diversifying the range of projects they undertake and mitigating their costs by redeveloping underutilized publicly owned property, acquiring leases for sites that are being rezoned to housing from other uses and with …

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