Midwest

Grove-at-Main-Bloomington
IllinoisInvestment SalesMidwestNews

Cinnaire Solutions Buys Grove at Main in Bloomington, Illinois

by Lynn Peisner

BLOOMINGTON, ILL. — Cinnaire Solutions has acquired Grove at Main, a 165-unit property in Bloomington. Northmarq represented the seller, Pensam. The asset was developed in multiple phases between 1979 and 2003. Grove at Main offers a mix of one‑ and two‑bedroom floor plans. Since 2021, Pensam has invested approximately $5.1 million in upgrades to the 16-building property. Enhancements include interior renovations to 158 units, updated roofs and windows, new landscaping, exterior stair replacements and mechanical improvements.

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William's-Glen-Zionsville
IndianaInvestment SalesMidwestNews

Buckingham Cos Sells Reserve at Williams Glen in Metro Indianapolis

by Lynn Peisner

ZIONSVILLE, IND. — Birge & Held has acquired Reserve at William’s Glen in the northwest Indianapolis suburb of Zionsville from Buckingham Cos. for an undisclosed sum. CBRE’s Hannah Ott, George Tikijian, Cam Benz and Claire Hassfurther represented the seller in the transaction. Both buyer and seller are headquartered in Indianapolis. The 268-unit community was developed in 2001. The property features such amenities as a resort‑style pool, 24‑hour fitness center, a clubhouse, business center, dog park, a yoga and meditation room and wooded walking trails.

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Canterbury-Green-Fort-Wayne
IndianaInvestment SalesMidwestNews

Morgan Properties Buys 2,000-Unit Canterbury Green in Fort Wayne

by Lynn Peisner

FORT WAYNE, IND. — Pennsylvania-based Morgan Properties has acquired Canterbury Green, a 1,998-unit community situated across 195 acres in Fort Wayne. The seller was a joint-venture between New York City-based Osso Capital and Philadelphia-based GoldOller Real Estate Investments. CBRE’s Hannah Ott, George Tikijian, Cam Benz, Claire Hassfurther, Ryan Stockamp, Taylor Ford and Sean Pingel represented the seller. GoldOller and Prospect Capital Corp. bought the property from AIMCO Holdings QRS in 2014 for $85.5 million. The asset, among the larger single-site multifamily communities in the nation, was developed between 1969 and …

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Wayne-Wozniak
Company NewsIllinoisMidwestPeople News

Cullinan Properties Names New CFO

by Lynn Peisner

BURR RIDGE, ILL. — Cullinan Properties, a commercial and mixed-use developer, has promoted Wayne Wozniak to chief financial officer. Wozniak, whose former title was senior vice president of accounting, will oversee financial operations, including accounting, tax strategy, financial reporting, forecasting and capital planning while working closely with executive leadership to advance Cullinan’s strategic initiatives. Wozniak joined the company in June 2024.

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Renaissance-Center-Detroit
Affordable HousingDevelopmentFeaturesInvestment SalesMichiganMidwest

Metro Detroit: A Multifamily Comeback Story

by Lynn Peisner

Investments in major new construction and redevelopment projects from the central business district out to the suburbs signal investor opportunity. By Jason Stevens, Lument It has been 12 years since Detroit, having lost more than a quarter of its population between 2000 and 2013 and seen its tax revenues plummet, became the largest U.S. city to declare bankruptcy. The city endured decades of hardship, and many neighborhoods struggled with vacancy until recent revitalization efforts began to take hold. Today, Detroit’s turnaround is well underway. Government finances are on a firm …

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Willow-Glen-Illinois
FinanceIllinoisMidwestNews

The Lynd Group Secures $66 Million Refinancing for Willow Glen in Chicago Suburbs

by Lynn Peisner

WILLOW GLEN, ILL. — The Lynd Group has secured a $66 million refinancing for Willow Glen, a 224-unit community in the Chicago suburb of Willow Glen. The refinancing repays the project’s construction loan and replaces it with a new financing package consisting of a $58 million Barclays-originated CMBS senior loan and an $8 million mezzanine loan provided by Ghisallo Capital. Lynd Development, in partnership with West Point Builders, built the project, which opened in 2023.  Willow Glen consists of 188 apartment units and 36 three-story townhomes. Amenities include a clubhouse …

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Residences-at-Prairiefire-Overland-Park
FinanceInvestment SalesKansasMidwestMissouriNews

Northmarq Arranges $65.7 Million Loan for Acquisition of Residences at Prairiefire in Overland Park, Kansas

by Lynn Peisner

OVERLAND PARK, KAN. — Northmarq has arranged a $65.7 million Freddie Mac acquisition loan for sponsor Price Brothers. The locally based owner/operator has acquired Residences at Prairiefire, a 426-unit community that was built in 2014. Neither a total purchase price nor a seller’s name was disclosed. Units are offered as one-, two- and three-bedroom floor plans. Amenities include a cyber café, business center, a pool and poolside lounge with a TV, outdoor kitchen space, a car-care center and package management services. The community is located in the Prairiefire mixed-used district …

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Element-Collective-Madison
Affordable HousingDevelopmentFinanceIndianaMichiganMidwestNewsWisconsin

Cinnaire Closes on $134 Million LIHTC Fund Backing 12 Affordable Housing Developments

by Lynn Peisner

LANSING, MICH. — Cinnaire, a Lansing-based affordable housing investment nonprofit, has closed a $134 million Low-Income Housing Tax Credit (LIHTC) fund that will finance 12 affordable housing developments in five states. Examples of the new construction and redevelopment projects that Fund 44 will support include: Chamberlain House. A new-construction, 40-unit development in Rochester, Indiana. The developer is Housing Directions and Village Management Co. East Bay Flats. An acquisition-rehabilitation project in Traverse City, Michigan, this 64-unit community will support individuals who are at risk of homelessness. On-site supportive services, including substance-use …

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Columbus-Park-Omaha
Affordable HousingDevelopmentMidwestNebraskaNews

Annex Group Breaks Ground on $60 Million Affordable Housing Community in Omaha

by Lynn Peisner

OMAHA, NEB. — The Annex Group has broken ground on Central at Columbus Park, a 156-unit affordable housing community at 1031 S. 21st St. in Omaha. The one-, two-, three- and four-bedroom units will be reserved for households earning a wide range of incomes, starting with families earning no more than 30 percent of area median income. Project partners include BVH Architecture, Lange Structural Group, Engineering Technologies Inc., REGA Engineering, Terracon, RMD Group, Wells Fargo, NP Dodge, Nebraska Investment Finance Authority, Front Porch Investments and the City of Omaha. The …

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The-Element-Mount-Prospect
IllinoisInvestment SalesMidwestNews

Eastham Capital Buys The Element 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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