Midwest

CHICAGO — Concord Summit Capital LLC has arranged $10 million in mezzanine financing for the construction of a community in Chicago. Once completed, the property will offer amenities such as a fitness center, lounge, game room, private event space, outdoor pool and ground-floor co-working spaces. Daniel Eidson, David Larson and Keegan Burger of Concord Summit arranged the financing, which included a senior loan with a C-PACE component. The lender and borrower were not disclosed.

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Shalimar Estates in Burnsville, Minnesota

BURNSVILLE, MINN. — JLL Capital Markets has negotiated the sale of Shalimar Estates, a townhome community comprising 48 units in Burnsville, 15 miles south of Minneapolis. JLL represented the seller, Gaughan Cos., in the deal. The buyer was not disclosed. Josh Talberg and Bill Mork led the JLL Capital Markets Investment Sales Advisory team. Shalimar Estates is part of Gaughan’s 800-unit Minnesota Legacy Apartment Portfolio, which JLL has been marketing for sale. The community is situated on 5.6 acres at 13340 Parkwood Dr. Townhomes come in three-bedroom layouts and feature washers …

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HōM Flats at 24 East in Holland, Michigan

HOLLAND, MICH. — Magnus Capital Partners has begun development on HōM Flats at 24 East, a $60 million workforce housing project in Holland, 28.7 miles west of Grand Rapids, Michigan. Once completed, the complex will comprise 202 apartments across eight acres. HōM Flats at 24 East will offer one-, two- and three-bedroom units with full-size washers and dryers and secured key fob access. The property will also feature 13,000 square feet of retail space, including an on-site childcare center and suites for locally owned businesses.  Planned amenities include pickleball courts, a …

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RAYMORE, MO. — Thompson Thrift has opened The Depot, a 300-unit property in the Kansas City suburb of Raymore. The Depot is located at 101 S. Dean Ave., adjacent to the Raymore Galleria, a 400,000-square-foot shopping center. Apartments come in one-, two- and three-bedroom floor plans. Amenities include a fitness center, pool, dog park and speakeasy-inspired clubhouse. Rents begin at $1,295 per month. The nine-story building is currently nearly 30 percent leased.

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WYOMING, MICH. — Thompson Thrift has opened The BLVD at Wilson Crossings, a 344-unit asset in the Grand Rapids suburb of Wyoming. The property offers townhome-style units that come in one- to four-bedroom floor plans. Select units feature attached garages and private yards. Amenities include a clubhouse, fitness center, pickleball courts, game lawn with fire pit, pool and dog park. The first residents began moving in during the winter of 2023. The community is 45 percent leased. Thompson Thrift expects construction to conclude this fall.

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MADISON AND MILWAUKEE, WIS. — A court-appointed receiver has retained Affordable Housing Investment Brokerage (AHIB) to secure new ownership for portions of Heartland Housing’s Wisconsin portfolio. Heartland Housing was an affordable housing developer and a subsidiary of Heartland Alliance. The non-profit developer went out of business in 2023. The portfolio comprises 166 affordable housing units across five properties in Madison and Milwaukee. Cinnaire Solutions acquired the two properties in Madison, Rethke Terrace and Tree Lane Apartments. Rethke Terrace was built in 2016 and comprises 60 units. Tree Lane Apartments is …

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Bishops Woods in Brookfield, Wisconsin

BROOKFIELD, WIS. — McShane Construction Co. will serve as the general contractor for Bishops Woods, a 203-unit affordable housing community in the western Milwaukee suburb of Brookfield. The development is situated on nearly four acres at 350 Bishops Way. Plans call for a four-story, podium-style building atop a two-story, underground parking garage. Knothe & Bruce Architects is the project architect. Bishops Woods will offer one-, two- and three-bedroom floor plans. Amenities will include a clubroom, fitness center, outdoor grill area and playground. The community will be available to households earning …

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Orchard Village in Aurora, Illinois

AURORA, ILL. — MLG Capital has acquired Orchard Village, a 272-unit community situated in the western Chicago suburb of Aurora. MLG acquired an interest in the property using 1031 exchange proceeds from its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. The sale price was not disclosed. Orchard Village was built in 2000 and is located at 1240 W. Indian Trail. The community offers amenities such as a pool, dog park, clubhouse and fitness center.

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Luma Heights Apartments in Sioux City, Iowa

SIOUX CITY, IOWA — Marcus & Millichap has arranged the sale of Luma Heights Apartments, a 91-unit complex in Sioux City, for $3.2 million. The property is situated at 217 19th Street. Colton Luchsinger of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies. The buyer plans to renovate the units and will rebrand the property as Hill Top Flats.

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Annika Place in Traverse City, Michigan

TRAVERSE CITY, MICH. — Woda Cooper Cos. has opened Annika Place, a $14.7 million affordable housing project located at 947 S. Garfield in Traverse City. Annika Place offers 53 units, including 29 one-bedroom and 24 two-bedroom residences. The property is available to households earning between 30 and 80 percent of the area median income. Monthly rates range from $377 to $1,125 depending on the income restriction and size of the unit. The Traverse City Housing Commission will provide rental assistance for eight units, which will be occupied by formerly homeless …

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