Illinois

Fulbrix Apartments

CHICAGO — Greystone has provided a $120 million Fannie Mae loan for the acquisition of Fulbrix Apartments, a 375-unit apartment tower located at 160 N. Elizabeth St. in Chicago’s Fulton Market. The 27-story property features 375 units. Eric Rosenstock and Jesse Yodice of Greystone originated the financing on behalf of the borrower, Normandy Real Estate. The loan features a 10-year term with seven years of interest-only payments. The $170 million purchase marked Chicago’s largest multifamily sales transaction since 2023, according to Greystone.

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CHICAGO — The Apartment Source (TAS), a real estate firm specializing in multifamily leasing, has merged its property management division with Westward360, a property manager for rental asset owners and community associations. The merger brings together two companies in the Chicago real estate market. According to a release, Westward360’s reputation in property management will help TAS expand into new Chicago and suburban markets, while Westward360 will broaden its portfolio.

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Latitude 38 Apartments

GLEN CARBON, ILL. — Mia Rose Holdings is nearing completion of Latitude 38 Apartments, a 144-unit development located in Glen Carbon, about 14 miles northeast of St. Louis. MBG is building the project, which is slated to open in May. Kunkel Wittenauer is handling leasing efforts. Amenities at Latitude 38 Apartments will include a pool, clubhouse, fitness center, dog park, walking trails, grills and electric vehicle charging stations. The property is part of the larger Meridian Plaza, a 44-acre mixed-use development. 

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The Arbors

ROCKFORD, ILL. — Becovic Holdings Corp. has acquired The Arbors, a 254-unit community in Rockford, about 90 miles west of Chicago. The Arbors was built between 1966 and 1981. Amenities include a fitness room, business center, small community room and package room. The garden-style asset was 98 percent leased at the time of sale. Ralph DePasquale of Berkadia represented the seller in the deal. Both the buyer and seller are based in Illinois.

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CHICAGO — Newmark has arranged a $110 million loan for the refinancing of Cityfront Place, a 39-story apartment tower situated in the Streeterville neighborhood of downtown Chicago. The borrowers, Strategic Properties of North America and Mirae Asset Securities, acquired the 480-unit property in 2020. Cityfront Place features a mix of studio, one- and two-bedroom apartments. Residents have access to amenities such as a fitness center, indoor pool, rooftop terrace, resident lounge and indoor parking, as well as direct access to the Riverwalk. Strategic Properties of North America and Mirae Asset …

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Wendy Deetjen

CHICAGO — Habitat, a developer and property manager based in Chicago, has promoted Wendy Deetjen to vice president of the firm’s national market-rate portfolio. In this role, she will oversee Habitat’s portfolio of communities across the Chicago, Detroit and Minneapolis metropolitan areas. The portfolio totals roughly 4,500 market-rate units. Deetjen joined Habitat as a regional manager in 2017. Most recently, she served as senior regional manager. Prior to joining Habitat, Deetjen was area vice president with The Laramar Group and a regional manager with Lincoln Property Co. She received a …

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1244, 1301 and 1325 W Devon

CHICAGO — Kiser Group has arranged the sales of three communities located in Chicago’s Edgewater neighborhood for a total of $10.4 million. The assets, which were all constructed in 2016, consist of 25 two- and three-bedroom units with ground-floor commercial space. Andy Friedman and Jake Parker of Kiser brokered the sales. The buildings were originally listed as a portfolio sale, but Kiser decided to split the buildings for individual sale, citing the rise in interest rates at the time of launch. All three buildings sold to new entrants in the …

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The Bellwood Gateway Development

BELLWOOD, ILL. — F.H. Paschen has topped off Phase I of the Bellwood Gateway Development, a $43 million workforce housing project in Bellwood, about 15 miles west of Chicago. The four-story, 71-unit community at 2711 and 2712 St. Charles Road is slated to open in Spring 2026. The property will also include 6,000 square feet of ground-floor commercial space. F.H. Paschen broke ground on the project in July 2024. Chicago-based DesignBridge was the architect. Financing sources for the project include TIF financing, workforce housing bonds and a State of Illinois grant …

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5641 W. 103rd St. in Oak Lawn

DOLTON AND OAK LAWN, ILL. — Interra Realty has arranged two sales in suburban Chicago totaling 53 units. A three-building, 41-unit portfolio in Dolton traded hands for $3.2 million. The portfolio was nearly fully leased at the time of the deal. Half of the units have recently undergone full or partial renovations, including new laminate flooring and updated kitchens. Additionally, a 12-unit building located at 5641 W. 103rd St. in Oak Lawn transacted for $1.8 million. The Oak Lawn asset was fully leased at the time of sale. Michael Duckler of …

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1901 Project in Chicago

The Chicago multifamily market has had a tough time competing for the spotlight amid a rush to the Sun Belt, but it has a lot going for it. Chicago is a steadily growing market with durable demand that is rarely outpaced by new supply. As a result, its occupancy and rent growth exceed national averages.  In most other parts of the country, deliveries have been dominated by luxury units. Not so in Chicago. The metro area is a well-balanced market where there are attractive rental options for all segments of …

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