Illinois

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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Park5 Luxury Rental Townhomes

DEERFIELD, ILL. — Schaumburg, Illinois-based investment firm VennPoint Real Estate has received $45.7 million in construction financing and $9.9 million in mezzanine financing for Park5 Luxury Rental Townhomes in Deerfield, 30 miles north of downtown Chicago. Located at 5 Parkway N, the build-to-rent (BTR) community consists of 144 units. Park5 Luxury Rental Townhomes offers two- and three-bedroom residences averaging 1,953 square feet. Each townhome will feature two-car attached garages, multi-level floor plans, yards and outdoor space. A construction timeline was not disclosed. Matthew Schoenfeldt and Mary Dooley of JLL Capital …

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CHICAGO — Kiser Group has arranged the $8 million sale of a portfolio of two apartment buildings located near the University of Chicago. The portfolio consists of 5111 S. University Ave. (41 units) and 5135 S. Blackstone Ave. (36 units). The properties feature a mix of studio and one-bedroom units. The portfolio was 98 percent leased at the time of sale. Lee Kiser, Kyle Sissell and Will Cornish of Kiser represented the seller, TLC Management, while Katie LeGrand and Jacob Price of Kiser represented the buyer, Harbor Property Management LLC.

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CHICAGO RIDGE, ILL. — Eastham Capital has sold Ridgeland Station, an 84-unit community in Chicago Ridge, about 20 miles southwest of downtown Chicago, to an undisclosed seller for $10 million. Eastham acquired the asset for the Eastham Capital Fund V LP in partnership with Bender Cos. in 2019. The acquisition of Ridgeland Station marked the first collaboration between Eastham and Bender. The average rent at the property increased 9.7 percent year over year under Bender’s management. The community consists of a mix of one- and two-bedroom units. Ridgeland Station was …

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CHICAGO — Lument has added Todd Stofflet to the firm’s real estate investment sales team as a managing director. Based in Chicago, Stofflet will focus on multifamily deals in Illinois, Indiana, Michigan and Wisconsin. He joins Lument from Walker & Dunlop, where he led the firm’s Midwest Investment Sales team. Prior to this, Stofflet served as a managing director at Cushman & Wakefield, which he joined when the company acquired KIG CRE in 2018.

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Haven Hoffman in Hoffman Estates, Illinois

HOFFMAN ESTATES, ILL. — Bender Cos. has purchased Haven Hoffman, a 550-unit garden-style community in Hoffman Estates, about 33 miles northwest of downtown Chicago. Tricap Residential Group and Wolcott Group sold the asset for $77.3 million. Located at 725 W Bode Cir., Haven Hoffman offers a mix of studio, one- and two-bedroom floor plans. The average unit size is 746 square feet. Amenities include a pool, fitness center, clubhouse, work-from-home suites and picnic areas with grilling stations. The property was built in 1970. The previous ownership invested approximately $3.3 million into …

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Cobbler Square in Chicago

CHICAGO — JDL Development LLC and Centaur Capital Partners have purchased Cobbler Square, a historic, 292-unit property in Chicago’s Old Town neighborhood, for $88.2 million. Mark Stern, Kevin Girard, Zach Kaufman and Sam Grohe of JLL Capital Markets represented the undisclosed seller in the deal. Originally built at 1350 N. Wells St. in 1889 as the Dr. Scholl’s shoe factory, Cobbler Square was converted into residential use in 1985. The community offers a mix of studios, one- and two-bedroom, loft-style units. The property also includes 19,038 square feet of retail …

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