Illinois

Wrigleyville Lofts in Chicago
DevelopmentFinanceIllinoisInvestment SalesLeasing & MarketingMarket ReportsMidwest

Chicago’s Apartment Managers Adjust to New Realities

by Channing Hamilton

With the official end of the health emergency in May, it would be natural to assume that multifamily assets are operating in a much-improved environment versus three years ago, when policy responses to the pandemic locked down the economy, curtailed new applications, restricted tours and halted evictions.  That’s especially true because once shutdowns loosened, robust renter demand for apartments drove double-digit rent increases in late 2021 and early 2022.  But it could be argued that multifamily property managers face as tough an operating environment today as they did in 2020 …

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Enclave Crystal Lake in Crystal Lake, Illinois
IllinoisLeasing & MarketingMidwestNews

RMK Management Corp. Named Property Manager for Enclave Crystal Lake in Chicago Suburb

by Channing Hamilton

CRYSTAL LAKE, ILL. — RMK Management Corp. will take over property management services for Enclave Crystal Lake, a new community currently under construction in the Chicago suburb of Crystal Lake. Harlem Irving Cos. is the developer for the project. Once completed, Enclave Crystal Lake will offer 51 rental townhomes and 48 apartment units. Construction is complete and leasing has begun for phase one of the community’s townhomes. Move-ins are expected to begin in early November. Townhomes come in two- and three-bedroom layouts, with open-concept kitchens and family rooms and attached two-car …

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FinanceIllinoisMidwestNews

PACE Equity Provides $10.9 Million in C-PACE Financing for Conversion Project in Rockford, Illinois

by Channing Hamilton

ROCKFORD, ILL. — PACE Equity has provided $10.9 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a 215-unit industrial-to-multifamily conversion project in Rockford. The complex consists of two buildings that previously served as industrial space. The C-PACE financing will help fund energy-efficient improvements to the property’s HVAC system, LED lighting, windows, walls, roof and water conservation. The Illinois Energy Conservation Authority, an Illinois tax-exempt 501(c)(3) nonprofit organization, worked to close the financing with PACE Equity.

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Woodlands of Crest Hill in Crest Hill, Illinois
IllinoisInvestment SalesMidwestNews

JLL Capital Markets Brokers $95 Million Sale of Woodlands of Crest Hill in Chicago Suburb

by Channing Hamilton

CREST HILL, ILL. — JLL Capital Markets has negotiated the $95 million sale of Woodlands of Crest Hill, a 730-unit community in the southwest Chicago suburb of Crest Hill. Kevin Girard, Mark Stern and Zach Kaufman led the JLL Investment Sales Advisory team that represented the sellers, a fund managed by DRA Advisors and Marquette Cos. The buyer was not disclosed. Woodlands of Crest Hill was built in 1972 and has undergone various renovations since 2018. The property offers studio, one- and two-bedroom units, with an average size of 649 square feet. Amenities …

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Blutowne in East Peoria, Illinois
DevelopmentIllinoisMidwestNews

Flaherty & Collins Breaks Ground on $65 Million Blutowne in East Peoria, Illinois

by Channing Hamilton

EAST PEORIA, ILL. — Flaherty & Collins Properties has broken ground on Blutowne, a $65 million community in the Levee District of East Peoria. Merchants Bank of Indiana provided financing for the project, which will be centrally located near the municipal building and public library. The community will comprise 219 units across two buildings, as well as 10,000 square feet of commercial space and 276 parking spaces. Units will come in studio, one- and two-bedroom floor plans. Amenities will include a fitness facility, meeting space, saltwater pool and rooftop lounge. …

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An unnamed development in Arlington Heights, Illinois
DevelopmentIllinoisMidwestNews

Bradford Allen Proposes 300-Unit Development in Arlington Heights, Illinois

by Channing Hamilton

ARLINGTON HEIGHTS, ILL. — The development arm of Bradford Allen has submitted plans for a 300-unit community in the Chicago suburb of Arlington Heights. Approximately 30 of the units will be designated as affordable housing, but income restrictions for these units were not disclosed. The property will rise eight stories. Plans call for 25,000 square feet of ground-floor retail space and 17,500 square feet of amenity spaces, including an outdoor pool, sun deck, fitness area, media rooms, business center, library, work-from-home conference rooms, golf simulator, dog walk and pickleball court. …

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Sage West Loop in Chicago
DevelopmentIllinoisLeasing & MarketingMidwestNews

Tandem Partners Opens 18-Story Sage West Loop in Chicago’s West Loop Neighborhood

by Channing Hamilton

CHICAGO — Tandem Partners has opened Sage West Loop, an 18-story mixed-use development in Chicago’s West Loop neighborhood. The high-rise building comprises 196 studio, one- and two-bedroom units, as well as 1,806 square feet of retail space and 70 parking spaces. Amenities include co-working spaces, a fitness center, game room and outdoor sky terrace with grilling stations and firepits. Tandem Construction was the general contractor on the project. KTGY served as the design architect, and Antunovich Associates was the architect of record.

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IllinoisInvestment SalesMidwestNews

CP Capital Sells 236-Unit The Monarch in Des Plaines, Illinois

by Channing Hamilton

DES PLAINES, ILL. — CP Capital US has sold The Monarch, a 236-unit complex in the Chicago suburb of Des Plaines. The buyer and purchase price were not disclosed. CP Capital completed The Monarch in 2020. The community was fully leased at the time of sale. Amenities include a fitness center, pool, yoga studio, parking garage, game room, pet spa, dog park and clubhouse. The property is adjacent to Forest Preserves of Cook County, which offers numerous outdoor recreational activities and a network of hiking and biking trails.

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Alley Landing in Des Moines, Iowa.
Affordable HousingDevelopmentFinanceIllinoisIowaMichiganMidwestNewsNorth CarolinaSoutheastVirginia

Woda Cooper Cos. Secures $67 Million for Five Affordable Housing Communities Across U.S.

by Channing Hamilton

COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. has secured $67 million in low-income housing tax credits (LIHTC) to support the financing for five affordable housing communities in the Southeast and Midwest U.S. The North Carolina Housing Finance Agency allocated $1.2 million to Pender Crossing, a 48-unit development to be built in Wilson, North Carolina. Pender Crossing will offer one-, two- and three-bedroom units across three buildings. TightLines Designs, headquartered in Raleigh, North Carolina, is the architect for the development. Woda Cooper is partnering with the Keweenaw Bay Indian Community to …

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JLL Property Management Hires Lewis Taulbee as Managing Director of Asset Resolutions

by Channing Hamilton

CHICAGO — JLL Property Management has hired Lewis Taulbee as a managing director of asset resolutions. In this role, Taulbee will lead JLL’s Chicago-based receivership team in providing special servicers, lenders, bond holders, investors and others with a channel of interdisciplinary asset resolutions. He previously served as JLL’s director of business development for two years. Prior to joining JLL, he held positions with Starwood Capital, CompassRock Real Estate and Simon Property Group. He is a currently standing member of Innovative Commerce Serving Communities, Commercial Real Estate Finance Council and Building …

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