CHICAGO — 29th Street Living, the property management division of 29th Street Capital (29SC), has expanded into third-party property management services. The division currently manages more than 55 properties across 23 markets. According to 29SC, 29th Street Living has a resident-first approach and is focused on providing cutting-edge technology and streamlining operations. 29SC is an investment management firm based in Chicago with back-office support in Louisville, Kentucky. The firm has acquired and developed more than 158 properties throughout the nation.
SCHAUMBURG, ILL. — Bayshore Properties has secured $61.6 million for the refinancing of 21 Kristen Apartments, a 357-unit property in Schaumburg, roughly 30 miles west of Chicago. Greystone provided a $55.6 million Freddie Mac loan with a five-year term. 7Acres provided $6 million in preferred equity funds. Eric Rosenstock and Dan Sacks of Greystone structured the financing. 21 Kristen Apartments is a condo deconversion that Bayshore acquired in 2022. Bayshore has since invested more than $2.5 million in capital expenditures at the property. Of the total units, 30 percent are …
SOUTH ELGIN, ILL. — Continental Properties has begun development of Authentix South Elgin, a 336-unit property in South Elgin, about 40 miles west of Chicago. The garden-style community will offer studio, one-, two- and three-bedroom layouts. Amenities will include a pool, outdoor grill area, clubhouse, fitness center and dog park. Pre-leasing is expected to begin in spring 2025, with move-ins slated for late summer 2025. Authentix Apartments, owned and operated by Continental Properties, is a national brand of residential communities offering garden-style apartments. Continental Properties is based in Menomonee Falls, …
CHICAGO — Greystone has provided an $18.2 million Fannie Mae Delegated Underwriting & Servicing loan for the acquisition of Cornelia-Stratford, a 139-unit community in Chicago. Originally built in 1927, Cornelia-Stratford offers studio, one-, two-, three- and four-bedroom units. The mid-rise community features amenities such as bike storage, laundry facilities and tenant lounge. Clint Darby and Andrew Remenschneider of Greystone originated the financing. The non-recourse, fixed-rate loan features a 15-year term, with interest-only payments for the first five years of the term. The borrower was not disclosed.
CHICAGO — Habitat, a locally based developer and property manager, has broken ground on OC Living Phase A2, the second residential building to be built at the $200 million Ogden Commons mixed-use project in Chicago’s North Lawndale neighborhood. Phase A2 of OC Living will feature 75 units, 82 percent of which will be set aside as affordable housing. Thirty units will be available to Chicago Housing Authority residents. The remaining 13 apartments will have market-rate rents. Units will come in studio, one- and two-bedroom floor plans. The building will rise …
CHICAGO — AmTrust RE has purchased Parkline Chicago, a 26-story high-rise community located at 60 E. Randolph St. in Chicago’s East Loop neighborhood. The 210,000-square-foot building consists of 213 units, including 189 standard rental units and 24 penthouses. The property also includes 6,200 square feet of retail space. Apartments at Parkline Chicago feature wood-grained flooring, undercabinet lighting and quartz countertops. Community amenities include a two-story sky lounge, fitness and yoga studio, indoor-outdoor pool with an attached sundeck and dog run. John Jaeger, Justin Puppi and Jason Zyck of CBRE arranged …
AURORA, ILL. — SVN | Chicago Commercial has arranged the sale of a 45,000-square-foot industrial property located at 325 S Union St. in Aurora, about 41 miles west of Chicago. The 111-year old building was originally utilized to manufacture vehicle parts during World War II. The undisclosed buyer plans to use historic tax credits to convert the building into market-rate multifamily housing. James Mead of SVN | Chicago Commercial represented the seller in the transaction.
CHICAGO — Interra Realty has brokered the sale of a five-building, 97-unit portfolio located on Chicago’s northwest side. Joe Smaza and Mark Dykstra of Interra Realty arranged the deal on behalf of the buyer, Silver Property Group Ltd., a Chicago-based real estate investment and management company. Interra Realty also represented the seller, an investment group based in the East Coast. The portfolio traded for $19.3 million. The portfolio consists of the following properties:
LISLE, ILL. — Waterton has acquired Avant at the Arboretum, a 310-unit community located at 450 Warrenville Road in Lisle, 26 miles west of downtown Chicago. The acquisition brings Waterton’s portfolio to more than 7,000 units in the Chicago metropolitan area. Built in 2013, Avant at the Arboretum offers one- and two-bedroom units. The building rises four stories. Community amenities include a pool, grilling stations, fitness center, clubroom, theater room, game room with billiards and a dog park. The property also includes a parking garage with 314 parking spaces, as …
GLEN CARBON, ILL. — Mia Rose Holdings has broken ground on The Meridian, a 144-unit development in the St. Louis suburb of Glen Carbon. The Meridian will comprise 110,000 square feet across four three-story buildings and a one-story clubhouse. Planned amenities include a pool, fitness center, dog park, garages and walking paths. Completion is slated for spring 2025 Midas Construction is the general contractor. Rosemann & Associates is the architect. The project team also includes civil engineer TWM Inc. and mechanical, electrical and plumbing engineer Engenuity. 2B Residential will be …