CHICAGO — Essex Realty Group Inc. has arranged the sales of two buildings totaling 35 units in Chicago. Joe Kahlhammer, Robert Berman, Mike Anguiano, Daniel Shabsin, Jeremy DeMarco and Russell Tillery of Essex represented the seller in each deal. The first building offers 16 units and is located on South Indiana Avenue in Chicago’s Chatham neighborhood. The second asset comprises 19 units and is situated on South Drexel Avenue in the Greater Grand Crossing neighborhood.
CHICAGO — Core Spaces plans to expand its build-to-rent brand, Oxenfree. The Chicago-based developer currently has a pipeline of approximately 4,000 units under development in markets such as Dallas-Fort Worth, Denver, Nashville, Austin, Charlotte and Florida’s Gulf Coast. The company plans to begin leasing at its first two communities — Oxenfree at WeHo in Nashville, Tennessee, and Oxenfree at Princeton in Princeton, Texas — in March, with the first units slated to deliver by April. Oxenfree at WeHo is located in Nashville’s Wedgewood-Houston neighborhood. The asset offers 96 townhome units …
OSWEGO, ILL. — Marcus & Millichap has negotiated the sale of Light Road Apartments, a 168-unit community in the Chicago suburb of Oswego. Ryan Engle and Andrean Angelov of Marcus & Millichap’s Chicago Oak Brook office represented the seller in the deal. Engle and Angelov, in conjunction with Zack Mahoney, also procured the buyer. Both the buyer and the seller were private investors. Light Road Apartments was built in 1972 on 10 acres. The property offers 98 one-bedroom units and 70 two-bedroom units. Amenities include a clubhouse, pool, off-street parking and …
CHICAGO — Berkadia Institutional Solutions has brokered the sale of Mondial River West, a 141-unit property in Chicago’s River West neighborhood. Pete Evans of Berkadia Chicago and Richard Evans of Berkadia Milwaukee represented the seller, an institutional investor, in the deal. The buyer was a Chicago-based company. Mondial River West was built in 2009 and rises 15 stories. The building is located at 910 West Huron Street and is in proximity to downtown Chicago’s core employment hubs, including Fulton Market, West Loop, Loop, River North and Goose Island.
NAPERVILLE TOWNSHIP, ILL. — Standard Real Estate Investments and The Vistria Group have purchased Haven on Long Grove, a 416-unit naturally occurring affordable housing community in the Chicago suburb of Naperville Township. The buyers acquired the property from Pensam Capital for $94 million. The acquisition includes the assumption of an existing, fixed-rate Fannie Mae mortgage serviced by M&T Bank. John Jaeger of CBRE brokered the off-market transaction. Situated on 34 acres, Haven on Long Grove comprises 248 apartment-units and 168 townhomes. Apartment units come in one- and two-bedroom floor plans. Units …
CHICAGO — Breneman Capital has acquired Adams Laflin Place, a 52-unit property located at 128 S. Laflin Street in Chicago’s West Loop neighborhood. Steve Horvath and Marc Bombicinio of CREW Advising brokered the sale. Brett Hill of Greystone originated acquisition financing. Adams Laflin Place was built in 2020. The property offers seven one-bedroom units and 45 two-bedroom units. Dwelle Properties will manage the community.
CHICAGO — Tishman Speyer has acquired Union West, a 15-story high-rise building in Chicago’s West Loop neighborhood. John Jaeger of CBRE represented the seller, a joint venture led by ZOM Living. According to Crain’s Chicago Business, the asset traded hands for roughly $128 million. Union West was built in 2019 at 939 W. Washington Blvd. The property features 357 units in studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, lounge, entertainment space, a pool, private work and meeting rooms, yoga room, pet spa, dog run and onsite boutique …
CHICAGO — JLL Capital Markets has arranged the sale of 3Eleven, a 245-unit high-rise community in the River North neighborhood of Chicago. Vista Property acquired the property from The John Buck Co. for $76 million. In addition to the sale, JLL worked on behalf of the borrower to secure $47.8 million in acquisition financing through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. Built in 2018, 3Eleven offers studio, one-, two- and three-bedroom apartments. Units feature quartz countertops, plank flooring, …
CHICAGO — An analysis from Origin Investments (Origin) predicts a tumultuous 2024, with concerns of a recession and elevated interest rates likely to continue. Despite this, the Chicago-based real estate fund manager expects next year to bring unique opportunities for multifamily investors to secure protected positions in the capital structure and enhance investment returns. “The volume of variable-rate bank loans — made when the Secured Overnight Financing Rate was 0 percent and the 10-year Treasury note yield was below two percent — coming due in 2024 will create a generational …
ROSELLE, ILL. — A partnership consisting of DMG Capital, JDI Realty and The Wolcott Group has acquired Roselle Luxury Apartments in the western Chicago suburb of Roselle. DMG Capital is the multifamily investment affiliate of Chicago-based Daniel Management Group (DMG). DMG has managed Roselle Luxury Apartments since September 2022. Post-acquisition, the company will continue to manage the property and will lease it through DMG Leasing. Roselle Luxury Apartments offers 72 units, all of which include two bedrooms and two full bathrooms.