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Illinois

400 Lake Shore in Chicago
DevelopmentFinanceIllinoisInvestment SalesMarket ReportsMidwest

Chicago Rent Growth Outpaces Nation

by Channing Hamilton

Chicago can’t match the number of construction cranes crowding the skylines in high-growth markets such as Nashville, Austin or Atlanta. But now there’s at least one high-profile symbol of growth in downtown Chicago as construction gets under way at 400 Lake Shore, a massive two-tower apartment development.  Developer Related Midwest recently secured more than $500 million in construction financing for the project located on the last vacant waterfront site where the Chicago River meets Lake Michigan. The first phase, already under construction, includes a 72-story building with 635 new apartments, …

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BerkadiaIllinoisInvestment SalesMidwestNews

Berkadia Brokers $38 Million Sale of 662-Unit Town & Country in Urbana, Illinois

by Channing Hamilton

URBANA, ILL. — Berkadia has brokered the sale of Town & Country, a 662-unit property in Urbana. MF Capital purchased the asset from Monarch Investment and Management Group for $38 million. Town & Country was built in phases between 1970 and 2007 and is located at 1032 E. Kerr Avenue. The garden-style community was 98 percent occupied at the time of sale. The transaction also included an adjacent 52-unit self-storage facility.

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Island Terrace in Chicago
Affordable HousingDevelopmentFinanceIllinoisMidwestNews

Merchants Capital Provides $103 Million to Rehabilitate Affordable Housing Community in Chicago

by Channing Hamilton

CHICAGO — Merchants Capital has provided $103 million for the rehabilitation of Island Terrace, an affordable housing community situated across from the Obama Presidential Center in Chicago’s Woodlawn neighborhood. The financing consists of $54 million of debt and $49 million in Low-Income Housing Tax Credit(LIHTC) equity financing. Preservation of Affordable Housing Inc. (POAH), the owner and developer, was the borrower. Island Terrace comprises 240 units across 21 stories. Prior to the recapitalization, only 88 units carried affordable restrictions. The new financing structure enabled POAH to expand the affordability restrictions to …

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IllinoisInvestment SalesMidwestNews

Essex Realty Group Negotiates Sales of Two Properties in Chicago

by Channing Hamilton

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.

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Oxenfree at Princeton in Princeton, Texas
Build-to-RentColoradoDevelopmentIllinoisMidwestNewsNorth CarolinaSoutheastTennesseeTexasWestern

Core Spaces Expands Build-to-Rent Brand, Plans 4,000-Unit Pipeline

by Channing Hamilton

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 …

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Light Road Apartments in Oswego, Illinois
IllinoisInvestment SalesMidwestNews

Marcus & Millichap Arranges Sale of Light Road Apartments in Chicago Suburb

by Channing Hamilton

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 …

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BerkadiaIllinoisInvestment SalesMidwestNews

Berkadia Brokers Sale of 141-Unit Mondial River West in Chicago

by Channing Hamilton

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.

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Haven on Long Grove in Naperville Township, Illinois
IllinoisInvestment SalesMidwestNews

Standard Real Estate Investments, The Vistria Group Acquire Haven on Long Grove in Chicago Suburb for $94 Million

by Channing Hamilton

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 …

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IllinoisInvestment SalesMidwestNews

Breneman Capital Acquires 52-Unit Adams Laflin Place in Chicago

by Channing Hamilton

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.

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Union West in Chicago
IllinoisInvestment SalesMidwestNews

Tishman Speyer Acquires 15-Story Union West in Chicago’s West Loop for $128 Million

by Channing Hamilton

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 …

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