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3Eleven in Chicago
IllinoisInvestment SalesMidwestNews

JLL Capital Markets Arranges $76 Million Sale of 245-Unit 3Eleven in Chicago

by Channing Hamilton

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, …

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This line graph shows the effective funds rate versus the inflation rate for the period from 2020 through Nov. 1 of this year. (Source: St. Louis Federal Reserve, Origin Investments)
FeaturesFinanceIllinoisMidwestNewsOperations

Origin Report: Variable-Rate Loans Reaching Maturity Will Spawn Unique Investment Opportunities in 2024

by Channing Hamilton

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 …

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Roselle Luxury Apartments in Roselle, Illinois
IllinoisInvestment SalesMidwestNews

DMG Capital, JDI Realty, The Wolcott Group Acquire Roselle Luxury Apartments Near Chicago

by Channing Hamilton

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.

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Affordable HousingDevelopmentIllinoisMidwestNews

NHP Foundation Opens 30-Unit Affordable Housing Redevelopment Project in Chicago

by Channing Hamilton

CHICAGO — The NHP Foundation (NHPF) has opened Covent Apartments, the redevelopment of the former Covent Hotel in Chicago’s Lincoln Park neighborhood. The 30-unit affordable housing property is now a single-room occupancy (SRO) property. SRO housing is defined as a residential property that includes multiple single-room units, according to HUD. The total cost of development for the project was $21.6 million, including $7.9 million in federal Low-Income Housing Tax Credits and historic tax credits, $5 million of City Home and Affordable Housing Opportunity Funds, $3.1 million in Illinois Housing Development …

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IllinoisInvestment SalesMidwestNews

Breneman Capital Purchases 47-Unit Ashland Place in Chicago

by Channing Hamilton

CHICAGO — Breneman Capital has purchased Ashland Place, a 47-unit property located at 33 S. Ashland Ave. in Chicago’s West Loop neighborhood. The purchase price and seller were not disclosed. Ashland Place was built in 2018 and features two one-bedroom units and 45 two-bedroom units. Breneman Capital assumed a loan on the property that features a 73.5 percent loan-to-value ratio, a fixed interest rate of 4.6 percent and roughly five years of remaining term. Dwelle Properties will manage the asset.

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FeaturesFinanceIllinoisLeasing & MarketingMidwest

Origin Investments: Annual Class-A Multifamily Rent Growth Will Return to Positive Territory by January 2025

by Channing Hamilton

CHICAGO — Chicago-based Origin Investments forecasts that year-over-year national Class-A apartment rent growth will normalize by January 2025 and range from 2 to 3 percent, in keeping with historical rent growth averages. However, Origin also cautions that “unquantifiable risks” loom large over the market and could have broad implications for multifamily properties. The findings are from the company’s Multilytics Rent Growth Forecast Report. “The return to normalization has been expected because the rent growth levels of 2021 and 2022 were unsustainable. We are now paying for the distortions of the …

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IllinoisInvestment SalesMidwestNews

JVM Realty Corp. Purchases 113-Unit Ellison Apartments in Des Plaines, Illinois

by Channing Hamilton

DES PLAINES, ILL. — JVM Realty Corp. has acquired Ellison Apartments, a 113-unit complex in the Chicago suburb of Des Plaines, for an undisclosed price. John Jaeger of CBRE brokered the deal. The seller was undisclosed. Ellison Apartments was built in 2019 and features a variety of floor plans averaging 894 square feet. Amenities include a spa pool, sundeck, clubroom, business center, fitness center, pet spa, bike room and indoor garage parking.

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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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