ADDISON, ILL. — Marcus & Millichap has brokered $1.1 million sale of a property located at 41 E. Blecke Ave. in the western Chicago suburb of Addison. Christopher Malay and Eric Bell represented the seller, a limited liability company. Ryan Engle and Andrean Angelov secured and represented the buyer, a private investor in a 1031 exchange. The property comprises 12 units in studio and one-bedroom floor plans.
Illinois
CHICAGO — Preservation of Affordable Housing has broken ground on Fifth City Commons, a new affordable housing and retail development on Chicago’s West Side. Fifth City Commons will offer 43 residential units across three stories. Units will come in one-, two- and three-bedroom layouts. The community will be affordable to households earning between 30 and 80 percent of the area median income. Amenities will include community rooms, a resident terrace and a fitness room. Details regarding the retail component of the project were not disclosed. The city of Chicago provided …
CHICAGO — The Community Builders has broken ground on 4715 N Western, a 63-unit mixed-income community in Chicago’s Lincoln Square neighborhood. The building will rise six stories and offer studio, one- and two-bedroom floor plants. Amenities include a lounge, terrace, bike storage, package room and resident parking. The property will also include 5,500 square feet of ground floor commercial space and 18 public parking spaces on the second floor. 4715 N Western will be affordable to households earning between 30 and 80 percent of the area median income. The City of …
CHICAGO — Crescent Heights has acquired North Water Apartments, a 398-unit property in downtown Chicago’s Streeterville neighborhood. Invesco Real Estate sold the asset for $173 million, according to real estate data firm CoStar Group. North Water Apartments is the multifamily portion of a 50-story building located at 340 E. North Water St. Built in 2015, the community is situated above the Loews Chicago Hotel, which was not included in the sale, and offers studio, one-, two- and three-bedroom floor plans. John Jaeger and Justin Puppi of CBRE represented the seller. …
CHICAGO — Bill Baumann has joined JLL Capital Markets as a Managing Director in the firm’s Chicago office. In this role, Baumann will focus on both apartment investment sales and financing deals in Chicago and the Midwest, representing owners and developers. He will report to Senior Managing Directors Danny Kaufman and Jaime Fink. Prior to joining JLL, Baumann served as as principal and managing broker of Monarch Realty Partners, a Chicago-based multi-housing brokerage firm he co-founded in 2016. He earned his bachelor’s degree from Yale University and his MBA from …
CHICAGO — Tributes highlighting the life and legacy of billionaire real estate investor Sam Zell, the charismatic founder and chairman of Chicago-based Equity Residential (NYSE: EQR) who died May 18 at the age of 81, have continued to pour in following his passing. “Sam Zell was one of the most influential individuals, not just in commercial real estate, but in American business writ large. He was a great friend and an advocate on behalf of the multifamily industry,” said former National Multifamily Housing Council Chair David Schwartz in a statement from …
CHICAGO — KCB Real Estate has acquired a 26-unit community in Chicago for an undisclosed price. Built at 914 W. Hubbard St. in 2006, the asset offers a mix of one- to five-bedroom floorplans. Units feature washers and dryers, dishwashers, walk in closets, and patios or balconies. The property is located two blocks from Chicago’s Fulton Market District and approximately two minutes from Google’s Chicago headquarters. The Pasadena, California-based KCB Real Estate plans to renovate the building façades and units, beginning with improvements to the sidewalls and the lobby.
SCHAUMBURG, ILL. — RMK Management Corp. has been named property manager of Fieldpointe of Schaumburg, a 396-unit community in Schaumburg, Ill., a northwest suburb of Chicago. Fieldpointe comprises 12 three-story buildings and features studio, one- and two-bedroom layouts measuring 548 to 948 square feet. Rents range from $1,382 to $1,950. The property is pet-friendly and offers a pool, covered or garage parking, bike storage and package services. Capital improvement projects are scheduled at Fieldpointe in the coming months, including a roof replacement and cosmetic updates to shared corridors. Chicago-based …
McHugh Construction, Brown & Momen Complete Near South Side Chicago Mixed-Income Project
CHICAGO — Locally based McHugh Construction and its partner Brown & Momen, a general contractor also based in Chicago, have completed construction of the $24.3 million 508 Pershing at Oakwood Shores in Chicago’s Bronzeville neighborhood. The 53-unit mixed-use, mixed-income project was developed by The Community Builders (TCB). Construction began in April 2021. The project is part of a larger Oakwood Shores revitalization plan. Oakwood Shores is about 3.5 miles south of downtown Chicago and part of an area called Near South Side. TCB’s partners in the project include Granite Development, …
CHICAGO —Transwestern Real Estate Services has been selected to lead the multi-phase South Side Chicago Woodlawn Central development project. J.C. Griffin of Transwestern will act as developer, doing business as Woodlawn Central LLC, throughout the project, which has been in various planning phases since at least 2009. Woodlawn Central is an eight-acre, $895 million development project in the Woodlawn neighborhood. Plans for Woodlawn Central call for 870 residential units, ranging from affordable to market-rate, luxury and seniors housing. Requirements for the affordable housing component were not disclosed. The development will …