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Village-Green
FeaturesMidwestOperations

The Art of Alignment: How to Balance Stakeholder Interests in Multifamily Property Management

by Lynn Peisner

By Diane Batayeh, Village Green To be successful at multifamily property management involves equal parts of communication, alignment and trust. There are several stakeholder groups to consider when making decisions about how best to operate and set up an apartment community for long-term success. Between residents, employees and owners, there are differing and sometimes conflicting objectives and perspectives to consider. In today’s quickly evolving multifamily landscape, satisfying everyone can be challenging, and it requires a delicate balance to maintain all stakeholders’ satisfaction while also achieving their respective goals. With the …

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Max-Grossman
Affordable HousingFinanceIllinoisIndustry VoicesInvestment SalesMidwestMinnesota

How Affordable Housing Investors Can Benefit From Property Tax Programs

by Lynn Peisner

By Max Grossman Many cities across the U.S. are grappling with two persistent challenges: a lack of affordable housing and high property taxes. While these issues may seem separate, some policymakers have implemented programs that can address both at the same time. Chicago’s affordable housing supply is short by approximately 120,000 homes and 240,000 rental units, according to the Illinois Policy Institute. Additionally, nearly one-third of Illinois residents commit more than 30 percent of their income toward housing, the most of any state in the Midwest. The city is also …

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440-Alfred-Bedrock
DevelopmentMichiganMidwest

Bedrock Completes Detroit Ground-Up Neighborhood

by Lynn Peisner

DETROIT — Bedrock has completed City Modern, a concentration of 20 newly constructed buildings, three rehabbed historic mansions, neighborhood amenities and 31,000 square feet of retail space in Detroit’s Brush Park neighborhood. The new 8-acre neighborhood includes 450 residences in a mix of apartments, townhomes, carriage homes and condominiums. The Detroit-based master developer began the project in 2015. Six architects worked on City Modern: Hamilton Anderson Associates, Merge Architects, Lorcan O’Herlihy Architects, Studio Dwell, McIntosh Poris Architects and Christian Hurttienne. Housing includes The Residences at City Modern, which offers 286 …

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Auburn-Place-&-Beacon-Apartments-Renderings-(FSPA)-1
Affordable HousingDevelopmentMichiganMidwestNews

O’Brien, Lighthouse Break Ground on Affordable Projects in Unity Park Neighborhood of Pontiac Michigan

by Lynn Peisner

PONTIAC, MICH. — O’Brien Construction and Lighthouse, an affordable housing developer, have broken ground on Auburn Place and Beacon Place, two affordable housing developments that will consist of 94 units. The project includes both new construction and rehabilitation. Auburn Place is a new 54-unit, five-story development. Beacon Place is adjacent to Auburn Place and is a redevelopment that include 40 apartments and townhomes. Construction timelines and rent restrictions were not disclosed.

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The-Saint-Grand
FinanceIllinoisMidwestNews

Canyon Street Partners Provides $106.3 Million to ReFi Chicago High-Rise

by Lynn Peisner

CHICAGO — Canyon Street Partners has funded a $106.3 million loan, arranged by JLL Capital Markets, for a joint venture led by Mavrek Development. Mavrek will use the loan to refinance existing debt on The Saint Grand, a 248-unit, 21-story mixed-use tower in Chicago’s Streeterville submarket. The joint venture partners broke ground on the asset in 2023 and opened it in 2024. In addition to the 248 apartments, The Saint Grand has a 103-space parking garage and about 47,000 square feet of retail space, currently leased to Club Studio Fitness, …

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Westhaven-Park
Affordable HousingDevelopmentIllinoisMidwestNews

Development Team Completes Westhaven Park Station in Chicago

by Lynn Peisner

CHICAGO — McShane Construction Co. and partner Ashlar Construction have completed the development of Westhaven Park Station in Chicago. Developers on the 96-unit, mixed-income project were Brinshore Development and The Michaels Organization. The 12-story building marks the final phase of redevelopment of the former Henry Horner Homes complex, which was a cluster of several public-housing buildings originally developed in the 1950s and 1960s in the Near West Side area. The concrete building offers a total of 121,800 square feet with three retail spaces on the ground floor and residential units on …

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Village_on_Spring_Mill
FinanceGeorgiaIndianaKentuckyMidwestNewsOhioSoutheast

Buckingham Cos. Lands $330 Million Loan for Seven-Property Portfolio

by Lynn Peisner

INDIANAPOLIS — Indianapolis-based investor Buckingham Cos. has received a $330 million loan to refinance seven properties in five states. The New York-based CBRE Debt & Structured Finance team of Shawn Rosenthal, Jason Gaccione, Tom Traynor, Tom Rugg, Jake Salkovitz, Henry Fenmore, Lauren Weinstein and Justin Helbling arranged the floating-rate loan funded by Goldman Sachs and Atlas SP Partners. Buckingham’s portfolio comprises 2,381 units. The firm began acquiring the properties, which were constructed between 1982 to 2021, seven years ago and has invested approximately $45 million in capital improvements since then, …

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365-Nicollet
Investment SalesMidwestMinnesotaNews

Waterton Buys Minneapolis High-Rise for $111.5 Million

by Lynn Peisner

MINNEAPOLIS — Waterton has acquired 365 Nicollet, a 370-unit, 30-story property in Minneapolis from joint venture owners Opus Development Co. and Corebridge Real Estate Investors. The sales price was $111.5 million, according to the Minneapolis/St. Paul Business Journal. Constructed, designed and developed by Opus in 2018, 365 Nicollet’s unit mix includes studios and one-, two- and three-bedroom apartments as well as 50 penthouse units with a higher-end appliance package and hardwood floors. Amenities at 365 Nicollet include a fitness center and yoga studio, a sauna, an outdoor pool with a …

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The-Faywell-Wheaton
DevelopmentIllinoisMidwestNews

Banner Real Estate Secures $124 Million in Debt and Equity for Suburban Chicago Project

by Lynn Peisner

WHEATON, Ill. — Banner Real Estate Group has secured $124 million in debt and equity and broken ground on The Faywell in Wheaton, 30 miles west of Chicago. The financing includes an $84 million construction loan from PNC Bank and approximately $40 million in joint venture equity, according to Crain’s Chicago Business. The 2.6-acre development site is an assemblage of 13 parcels and involved seven separate sellers. The deal took about five years to put together. The site is adjacent to the Metra Union Pacific West station with service to downtown …

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Peakmade-Olathe
Build-to-RentDevelopmentKansasMidwestNews

PeakMade Breaks Ground on Kansas City-Area BTR Project

by Lynn Peisner

OLATHE, KAN. — PeakMade Real Estate and Blue Vista Capital Management have broken ground on Olathe Commons, a build-to-rent (BTR) community in the Kansas City suburb of Olathe. Developers anticipate leasing will begin in August 2026 with a final project completion date slated for September 2027. Construction financing was provided by Old National Bank, and Open House Group is a joint venture limited partner for the project. Olathe Commons will be comprised of 60 single-family cottages and 154 townhomes. Units will feature two- to four-bedroom layouts with select floorplans offering …

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