Tuesday, November 26, 2024
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Elm Point Apartments in Bloomington, Illinois
IllinoisLeasing & MarketingMidwestNews

RMK Management Named Property Manager for Two Communities in Illinois

by Channing Hamilton

BLOOMINGTON AND NORMAL, ILL. — Churchill Living has selected RMK Management Corp. to manage Elm Point Apartments in Bloomington and Oak Point Apartments in Normal. Elm Point comprises 104 units. Apartments range from 900 to 1,165 square feet in size. Monthly rents range from $1,190 to $3,800 per month. Oak Point offers 144 units ranging from 696 to 1,560 square feet in size. Monthly rents range from $1,050 to $2,150. RMK Management is headquartered in Chicago and manages approximately 8,800 apartment units across 38 properties in Chicago, Indiana, Wisconsin and Minnesota.

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DevelopmentFinanceMidwestMinnesotaNews

Mirate Equity Provides $27.5 Million Loan for Construction of Maple Grove Residences in Hennepin County, Minnesota

by Channing Hamilton

HENNEPIN COUNTY, MINN. — Mirate Equity LLC has approved a $27.5 million loan for the construction of Maple Grove Residences, a community in Hennepin County. Maple Grove Residences will offer a mix of one-, two- and three-bedroom apartments. Planned amenities include a fitness center, community garden and green spaces. Northern Builder LLC was the borrower. A development timeline for the project was not disclosed.

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Courtney Wilson Multifamily NOI TheGuarantors quote
Affordable HousingContent PartnerFeaturesIndustry ContentLeasing & MarketingMidwestNortheastOperationsSoutheastTechnologyWestern

Multifamily Market Challenges: Strategies for Operators to Preserve NOI Amidst Rising Costs, Supply Pressures

by Sarah Daniels

Multifamily operators face a number of challenging factors in today’s market. The spike in the cost of debt along with higher expenses across the board — from property insurance and taxes to construction and labor — as well as adverse effects left over from eviction moratoriums are eating away at net operating income (NOI) across the country. During the third quarter of 2023, multifamily expenses grew 7.2 percent, more than double the rate of inflation, according to Freddie Mac’s 2024 multifamily forecast. Additionally, rent control efforts in some jurisdictions are …

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Affordable HousingFinanceIllinoisMidwestNews

Colliers Mortgage Provides $7.8 Million Fannie Mae Loan for Southeast Englewood and South Wabash in Chicago

by Channing Hamilton

CHICAGO — Colliers Mortgage has closed a $7.8 million Fannie Mae loan for the refinance of Southeast Englewood and South Wabash in Chicago. The loan features a 120-month term and was arranged through a partnership with LSG Lending Advisors. Les Hardin of Colliers Mortgage brokered the transaction. Southeast Englewood and South Wabash offers 72 units. The scattered site property comprises six apartment buildings with garden level basements. The property is restricted to low-income tenants by a HUD Section 8 HAP contract. Income restrictions were not disclosed.

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DevelopmentFinanceIndianaMidwestNews

Red Oak Capital Holdings Provides $9 Million Bridge Loan to Renovate Bon Air Apartments in Indianapolis

by Channing Hamilton

INDIANAPOLIS — Red Oak Capital Holdings LLC has provided a $4 million bridge loan for Bon Air Apartments, a 42-unit asset in Indianapolis. Bon Air Apartments consists of a trio of three-story buildings, which were originally constructed in 1960. The borrower, a group of professionals doing business as 21 West QOZ LLC, will use the financing to pay off an existing loan and complete a gut renovation of the three buildings. The new owners also plan to build a new building on an adjacent vacant parcel. Common area and amenity …

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Investment SalesMidwestMinnesotaNews

Marcus & Millichap Brokers Sale of First Avenue Apartments in Minneapolis

by Channing Hamilton

MINNEAPOLIS — Marcus & Millichap has arranged the sale of First Avenue Apartments, a 52-unit property in Minneapolis. The sales price was not disclosed. First Avenue Apartments was constructed in 1917 and 1919. The asset comprises two neighboring buildings located on First Avenue within the city’s Stevens Square neighborhood. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the buyer and seller in the deal, both of which requested anonymity. 

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Company NewsIllinoisMidwestNewsOperations

Peak Realty Rebrands as Cross Street After Expanding to Denver

by Channing Hamilton

CHICAGO — Peak Realty, a Chicago-based firm that specializes in multifamily leasing and investment, has rebranded to Cross Street. The firm expanded to Denver last year with the opening of a second office. According to the company, the name “Cross Street” represents the important connections and intersecting parts of life and business. In five years, the Cross Street team has doubled, with more than 12,000 units leased and over $200 million in closed multifamily sales. Cross Street plans to expand to more markets, particularly urban areas.

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Affordable HousingCompany NewsIllinoisInvestment SalesMidwestNewsPeople News

JLL Capital Markets Adds Two to Affordable Housing Investment Sales Advisory Team

by Channing Hamilton

CHICAGO — JLL Capital Markets has added Rasto Gallo and Mike Klaskin as senior directors with the firm’s national affordable housing investment sales advisory team. Gallo and Klaskin will be based out of the firm’s Chicago office. They will report to Senior Managing Directors Danny Kauffman and Jaime Fink, who co-lead the office, as well as Senior Managing Director Doug Childers, who serves as the affordable housing investment sales advisory group leader. Additionally, they will work alongside Managing Director Michael Fox and Director Melissa Bloem on the affordable housing investment sales …

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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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Southdale Parc Apartments and Wingate Apartments near Minneapolis
Investment SalesMidwestMinnesotaNews

JLL Capital Markets Arranges Sale of Two Communities Near Minneapolis

by Channing Hamilton

RICHFIELD AND NEW HOPE, MINN. — JLL Capital Markets has arranged the sale of two communities in the Minneapolis metropolitan area, including Southdale Parc Apartments in Richfield and Wingate Apartments in New Hope. Centerspace was the seller. JLL worked on behalf of the seller and procured the buyers, both local private investors. Southdale Parc Apartments was built in 1962. The property comprises 69 one-bedroom units and offers amenities such as laundry facilities, smart package lockers, green spaces and on-site parking. Built in 1967, Wingate Apartments offers 136 apartments. Units come in …

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