Tuesday, November 26, 2024
Read the Digital Magazines Subscribe to the Newsletter

Midwest

Affordable Housing Demand Berkadia Marge Novak quote
Affordable HousingBerkadiaBerkadia FeatureContent PartnerDevelopmentFeaturesIndustry ContentInvestment SalesMidwestNortheastSoutheastTexasWestern

Heightened Demand for Affordable Rental Housing Sets Tone for 2024 Investment Opportunities

by Sarah Daniels

Multifamily & Affordable Housing Business sat down with Marge Novak, senior vice president and head of Capital Markets at Berkadia, for a question-and-answer discussion about the current state of the affordable housing market and the challenges likely to influence 2024. Multifamily & Affordable Housing Business: How is the affordable housing market faring in the current economic conditions? Novak: With increased inflation and interest rates, home prices hit all-time highs, making them less affordable than at the height of the 2006 housing bubble. While buyers waited for prices to fall, sellers …

Continue Reading
0 FacebookTwitterLinkedinEmail
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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
Ascent MKE in Milwaukee
FinanceMidwestNewsWisconsin

JLL Capital Markets Arranges $98 Million Refinancing for Ascent MKE in Milwaukee

by Channing Hamilton

MILWAUKEE — JLL Capital Markets has arranged $98 million for the refinancing of Ascent MKE, a 25-story high-rise community in Milwaukee. JLL worked on behalf of the borrower, an affiliate of New Land Enterprises, to secure the three-year, floating-rate loan through Barings Real Estate. Tim Joyce, Trent Niederberger, Mike Brady, Ryan Sullivan and Michael Gurwin led the JLL Capital Markets Debt Advisory team. Ascent MKE was built in 2022. The property offers 259 units in one-, two- and three-bedroom layouts. Units average 1,055 square feet in size and include smart …

Continue Reading
0 FacebookTwitterLinkedinEmail
FinanceInvestment SalesMichiganMidwestNews

BWE Secures $19.8 Million in Acquisition Financing for 326-Unit Portfolio in Detroit Suburb

by Channing Hamilton

CLINTON TOWNSHIP, MICH. — BWE has secured $19.8 million in acquisition financing for a portfolio totaling 326 units in the Detroit suburb of Clinton Township. The portfolio consists of 13 low-rise buildings. The properties offer a mix of one- and two-bedroom units, as well as amenities like a pool, clubhouse, tennis court, on-site laundry and parking. Adam Gould of BWE’s Detroit office originated the value-add, non-recourse bridge loan, which features three years of interest-only payments and a 75 percent loan-to-cost ratio. The buyer was a regional fund that invests in …

Continue Reading
1 FacebookTwitterLinkedinEmail
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.

Continue Reading
0 FacebookTwitterLinkedinEmail
The Cosmopolitan Apartments in St. Paul, Minnesota
Investment SalesMidwestMinnesotaNews

JLL Brokers Sale of 258-Unit The Cosmopolitan Apartments in St. Paul, Minnesota

by Channing Hamilton

ST. PAUL, MINN. — JLL has negotiated the sale of and acquisition financing for The Cosmopolitan Apartments, a 258-unit community located in St. Paul’s historic Lowertown neighborhood. Bigos Management acquired the property from AEW Capital Management for an undisclosed price. JLL represented the seller in the deal. Will Tansey of Felhaber Larson law firm represented the buyer. The Cosmopolitan Apartments was originally constructed as the Finch, Van Slyck and McConville Dry Goods Company building in 1911. The building was converted into apartments in 1989, and has since undergone $8 million …

Continue Reading
0 FacebookTwitterLinkedinEmail
Wakonda Village in Des Moines, Iowa
Investment SalesIowaMidwestNews

ARTISAN Capital Group, Eastham Capital Purchase Wakonda Village in Des Moines, Iowa

by Channing Hamilton

DES MOINES, IOWA — ARTISAN Capital Group (ACG) and Eastham Capital have partnered to acquire Wakonda Village, a 382-unit community in Des Moines. The property is located on the city’s south side, adjacent to the Wakonda Country Club and one block from the Fleur Drive retail corridor. Amenities include a pool, fitness center and dog park. The buyers plan to renovate the property with updates to apartment interiors, parking lots, sidewalks, landscaping and hallway paint and carpets. Pickleball courts and grill stations will also be added to the amenity package. …

Continue Reading
0 FacebookTwitterLinkedinEmail
Investment SalesMidwestMissouriNewsPeople News

Cushman & Wakefield Hires Whittaker Potts as Executive Managing Director

by Channing Hamilton

KANSAS CITY, MO. — Cushman & Wakefield has hired Whittaker Potts as an executive managing director with the firm’s Sunbelt Multifamily Advisory Group. Potts will work alongside advisors Martin Bynum, Cole Herget, Matt Stephens and Stephen Pestinger to cover multifamily investment sales in Arkansas, Missouri, Southern Illinois, Kansas and Oklahoma. He will be based in the firm’s Kansas City office. Potts received a bachelor of arts in communication studies from the University of Kansas and currently holds a real estate license in both Kansas and Missouri.

Continue Reading
0 FacebookTwitterLinkedinEmail
MidwestNewsOhioPeople News

KeyBank Real Estate Capital Appoints Dan Heberle as President

by Channing Hamilton

CLEVELAND, OHIO — Cleveland-based KeyBank Real Estate Capital has promoted Dan Heberle to the role of president. Heberle will oversee KeyBank Real Estate Capital’s real estate finance and community development and investment businesses. He will report to Randy Paine, President of Key Institutional Bank. Heberle joined KeyBank in 1998 as a relationship manager with KeyBank’s REIT Group. He most recently served as the head of KeyBank’s Institutional Capital Group. Heberle received a bachelor’s degree in finance from The Pennsylvania State University. He also studied economics, money and banking at the …

Continue Reading
0 FacebookTwitterLinkedinEmail
Cambridge Court Apartments in West Des Moines, Iowa
Investment SalesIowaMidwestNews

ARTISAN Capital Group, Eastham Capital Acquire 192-Unit Cambridge Court Apartments in West Des Moines, Iowa

by Channing Hamilton

WEST DES MOINES, IOWA — A partnership consisting of ARTISAN Capital Group (ACG) and Eastham Capital have acquired Cambridge Court Apartments, a 192-unit property in West Des Moines. Cambridge Court Apartments was built in 1992 and offers one, two and three-bedroom units. Amenities include a clubhouse, fitness center, dog park, garages and indoor/outdoor pools. The buyers plan to renovate the complex. Exact plans for the renovation, however, were not disclosed. ARTISAN Management Group, ACG’s management vertical, will oversee operations at the property.

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts
©2024 France Publications, dba France Media Inc.