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Midwest

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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BerkadiaIllinoisInvestment SalesMidwestNews

Berkadia Brokers $38 Million Sale of 662-Unit Town & Country in Urbana, Illinois

by Channing Hamilton

URBANA, ILL. — Berkadia has brokered the sale of Town & Country, a 662-unit property in Urbana. MF Capital purchased the asset from Monarch Investment and Management Group for $38 million. Town & Country was built in phases between 1970 and 2007 and is located at 1032 E. Kerr Avenue. The garden-style community was 98 percent occupied at the time of sale. The transaction also included an adjacent 52-unit self-storage facility.

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Investment SalesIowaMidwestNews

NAS Investment Solutions Purchases 120-Unit Broadway Apartments in Des Moines, Iowa

by Channing Hamilton

DES MOINES, IOWA — NAS Investment Solutions has purchased Broadway Apartments in Des Moines for an undisclosed price. Built in 2015, the property comprises 120 units across three stories. Units average 875 square feet in size. Broadway Apartments offers amenities such as an updated clubhouse, fitness center, playground, dog park and theater room. Adventureland Amusement Park, Prairie Meadows Racetrack & Casino and Outlets of Des Moines are within two miles of the property.

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FinanceMichiganMidwestNews

Bernard Financial Group Arranges $4.2 Million to Refinance Property in Sterling Heights, Michigan

by Channing Hamilton

STERLING HEIGHTS, MICH. — Bernard Financial Group (BFG) has arranged a $4.2 million loan for the refinancing of a 231-unit community in the northern Detroit suburb of Sterling Heights. Dennis Bernard and Joshua Bernard of BFG arranged the loan through One Durham LP. Symetra Life Insurance Co. on behalf of the borrower, One Durham LP.

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DevelopmentFinanceMidwestNewsWisconsin

Inland Venture Partners Completes $27 Million Capital Raise for 261-Unit Development in Milwaukee

by Channing Hamilton

MILWAUKEE — Inland Venture Partners LLC (IVP), the private equity real estate arm of Inland Real Estate Investment Corp., has completed a $27 million capital raise for a 261-unit project in Milwaukee. The project was consummated through one of Inland’s joint venture partners, Kaeding Development Group LLC. The development site is located at 245 Harbor Drive in the city’s Historic Third Ward. Construction began in March 2023, and the developers expect to begin leasing the community in January 2025.

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Island Terrace in Chicago
Affordable HousingDevelopmentFinanceIllinoisMidwestNews

Merchants Capital Provides $103 Million to Rehabilitate Affordable Housing Community in Chicago

by Channing Hamilton

CHICAGO — Merchants Capital has provided $103 million for the rehabilitation of Island Terrace, an affordable housing community situated across from the Obama Presidential Center in Chicago’s Woodlawn neighborhood. The financing consists of $54 million of debt and $49 million in Low-Income Housing Tax Credit(LIHTC) equity financing. Preservation of Affordable Housing Inc. (POAH), the owner and developer, was the borrower. Island Terrace comprises 240 units across 21 stories. Prior to the recapitalization, only 88 units carried affordable restrictions. The new financing structure enabled POAH to expand the affordability restrictions to …

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Solstice in Lake Saint Louis, Missouri
DevelopmentFinanceInvestment SalesMarket ReportsMidwestMissouri

Developers Bullish on Northwest Suburbs of St. Louis

by Channing Hamilton

The combination of sustained job and population growth has put St. Charles County in the “Show-Me State” on the map and served as a catalyst for multifamily development. Buoyed by the presence of several multinational companies such as Amazon, General Motors and MasterCard, the county is home to several thriving suburbs northwest of St. Louis and posted a nearly 15 percent increase in population from 2010 to 2022. The number of residents rose from 360,485 to an estimated 413,803 during that period, according to the U.S. Census Bureau. St. Charles …

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Kathleen Milisky, principal, Utility Revenue Services
DevelopmentIndustry VoicesMidwestNortheastOperationsSoutheastTexasWestern

Smart Utilities Management Can Eliminate Pain Points and Reduce Unnecessary Costs

by Channing Hamilton

— By Kathleen Milisky of Utility Revenue Services (URS) — Every developer knows all too well the headaches that can arise from utilities while building or managing a community. Time lost to issues such as power outages, delayed inspections and miscommunication can add unnecessary costs to any project. Smart utilities management is an effective way to stay ahead of problems before they start. Owners have the option of turning responsibility for the utilities over to an expert before they even pull a construction trailer onto the development site. It can …

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IllinoisInvestment SalesMidwestNews

Essex Realty Group Negotiates Sales of Two Properties in Chicago

by Channing Hamilton

CHICAGO — Essex Realty Group Inc. has arranged the sales of two buildings totaling 35 units in Chicago. Joe Kahlhammer, Robert Berman, Mike Anguiano, Daniel Shabsin, Jeremy DeMarco and Russell Tillery of Essex represented the seller in each deal. The first building offers 16 units and is located on South Indiana Avenue in Chicago’s Chatham neighborhood. The second asset comprises 19 units and is situated on South Drexel Avenue in the Greater Grand Crossing neighborhood.

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