CHICAGO — The Apartment Source (TAS), a real estate firm specializing in multifamily leasing, has merged its property management division with Westward360, a property manager for rental asset owners and community associations. The merger brings together two companies in the Chicago real estate market. According to a release, Westward360’s reputation in property management will help TAS expand into new Chicago and suburban markets, while Westward360 will broaden its portfolio.
GLEN CARBON, ILL. — Mia Rose Holdings is nearing completion of Latitude 38 Apartments, a 144-unit development located in Glen Carbon, about 14 miles northeast of St. Louis. MBG is building the project, which is slated to open in May. Kunkel Wittenauer is handling leasing efforts. Amenities at Latitude 38 Apartments will include a pool, clubhouse, fitness center, dog park, walking trails, grills and electric vehicle charging stations. The property is part of the larger Meridian Plaza, a 44-acre mixed-use development.
FARGO, N.D. — Gindi Equities has acquired Amber Valley Apartments, a 162-unit property in Fargo, for an undisclosed price. Built in 2001, Amber Valley Apartments consists of 162 units that range from one- to three-bedroom floor plans. Gindi plans to launch a renovation program at the community, upgrading both interior spaces and common areas. The seller, Property Resources Group, will continue to manage and service the asset. The acquisition marks Gindi’s fourth purchase in the Fargo market in the past 12 months.
ROCKFORD, ILL. — Becovic Holdings Corp. has acquired The Arbors, a 254-unit community in Rockford, about 90 miles west of Chicago. The Arbors was built between 1966 and 1981. Amenities include a fitness room, business center, small community room and package room. The garden-style asset was 98 percent leased at the time of sale. Ralph DePasquale of Berkadia represented the seller in the deal. Both the buyer and seller are based in Illinois.
MAUSTON AND RACINE, WIS. — CBRE has arranged the sale of Riverwood Apartments and Biscayne Apartments, two communities totaling 112 units, for $10.1 million. An Iowa-based multifamily investor and developer purchased the assets from an Iowa-based multifamily investor. CBRE’s Max Colby, Sean Beuche, Matson Holbrook, Patrick Gallagher and Gretchen Richards represented the seller. Riverwood Apartments is located in Mauston, 70 miles northwest of Madison, Wisconsin. The property is situated just under two miles from Decorah Lake. Built in 1994, Riverwood Apartments consists of 32 units, which come in one-, two- …
OMAHA, NEB. — A joint venture between Eastham Capital and Bender Cos. has acquired The Colonial, a 258-unit community in Omaha. Eastham obtained a majority ownership in the deal through its current fund, Eastham Capital Fund VI LP. Bender, which has co-invested and partnered with Eastham on the project, will oversee the day-to-day management. Parker Stewart and Alex Malzone of Northmarq brokered the deal. The Colonial was built in 1967 and is currently 95 percent occupied. The average unit size is 902 square feet. Amenities include an outdoor pool, community …
WEST DES MOINES, IOWA — Greysteel has negotiated the $38 million sale of Polo Club Apartments in West Des Moines. Built in 1998, the community consists of 277 two-bedroom units. BJ Connolly, Zach Schneider and Ryan Carter of Greysteel represented the seller, Polo Club LLC/Premier Cos, in the deal. The undisclosed buyer represented itself and plans to conduct a full renovation of the property.
INDIANAPOLIS — PRP has purchased Cosmopolitan on the Canal, a 218-unit asset located in the Canal Walk District of downtown Indianapolis, for an undisclosed price. The property is situated in proximity to the $4.3 billion Indiana University Health expansion, as well as the Indiana University Indianapolis and Purdue University campuses. Cosmopolitan on the Canal was originally built in 2010. According to Apartments.com, the community features a mix of studio, one- and two-bedroom units. Amenities include fitness center, laundry facilities, a clubhouse, fitness center and lounge. PRP plans to renovate the property. The seller was not disclosed.
For most of 2024, relatively high property values combined with rising interest rates priced buyers out of the market for new commercial and residential real estate acquisitions. This slowdown has not only impacted investors and homeowners, but it’s also affected the entire real estate industry — from lenders to appraisers, brokers, law firms, title insurance companies and beyond. Because Section 1031 exchange activity moves in lockstep with the real estate investment cycle, activity for qualified intermediaries has slowed as well. Section 1031 exchanges traditionally have been used by investors to …
FARGO, N.D. — Cushman & Wakefield has negotiated the sale of a portfolio of 601 build-to-rent (BTR) units located throughout the Fargo metropolitan area in the bordering states of North Dakota and Minnesota. The recently developed homes come in three-, four- and five-bedroom floor plans and are 7.2 years old on average. Meridian Mortgage LLC sold the portfolio to an affiliate of Christianson Cos. for an undisclosed price. Kevin Phelan, Pat Knowlton and Jeff Dimmen of Cushman & Wakefield, along with Jennifer Stein Real Estate Inc., represented the seller in …