Wednesday, November 27, 2024
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Enclave Crystal Lake in Crystal Lake, Illinois
IllinoisLeasing & MarketingMidwestNews

RMK Management Corp. Named Property Manager for Enclave Crystal Lake in Chicago Suburb

by Channing Hamilton

CRYSTAL LAKE, ILL. — RMK Management Corp. will take over property management services for Enclave Crystal Lake, a new community currently under construction in the Chicago suburb of Crystal Lake. Harlem Irving Cos. is the developer for the project. Once completed, Enclave Crystal Lake will offer 51 rental townhomes and 48 apartment units. Construction is complete and leasing has begun for phase one of the community’s townhomes. Move-ins are expected to begin in early November. Townhomes come in two- and three-bedroom layouts, with open-concept kitchens and family rooms and attached two-car …

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Leasing & MarketingMidwestMissouriNews

High Street Residential Begins Leasing The James in Kirkwood, Missouri

by Channing Hamilton

KIRKWOOD, MO. — High Street Residential, the residential subsidiary of Trammell Crow Co., has begun leasing The James in the St. Louis suburb of Kirkwood. The James offers 152 apartments, as well as more than 7,000 square feet of ground-floor retail space. Units come in studio, one-, two- and three-bedroom layouts. Amenities include a pool, clubroom, private dining area, fitness center, indoor bike storage, work-from home center, pet wash and pet exercise area. The project is Trammell Crow Co.’s first multifamily project in the St. Louis market. Brinkmann Constructors is …

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FinanceIllinoisMidwestNews

PACE Equity Provides $10.9 Million in C-PACE Financing for Conversion Project in Rockford, Illinois

by Channing Hamilton

ROCKFORD, ILL. — PACE Equity has provided $10.9 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a 215-unit industrial-to-multifamily conversion project in Rockford. The complex consists of two buildings that previously served as industrial space. The C-PACE financing will help fund energy-efficient improvements to the property’s HVAC system, LED lighting, windows, walls, roof and water conservation. The Illinois Energy Conservation Authority, an Illinois tax-exempt 501(c)(3) nonprofit organization, worked to close the financing with PACE Equity.

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Trostel Square in Milwaukee
Investment SalesMidwestNewsWisconsin

MLG Capital Acquires Three Properties in Metro Milwaukee

by Channing Hamilton

MILWAUKEE AND BROOKFIELD, WIS. — MLG Capital has acquired three communities — Trostel Square, Norhardt Crossing and Norhardt Apartments — in the Milwaukee metropolitan area for an undisclosed price. The seller and sales price were not provided. Trostel Square is a 99-unit property located in the Brewers Hill neighborhood of Milwaukee. Norhardt Crossing and Norhardt Apartments are both located in the Milwaukee suburb of Brookfield. Together, the two properties comprise 211 units and share a full amenity set at Norhardt Crossing.

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Woodlands of Crest Hill in Crest Hill, Illinois
IllinoisInvestment SalesMidwestNews

JLL Capital Markets Brokers $95 Million Sale of Woodlands of Crest Hill in Chicago Suburb

by Channing Hamilton

CREST HILL, ILL. — JLL Capital Markets has negotiated the $95 million sale of Woodlands of Crest Hill, a 730-unit community in the southwest Chicago suburb of Crest Hill. Kevin Girard, Mark Stern and Zach Kaufman led the JLL Investment Sales Advisory team that represented the sellers, a fund managed by DRA Advisors and Marquette Cos. The buyer was not disclosed. Woodlands of Crest Hill was built in 1972 and has undergone various renovations since 2018. The property offers studio, one- and two-bedroom units, with an average size of 649 square feet. Amenities …

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The Brainard Apartments in Detroit
Leasing & MarketingMichiganMidwestNews

Friedman Communities Awarded Management of 1,500-Unit Portfolio in Detroit

by Channing Hamilton

DETROIT — Friedman Communities, a Friedman Real Estate company, has taken over managing services for a portfolio of more than 1,500 units within the city of Detroit, including several historic buildings. The portfolio is focused on neighborhoods such as Midtown, Southwest Detroit and the East Jefferson corridor. Friedman Communities plans to renovate units within the historic buildings with stainless steel appliances, quartz countertops, new cabinetry and tiled showers.

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Astoria Park Apartments in Indianapolis
IndianaInvestment SalesMidwestNews

Morgan Properties Acquires 470-Unit Astoria Park Apartments in Indianapolis

by Channing Hamilton

INDIANAPOLIS — Morgan Properties has acquired Astoria Park Apartments, a 470-unit property in Indianapolis, for an undisclosed price. The community offers amenities such as a pool, fitness center, tennis courts, playground, dog park and pet wash station. Morgan Properties plans to invest $4 million in renovations, including upgrading unit interiors, expanding amenities and integrating smart home technology.

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The Darby at Briarcliff in Kansas City, Missouri
DevelopmentMidwestMissouriNews

The Opus Group Completes Development of The Darby at Briarcliff in Kansas City, Missouri

by Channing Hamilton

KANSAS CITY, MO. — The Opus Group has finished constructing The Darby at Briarcliff, a 255-unit development in Kansas City. Owned by Balboa Real Estate Partners, The Darby at Briarcliff consists of two buildings, a four-story building with 186 units and a three-story building with 69 units. The property also includes 250 surface car parking spaces, 46 stand-alone garages, 78 carports and 120 covered bicycle storage spaces. Amenities include a pool, lounge with billiards, private event space, fitness center, work-from-home lounge, complimentary coffee bar, pet spa and dog run. The Opus …

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Robert Hicks Occupancy Asset Living
Content PartnerFeaturesIndustry ContentLeasing & MarketingMidwestNortheastOperationsSoutheastTechnologyTexasWestern

Asset Living Emphasizes Occupancy, Efficiency as Market Conditions Soften

by Sarah Daniels

Sensing a shift in the wind, multifamily property manager Asset Living is preparing for a bumpier leasing environment amid rising supply, slowing rent growth and overall economic uncertainty. While an adjustment, it shouldn’t come as a complete shock, says Robert Hicks, an Asset Living division president in charge of the conventional multifamily business in the western United States. Over the past handful of years, the sector has enjoyed some of the highest occupancies he has seen in his 25-year career in the industry, he points out. At the same time, …

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Affordable HousingDevelopmentFinanceMidwestMinnesotaNews

Lupe Development Partners, Wall Cos. Plan to Demolish Former Minneapolis Public Works Building for Affordable Housing Development

by Channing Hamilton

MINNEAPOLIS — Lupe Development Partners and Wall Cos. are planning to demolish the former Minneapolis Public Works storage building to construct Snelling Yards, a 90-unit affordable community. The project is a joint venture with Ecumen, which owns the adjacent 100-unit affordable seniors housing development, The Hillock. Lupe Development Partners and Wall Cos. were granted development rights to the property in 2017. Snelling Yards will offer three- and four-bedroom units. Of the total unit count, 26 will be reserved for residents who earn up to 30 percent of the area median …

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