Midwest

The Pines at Q Plaza Apartments in Omaha, Nebraska
FinanceMidwestNebraskaNews

CBRE Secures Refinancing for 505-Unit Community in Omaha, Nebraska

by Channing Hamilton

OMAHA, NEB. — CBRE has secured a loan for the refinancing of The Pines at Q Plaza Apartments, a 505-unit community in Omaha. John Larsen of CBRE Capital Markets’ Debt and Structured Finance team in Omaha secured the 10-year, full-term interest-only loan through Freddie Mac. The total loan amount was not disclosed. The company purchased the property in 1985 and will use a portion of the loan to renovate the common areas of all units. The Pines at Q Plaza is located at 8633 Q Plaza. Built in 1974, the …

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Authentix South Elgin in South Elgin, Illinois
DevelopmentIllinoisMidwestNews

Continental Properties Breaks Ground on 336-Unit Development in Chicago Suburb

by Channing Hamilton

SOUTH ELGIN, ILL. — Continental Properties has broken ground on Authentix South Elgin, a 336-unit development in South Elgin, approximately 45 miles west of Chicago.  Authentix South Elgin will offer studio, one-, two-, and three-bedroom floor plans. Amenities include a pool, clubhouse, outdoor grill area, fitness center and a leash-free dog park with a pet spa. Pre-leasing is slated to commence in the spring of 2025. Move-ins will begin once the community clubhouse and first residential building are completed in late summer 2025. The property is located at the corner …

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Affordable HousingIndustry VoicesLeasing & MarketingMidwestNortheastOperationsSoutheastTexasWestern

Technology Clears Operational Roadblocks for Affordable Housing Managers

by Channing Hamilton

There is an urgent need for more affordable housing in the United States. For every 100 extremely low-income renter households, there are just 36 affordable units available for rent, according to a March 2024 report from the National Low Income Housing Coalition (NLIHC). Despite widespread attention on this issue — including at the state and federal levels — the supply shortage has continued. Municipalities across the United States continue to struggle to address symptoms of the affordable housing crisis, such as homelessness and rising housing costs. The NLIHC reports that there is …

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Wheelock Parkway Apartments in St. Paul, Minnesota
Investment SalesMidwestMinnesotaNews

Marcus & Millichap Arranges Sale of 103-Unit Wheelock Parkway Apartments in St. Paul, Minnesota

by Channing Hamilton

ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of Wheelock Parkway Apartments, a 103-unit community located at 1609 N. Woodbridge St. in St. Paul, for an undisclosed price. Wheelock Parkway Apartments was built between 1965 and 1967. The property comprises 44 one-bedroom and 59 two-bedroom units across 85,580 square feet of rentable space. Amenities include a pool, laundry facilities, picnic areas, a walking path and playground. Chris Collins, Evan Miller, Eric Wagner, Matthew Shide and Zack Olson of Marcus & Millichap represented the seller, a Minnesota-based limited …

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Investment SalesMidwestMissouriNews

Northmarq Brokers Sale of 212-Unit Westpark Apartments & Townhomes in St. Louis

by Channing Hamilton

ST. LOUIS — Northmarq has arranged the sale of Westpark Apartments & Townhomes, a 212-unit garden-style community St. Louis. Located at 11409 Tivoli Lane, the property was largely built between 1996 and 2006 with a portion developed in 1969. Units range from 800 to more than 2,000 square feet. Amenities include a pool, fitness center, playground and basketball court. The buyer was a national owner-operator of multifamily properties. The seller was a locally based private investor. Dominic Martinez, Parker Stewart, Charlie McKee and Alex Malzone of Northmarq represented both parties …

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Union at Purple Heart Trail in Wichita, Kansas
Affordable HousingDevelopmentFrom the MagazinesKansasMidwest

Affordable Housing Developers Find Opportunity in Wichita

by Channing Hamilton

Wichita has grown considerably in the past few decades while still maintaining the small-town charm the city is known for. With a population of 397,532 as of the 2020 U.S. Census, Wichita is the largest city in Kansas. The city has grown 4 percent since 2010, when the U.S. Census reported the population as 382,368. The many changes in the city’s demographic makeup and economy have notably changed the multifamily rental housing landscape. Farming remains prevalent in this area, which is tucked into the heart of the Midwest. However, other …

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Shelby Commons in Minneapolis
Affordable HousingDevelopmentLeasing & MarketingMidwestMinnesotaNews

Woda Cooper, Project for Pride in Living Open 46-Unit Affordable Shelby Commons in Minneapolis

by Channing Hamilton

MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride in Living (PPL) have opened Shelby Commons, a 46-unit affordable housing community in the North Loop neighborhood of Minneapolis. The four-story building features one-, two- and three-bedroom units. All of the units are reserved for households earning 30 to 80 percent of the area median income. Amenities include a community room, laundry facility and outdoor spaces such as a rooftop terrace, playground and community gardens. Underground parking is also available on-site. The property will feature two large murals currently underway …

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The Parker in Chicago
IllinoisInvestment SalesMidwestNews

JLL Capital Markets Arranges Sale of 29-Story Apartment Tower in Chicago

by Channing Hamilton

CHICAGO — JLL Capital Markets has arranged the sale and acquisition financing of The Parker, a 29-story apartment tower in Chicago’s Fulton Market district. JDL Development purchased the high-rise community for an undisclosed price. The sellers were institutional investors advised by J.P. Morgan Asset Management and Atlantic Residential. Atlantic Residential, Focus Development and Shapack Partners built The Parker in 2016. The property is located at 730 W. Couch Place, around the corner from the city’s Randolph Street Restaurant Row. The Parker consists of 227 units in studio through three-bedroom layouts. …

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IllinoisLeasing & MarketingMidwestNewsOperations

29th Street Capital Expands into Third-Party Property Management

by Channing Hamilton

CHICAGO — 29th Street Living, the property management division of 29th Street Capital (29SC), has expanded into third-party property management services. The division currently manages more than 55 properties across 23 markets. According to 29SC, 29th Street Living has a resident-first approach and is focused on providing cutting-edge technology and streamlining operations. 29SC is an investment management firm based in Chicago with back-office support in Louisville, Kentucky. The firm has acquired and developed more than 158 properties throughout the nation. 

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21 Kristen Apartments in Schaumburg, Illinois
FinanceIllinoisMidwestNews

Bayshore Properties Secures $61.6 Million Refinancing for 21 Kristen Apartments in Chicago Suburb

by Channing Hamilton

SCHAUMBURG, ILL. — Bayshore Properties has secured $61.6 million for the refinancing of 21 Kristen Apartments, a 357-unit property in Schaumburg, roughly 30 miles west of Chicago. Greystone provided a $55.6 million Freddie Mac loan with a five-year term. 7Acres provided $6 million in preferred equity funds. Eric Rosenstock and Dan Sacks of Greystone structured the financing. 21 Kristen Apartments is a condo deconversion that Bayshore acquired in 2022. Bayshore has since invested more than $2.5 million in capital expenditures at the property. Of the total units, 30 percent are …

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