MAPLE GROVE, MINN. — CBRE has arranged the sale of Avery Park, a 124-unit build-to-rent community in the northwestern Minneapolis suburb of Maple Grove. Avery Park offers 42 detached homes averaging 2,262 square feet and 82 townhomes averaging 1,687 square feet. The property was completed in 2023. Curtis Capital Group purchased the asset for an undisclosed price. Ted Abramson, Keith Collins and Abe Appert of CBRE represented the seller, which was also not disclosed.
ST. LOUIS — Berkadia has brokered the sale of Crossing at Northpointe, a 334-unit property in St. Louis. Utah-based Sundance Bay sold the asset to a New Jersey-based buyer for an undisclosed price. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller in the deal. Crossing at Northpointe was constructed in 1972 and renovated in 2021. The community was 94 percent occupied at the time of sale.
CLEVELAND — The Community Builders has opened Woodhill Station West, a 46.4 million affordable housing project in the Buckeye-Woodhill neighborhood of Cleveland. Woodhill Station West offers 120 units, as well as 4,520 square feet of community space. Woodhill Station West is Phase I of the Woodhill Homes redevelopment. The redevelopment, which will occur in six phases, will include approximately 638 homes and public amenities such as outdoor gathering spaces, recreational fields and playgrounds. Woodhill Station West includes 90 replacement homes for existing Woodhill residents. In 2021, HUD awarded a $35 …
BLOOMINGTON AND NORMAL, ILL. — Churchill Living has selected RMK Management Corp. to manage Elm Point Apartments in Bloomington and Oak Point Apartments in Normal. Elm Point comprises 104 units. Apartments range from 900 to 1,165 square feet in size. Monthly rents range from $1,190 to $3,800 per month. Oak Point offers 144 units ranging from 696 to 1,560 square feet in size. Monthly rents range from $1,050 to $2,150. RMK Management is headquartered in Chicago and manages approximately 8,800 apartment units across 38 properties in Chicago, Indiana, Wisconsin and Minnesota.
HENNEPIN COUNTY, MINN. — Mirate Equity LLC has approved a $27.5 million loan for the construction of Maple Grove Residences, a community in Hennepin County. Maple Grove Residences will offer a mix of one-, two- and three-bedroom apartments. Planned amenities include a fitness center, community garden and green spaces. Northern Builder LLC was the borrower. A development timeline for the project was not disclosed.
Multifamily operators face a number of challenging factors in today’s market. The spike in the cost of debt along with higher expenses across the board — from property insurance and taxes to construction and labor — as well as adverse effects left over from eviction moratoriums are eating away at net operating income (NOI) across the country. During the third quarter of 2023, multifamily expenses grew 7.2 percent, more than double the rate of inflation, according to Freddie Mac’s 2024 multifamily forecast. Additionally, rent control efforts in some jurisdictions are …
CHICAGO — Colliers Mortgage has closed a $7.8 million Fannie Mae loan for the refinance of Southeast Englewood and South Wabash in Chicago. The loan features a 120-month term and was arranged through a partnership with LSG Lending Advisors. Les Hardin of Colliers Mortgage brokered the transaction. Southeast Englewood and South Wabash offers 72 units. The scattered site property comprises six apartment buildings with garden level basements. The property is restricted to low-income tenants by a HUD Section 8 HAP contract. Income restrictions were not disclosed.
INDIANAPOLIS — Red Oak Capital Holdings LLC has provided a $4 million bridge loan for Bon Air Apartments, a 42-unit asset in Indianapolis. Bon Air Apartments consists of a trio of three-story buildings, which were originally constructed in 1960. The borrower, a group of professionals doing business as 21 West QOZ LLC, will use the financing to pay off an existing loan and complete a gut renovation of the three buildings. The new owners also plan to build a new building on an adjacent vacant parcel. Common area and amenity …
MINNEAPOLIS — Marcus & Millichap has arranged the sale of First Avenue Apartments, a 52-unit property in Minneapolis. The sales price was not disclosed. First Avenue Apartments was constructed in 1917 and 1919. The asset comprises two neighboring buildings located on First Avenue within the city’s Stevens Square neighborhood. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the buyer and seller in the deal, both of which requested anonymity.
CHICAGO — Peak Realty, a Chicago-based firm that specializes in multifamily leasing and investment, has rebranded to Cross Street. The firm expanded to Denver last year with the opening of a second office. According to the company, the name “Cross Street” represents the important connections and intersecting parts of life and business. In five years, the Cross Street team has doubled, with more than 12,000 units leased and over $200 million in closed multifamily sales. Cross Street plans to expand to more markets, particularly urban areas.
