The capital markets continue to present challenges and create confusion across the U.S. transaction space. Most markets outside the Midwest have retreated toward a rent-growth flatline, or worse. However, in the midst of it all, the metro area stands like a pillar of stability. No longer known simply for its manufacturing prowess, Indianapolis boasts a long list of economic strengths. These include a diverse, sustainable and growing employment base; predictable fundamentals, including controlled levels of supply; a forward-thinking investment in infrastructure; and a growing base of capital. These capital sources, …
Midwest
OMAHA, NEB. — Colliers Mortgage has provided a $29.9 million Fannie Mae loan for the refinancing of Highline Apartments, a 306-unit complex in Omaha. Brett Olson and Jeff Witt of Colliers Mortgage originated the 10-year loan, which features interest-only payments for the full term. Highline Apartments consists of two buildings connected by a covered parking garage. Community amenities include rooftop decks, basketball courts, a business center, fitness center, outdoor pool and clubhouse.
WASHINGTON, D.C. — The Biden administration has called on Congress to pass rent-control legislation that would affect more than 20 million rental homes across the country. Under the proposed rule, landlords with more than 50 units in their portfolios would forfeit federal tax breaks if they raise rents annually more than 5 percent on their existing units. If passed, this rule would be in force beginning this year and would last through 2026. The plan would include an exception for new construction and for units currently undergoing substantial renovation or …
— By Mike Branam, director of multifamily, PointCentral Renters increasingly desire smart technology features and personalized automation that can save time, money and improve property security. A 2022 survey from Rent.com reported that a staggering 82 percent of renters wanted at least one smart device in their home. This has encouraged property owners and operators to invest in technology as part of a wider strategy to both attract and retain a resident base that is a good fit for their communities. Technological advancements such as artificial intelligence (AI), as well …
BROWNSBURG, IND. — Flaherty & Collins Properties has opened Phase II of The Arbuckle Apartments in the western Indianapolis suburb of Brownsburg. The community is located at 7240 Arbuckle Commons. The first phase of the property was constructed in 2018 and offers 310 units ranging in size from studios to two-bedroom townhomes. According to the property website, the second phase brings approximately 100 more apartments to the community.
KANSAS CITY, MO. — JLL Capital Markets has arranged a $12.7 million equity investment for the construction of Waldo District in the Waldo neighborhood of Kansas City. JLL worked on behalf of the borrower, EPC Real Estate Group, to secure the equity investment with a national fund manager. Mark Erland and Kevin Barron led the JLL Capital Markets team. Atlanta-based architect BRR designed the community. Waldo District will comprise 284 units across six stories. Community amenities will include a clubhouse, media area with wine lounge, golf simulator and e-sports, fitness center, …
Empty nesters and millennials with children are increasingly drawn to new subdivisions of build-to-rent (BTR) houses for lifestyle and financial reasons. These professionally managed BTR homes come in many shapes and sizes. For a growing family, a new three- or four-bedroom rental house might be the ideal fit. Renters who don’t need a lot of space, but who value private parking and a modest backyard, can move into a one- or two-bedroom cottage-style home. These properties provide more living space and privacy than a typical apartment and at a more …
LENEXA, KAN. — Walker & Dunlop has arranged $29.6 million in federal Low-Income Housing Tax Credit equity for Canyon Creek East, an affordable housing development in the Kansas City suburb of Lenexa. The borrower, MRE Capital, plans to use the funds to finance 40 percent of the project’s total development costs. Jennifer Erixon led the Walker & Dunlop Affordable Equity team that arranged the equity. Canyon Creek East will comprise 212 units across five buildings. The community will target households earning between 30 and 80 percent of the area median …
CHICAGO — Related Midwest has broken ground on 400 Lake Shore, a two-tower waterfront development located in the Streeterville neighborhood of Chicago’s Near North Side. The first phase of 400 Lake Shore will comprise a 72-story tower featuring 635 units. Of the total unit count, 20 percent (127 units) will be designated as affordable housing. Apartments will come in studio, one-, two- and three-bedroom floor plans. LR Contracting Co., Related Midwest’s in-house contracting company, will construct the first building alongside BOWA Construction. Skidmore, Owings & Merrill designed the project. MAWD …
CHICAGO — Concord Summit Capital LLC has arranged $10 million in mezzanine financing for the construction of a community in Chicago. Once completed, the property will offer amenities such as a fitness center, lounge, game room, private event space, outdoor pool and ground-floor co-working spaces. Daniel Eidson, David Larson and Keegan Burger of Concord Summit arranged the financing, which included a senior loan with a C-PACE component. The lender and borrower were not disclosed.