Tuesday, November 26, 2024
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Midwest

Briarcliffe Apartments and Townhomes in Lansing, Michigan
Investment SalesMichiganMidwestNews

Eastham Capital, Bender Cos. Acquire Briarcliffe Apartments and Townhomes in Lansing, Michigan

by Channing Hamilton

LANSING, MICH. — Eastham Capital and Bender Cos. have acquired Briarcliffe Apartments and Townhomes, a 308-unit community located in Lansing. Eastham Capital invested in the deal through its current fund, Eastham Capital Fund VI. Bender Cos. has co-invested and will oversee the day-to-day management. Briarcliffe was built in 1976. The property was 94.8 percent occupied at the time of sale. Amenities include an indoor/outdoor pool, fitness center, sauna, garden, playground, dog park, business center and bike share program. The community also borders the South Lansing Pathway, a paved hiking trail …

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Madison Farms in Charlotte, North Carolina
DevelopmentFinanceLeasing & MarketingMidwestNorth CarolinaNortheastOperationsSoutheastTexasWestern

How to Serve the Middle-Class Market

by Channing Hamilton

­— By Ryan Hanks, CEO, Madison Capital — The combination of the flight from urban markets to the suburbs in the work-from-home era, the lack of accessible housing inventory and the rising cost of renting has led to a housing and affordability crisis for middle-class Americans nationally. Faced with its own challenges, including rising labor costs and an increasingly uncertain economic outlook, the multifamily industry has largely struggled to crack the code to arrive at a solution. The good news is that forward-thinking developers are deploying and refining strategies and …

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The Berkley Riverfront sites in Kansas City
Affordable HousingDevelopmentFinanceInvestment SalesKansasMarket ReportsMidwest

Buyers Retreat, Development Peaks in Kansas City

by Channing Hamilton

­While investment sales activity has slowed in the Kansas City apartment market due to the spike in interest rates, development is continuing at a brisk pace. RealPage reports that 8,582 units were under construction in metro Kansas City as of the second quarter. This number is on par with the second quarter of 2022 when 8,422 units were under construction, and significantly higher than the second quarter of 2021 (6,889 units) and the second quarter of 2020 (7,354 units).  Total deliveries in 2023 are expected to rank as the second …

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Belle Oaks Marketplace in Richmond Heights, Ohio
DevelopmentMidwestNewsOhio

DealPoint Merrill Begins Demolishing Mall in Cleveland Suburb for $250 Million Belle Oaks Marketplace Project

by Channing Hamilton

RICHMOND HEIGHTS, OHIO — DealPoint Merill has begun demolishing the historic Richmond Town Square Mall in the Cleveland suburb of Richmond Heights. The mall, which was built in 1966 on 71 acres, will be redeveloped into a mixed-use project called Belle Oaks Marketplace. Once completed, Belle Oaks Marketplace will comprise 40,000 square feet of dining options, 315,000 square feet of retail space, an outdoor entertainment venue and a 791-unit community. The total cost of the project’s development is expected to be $250 million.

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Revital Gadish, CEO, Qira
Industry VoicesLeasing & MarketingMidwestNortheastOperationsSoutheastTexasWestern

Renter-Friendly Security Deposit Legislation Is a Sea Change for Property Managers

by Channing Hamilton

— By Revital Gadish, CEO, Qira — More than a third of Americans rent their homes, according to the U.S. Census Bureau. As such, the political landscape is evolving to fit their needs. An influx of new laws and proposed legislation has ensued, aimed at increasing transparency and fairness and avoiding financial hardship for tenants. Much of the ensuing legislation is focused on security deposits. The strictest of the bills bans security deposits entirely, while others are capping the amount landlords can charge as a security deposit. So far, Texas, …

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IllinoisInvestment SalesMidwestNews

CP Capital Sells 236-Unit The Monarch in Des Plaines, Illinois

by Channing Hamilton

DES PLAINES, ILL. — CP Capital US has sold The Monarch, a 236-unit complex in the Chicago suburb of Des Plaines. The buyer and purchase price were not disclosed. CP Capital completed The Monarch in 2020. The community was fully leased at the time of sale. Amenities include a fitness center, pool, yoga studio, parking garage, game room, pet spa, dog park and clubhouse. The property is adjacent to Forest Preserves of Cook County, which offers numerous outdoor recreational activities and a network of hiking and biking trails.

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The View on Grant in Columbus, Ohio
Investment SalesMidwestNewsOhio

Colliers Arranges $10.8 Million in Acquisition Financing for The View on Grant in Columbus, Ohio

by Channing Hamilton

COLUMBUS, OHIO — Colliers Mortgage has negotiated a $10.8 million in acquisition financing for The View on Grant in Columbus. Zach Shope of the Colliers Mortgage Atlanta office arranged the loan through Fannie Mae on behalf of an undisclosed buyer. The View on Grant is the adaptive reuse of a former five-story steel pressing factory. The community include 86 units, as well as a public café and a 43-space automatic stacked parking garage.

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BerkadiaInvestment SalesMidwestMissouriNews

Berkadia Negotiates Sale of 120-Unit Majestic Stove Lofts in St. Louis

by Channing Hamilton

ST. LOUIS — Berkadia has brokered the sale of Majestic Stove Lofts, a 120-unit community in St. Louis. Built in 2006 at 2017 Washington Ave., Majestic Stove Lofts was 96 percent occupied at the time of sale. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, St. Louis-based Regency Realty Co. LLC. A California-based buyer acquired the asset. The sales price was not disclosed.

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The Bowline in Champlin, Minnesota
Architecture & DesignDevelopmentIndustry VoicesMidwestMinnesota

Architecture Spotlight: Bowline in Champlin, Minnesota, Weaves History Into Residential Design

by Channing Hamilton

The 160-acre Mississippi Crossings site in Champlin, Minnesota, was a thriving commercial district in the early part of the 20th century. From the 1980s until the early 2000s, however, the area had been in decline for many years and was mostly known for its dilapidated commercial buildings, according to the City of Champlin. After a few redevelopment efforts started and stalled, the city entered into a development agreement in 2019 with Greco to be master developer of 12 acres within the Mississippi Crossings site. Greco is a Minneapolis-based commercial developer, …

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Build-to-RentDevelopmentIndianaInvestment SalesMidwestNews

CenterSquare Acquires 80-Unit Build-to-Rent Development Site in Westfield, Indiana

by Channing Hamilton

WESTFIELD, IND. — CenterSquare has acquired Casey Corner, an 80-unit build-to-rent community currently under construction in the Indianapolis suburb of Westfield. The final deliveries of the townhome-style units are slated for February 2024. Units average 1,750 square feet with three bedrooms and attached two-car garages. The acquisition of completed homes will occur in stages as the project is built. The seller and purchase price were undisclosed.

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