HOFFMAN ESTATES, ILL. — Eastham Capital and Bender Cos. have acquired Haven Hoffman Estates, a 550-unit property in Hoffman Estates, 33 miles west of Chicago. The asset traded hands for $75.8 million. The identity of the seller was not disclosed. Eastham Capital obtained a majority interest in the deal through its current fund, Eastham Capital Fund VI LP. Bender Cos. will oversee the day-to-day management of the property. Built in 1970, the property offers amenities such as a pool, clubhouse, fitness center, work-from-home suites and an outdoor dining area. The …
Midwest
CHICAGO — Habitat has received a $72.9 million Freddie Mac loan, as well as $29.5 million in equity from New York-based Torchlight Investors for the refinancing of Columbus Plaza, a high-rise community located in downtown Chicago. Torchlight Investors joins Habitat as an equity partner in the property. Northmarq arranged the Freddie Mac loan. The refinancing replaces a $93 million loan from 2017 that matured in November. Habitat and its partners will use the new loan and capital structure to plan renovations and other capital improvements. Columbus Plaza consists of 534 …
BROOKFIELD, WIS. — Brookfield-based investment firm MLG Capital has appointed Billy Fox to the position of president and principal. Additionally, the company promoted Dan Price to the role of Chief Investment Officer (CIO) and principal. Fox has been with MLG for 10 years and currently leads the firm’s Legacy Fund. As president, he will lead team building efforts, investment strategy and overall client experience. He will continue to serve on the company’s investment committee. Price has worked with MLG for four years. He currently leads the firm’s Midwest acquisition team …
COON RAPIDS, MINN. — Marcus & Millichap has arranged the $7.3 million sale of Crest Oak Apartments, a 60-unit property in Coon Rapids, roughly 15 miles north of Minneapolis. Built in 1972, Crest Oak Apartments offers a mix of one-, two- and three-bedroom units across 47,150 rentable square feet. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller, which was disposing of a four-building portfolio. The asset sold to a 1031 exchange buyer.
KANSAS CITY, MO. — MLG Capital has acquired Summit Crossing, a garden-style property in Kansas City. Built in phases and completed in 2019, the community features 336 apartments and townhomes. Approximately 60 percent of units are townhomes with attached garages. Residents have access to shared amenities such as two pools, a clubhouse, fitness center, business center and pickleball courts.
KANSAS CITY, MO. — PPR Capital Management (PPR) has acquired Infinity at Plaza West, a 224-unit garden-style community in Kansas City, for $33.6 million. The investment structure includes a total equity investment of $11.4 million, with PPR contributing $10.2 million as the primary equity partner. PPR worked alongside Aspen Funds as the general partner and Petra as co-general partner. Petra will also act as the property manager. Infinity at Plaza West was built in 1949 and offers studio, one- and two-bedroom floor plans, according to Apartments.com. Amenities include a pool, …
ST. LOUIS — ARCO Construction and architect HDA have completed The Rail, a 268-unit project in St. Louis. The Rail comprises 278,659 square feet across four stories. The property also includes a three-level parking garage totaling 94,598 square feet. Tenants have access to amenities such as a gathering kitchen, fitness center, game lounge, theater, coworking spaces and conference rooms. Additionally, the complex offers outdoor amenities, including a pool and grilling area. Monthly rents start at $1,410, according to the property’s website. Units come in studio, one- and two-bedroom floor plans.
CHICAGO — RMK Management Corp. has been named property manager for The Raven Residences, a transit-oriented rental community at 4733 N. Wolcott Ave. in Chicago’s Ravenswood neighborhood. Adjacent to the Ravenswood Metra station and walkable to the CTA’s Damen Brown Line stop, the property features 167 apartments and townhomes across two four-story brick buildings. The Raven was developed by Harlem Irving Cos. in 2023 and is currently 93 percent leased. Rents at The Raven start at $1,777 per month.
UNIVERSITY CITY, MO. — Subtext has begun development of LOCAL on Delmar, a 259-unit project in University City, roughly 10 miles west of St. Louis, Missouri. The development site is located at 6650 Delmar Blvd., about one mile from Washington University. The 398,225-square-foot building will feature a mix of studio, one-, two- and three-bedroom apartments and townhomes. The property will also include a five-story parking garage with 399 parking spaces, as well as approximately 7,100 square feet of street-level retail space. Amenities will include a clubroom, vinyl listening station, work-from-home …
JEFFERSONVILLE, IND. — S&S Properties has acquired Lakeside Gardens, a 360-unit asset located at 4101 Herb Lewis Road in Jeffersonville, just across the Ohio River from Louisville, Kentucky. A joint venture between Denton Floyd Real Estate Group, LDG Development and a private investor sold the property for $67.15 million. Built in 2022, Lakeside Gardens features a mix of one-, two- and three-bedroom units. The average unit size is 1,244 square feet. The community was 95 percent occupied at the time of sale. According to Apartments.com, residents have access to amenities …