Midwest

The Harlow in Minneapolis
DevelopmentMidwestMinnesotaNews

Roers Locks in $89.6 Million to Fund Two Minneapolis Developments

by Lynn Peisner

CHANHASSEN, MINN — Roers Cos. has secured an $89.6 million financing package to fund development of two adjacent apartment communities in Chanhassen, about 20 miles southwest of Minneapolis. The Bennett Apartments, located at 591 W. 78th St., will feature 184 units and 11,853 square feet of retail space. The Harlow Apartments, at 570 Market St., will include 126 units and 3,029 square feet of retail space. The projects are expected to be complete in 2026. Gary Sefcik in Marcus & Millichap’s New York City office arranged the financing. Kayne Anderson …

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Wesley Place
IndianaInvestment SalesMidwestNews

Wesley Place in Indianapolis Medical District Trades Hands

by Lynn Peisner

INDIANAPOLIS — Standard Real Estate, Arrow Street Development and Belay Investment Group have sold Wesley Place, a 244-unit property to an undisclosed seller for an undisclosed cost. It was 91 percent leased at the time of sale. The property was developed in 2023 in downtown Indianapolis’ Medical District. It is within walking distance to Indiana University Health Campus, a $4.3 billion expansion and redevelopment that broke ground in 2022 and is expected to be complete, with medical offices and retail, by 2027. A JLL Chicago team of Amanda Friant, Ken …

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Federal Hill Apartments in Noblesville, Indiana
IndianaInvestment SalesMidwestNews

Old Town Cos. Sells 222-Unit Federal Hill Apartments Near Indianapolis

by Channing Hamilton

NOBLESVILLE, IND. — Old Town Cos. has sold Federal Hill Apartments, a 222-unit property in Noblesville, 23 miles north of Indianapolis, Indiana. Summit Equity Investments acquired the community for an undisclosed price. Hannah Ott, George Tikijian, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller in the deal. Built in 2024, Federal Hill Apartments offers a mix of studio, one- and two-bedroom units with an average size of 863 square feet. Amenities include a fitness center, pool, indoor pet grooming spa, electric vehicle charging stations …

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Cityville on 9th in Des Moines, Iowa
IowaMarket ReportsMidwest

The Explanation Behind Des Moines’ Pervasive Expansion

by Channing Hamilton

Solid market fundamentals have been difficult to find, with complexities in today’s markets including high insurance premiums, inflated costs and pressures on rents. As with similar cycles in the past, multifamily markets across the Midwest have shown their strength with muted supply, recession-resistant employment diversification and, in a few instances, solid population growth. And among these markets, Des Moines has proven to be exceptionally reliable. Once considered a small but solid capital city, Des Moines has continued to grow over the past two decades — and so has the city’s …

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Residences at Eastbank
DevelopmentFinanceIllinoisMidwestNews

Waterton Contributes Equity for DAC’s Aurora, Illinois, Development

by Lynn Peisner

AURORA, ILL. — Waterton has contributed $16 million in preferred equity for the development of Residences at Eastbank, a five-story, 258-unit, mid-rise project underway in downtown Aurora, about 40 miles west of Chicago. Geneva Capital Group arranged the equity and provided a $45 million senior loan. Further support came from the City of Aurora. Construction began in May 2024 and is expected to be completed in 2026. According to the developer, DAC Developments, the total project cost is $90.4 million. Floor plans will include a mix of studios, one-, two- …

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Federal Hill Apartments in Noblesville, Indiana
IndianaInvestment SalesMidwestNews

CBRE Arranges Sale of 222-Unit Federal Hill Apartments in Noblesville, Indiana

by Channing Hamilton

NOBLESVILLE, IND. — CBRE has arranged the sale of Federal Hill Apartments, a 222-unit multifamily property in the Indianapolis suburb of Noblesville. The sales price was undisclosed. Built in 2024, the asset features a range of studio, one- and two-bedroom floor plans averaging 863 square feet. Amenities include a fitness center, pool, indoor pet grooming spa, electric vehicle charging stations and an outdoor grilling area. There are three onsite retailers — Indie Coffee Roasters, Café Noricha and Bocado. Hannah Ott, George Tikijian, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean …

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Seasons Villas in Woodbury, Minnesota
Investment SalesMidwestMinnesotaNews

Habitat Acquires 214-Unit Rental Townhome Community in Woodbury, Minnesota

by Channing Hamilton

WOODBURY, MINN. — Habitat has acquired Seasons Villas, a multifamily community with 214 townhome-style rental units in the Twin Cities suburb of Woodbury. The purchase price was undisclosed. Seasons Villas features 47 single-story units and 167 two-story units. Floor plans span 960 to 1,160 square feet. Habitat also assumed management of the property. In addition to performing routine asset preservation and maintenance improvements, Habitat plans to enhance the pet-friendly community with the addition of a dog park. The seller was Boston Capital Group, and Willow Bridge Property Co. previously managed …

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The Pines in Fitchburg, Wisconsin
Investment SalesMidwestNewsWisconsin

 FPA Multifamily Buys Two Communities Totaling 674 Units in Fitchburg, Wisconsin

by Channing Hamilton

FITCHBURG, WIS. — CBRE has arranged the sale of The Pines and The Fairways, two properties totaling 674 units in Fitchburg, a southern suburb of Madison. FPA Multifamily LLC purchased the assets from E.J. Plesko & Associates Inc. affiliated entities for an undisclosed price. CBRE’s Gretchen Richards, Patrick Gallagher, Matson Holbrook, Sean Beuche, Abe Appert, Keith Collins and Ted Abramson represented the seller. The Pines is located at 2302 High Ridge Trail near the southeastern end of Nine Springs Golf & Disc Golf Course. Built in 1978, the 305-unit property …

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Jalen Lofts in Trotwood, Ohio
DevelopmentFinanceMidwestNewsOhio

KeyBank Provides $23 Million in Construction Financing for Affordable Housing Community in Trotwood, Ohio

by Channing Hamilton

TROTWOOD, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided $23 million in financing for the construction of Jalen Lofts in Trotwood, roughly 8 miles northwest of Dayton, Ohio. Derek Reed and David Lacki of KeyBank CDLI structured the financing, which includes a $9.8 million construction loan, a $3.7 million permanent loan and $9.4 million in low-income housing tax credit financing.  Jalen Lofts will feature 66 workforce and affordable housing units, which will be available to families who earn between 30 and 80 percent of the area median …

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Equinox Apartments in St. Anthony, Minnesota
Investment SalesMidwestMinnesotaNews

ARTISAN Capital Group, Eastham Capital Acquire 266-Unit Equinox Apartments in Suburban Minneapolis

by Channing Hamilton

ST. ANTHONY, MINN. ­— A partnership between ARTISAN Capital Group and Eastham Capital has purchased Equinox Apartments, a 266-unit property in St. Anthony, about 5 miles north of Minneapolis. Fannie Mae provided an undisclosed amount of financing for the acquisition. Built in 1974 on 17.5 acres, Equinox Apartments features a mix of 151 one-bedroom and 115 two-bedroom apartments. Each unit includes a walk-in closet and patio or deck. Amenities include a clubhouse with entertainment space, indoor and outdoor pools, a fitness center, grilling area, dog park, playground and detached parking …

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