WEST BADEN SPRINGS, IND. — TWG will develop West Baden Lofts, a $9 million affordable community in West Baden Springs, a town in Indiana’s French Link Township. West Braden Lofts will offer 44 units in two- and three-bedroom layouts. The community will be available to households earning between 30 and 60 percent of the area median income. Amenities include a bikeshare program, Wi-Fi connectivity, fitness center, community room, indoor play area, community garden, a playground and in-unit laundry. Construction of West Baden Lofts is expected to begin in June 2023. …
CHICAGO — Crescent Heights has acquired North Water Apartments, a 398-unit property in downtown Chicago’s Streeterville neighborhood. Invesco Real Estate sold the asset for $173 million, according to real estate data firm CoStar Group. North Water Apartments is the multifamily portion of a 50-story building located at 340 E. North Water St. Built in 2015, the community is situated above the Loews Chicago Hotel, which was not included in the sale, and offers studio, one-, two- and three-bedroom floor plans. John Jaeger and Justin Puppi of CBRE represented the seller. …
CHICAGO — Bill Baumann has joined JLL Capital Markets as a Managing Director in the firm’s Chicago office. In this role, Baumann will focus on both apartment investment sales and financing deals in Chicago and the Midwest, representing owners and developers. He will report to Senior Managing Directors Danny Kaufman and Jaime Fink. Prior to joining JLL, Baumann served as as principal and managing broker of Monarch Realty Partners, a Chicago-based multi-housing brokerage firm he co-founded in 2016. He earned his bachelor’s degree from Yale University and his MBA from …
DULUTH, MINN. — High Point Holdings LLC has acquired Irving School Apartments from Sherman Associates for $3.65 million. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL Capital Markets led the team representing the seller. Irving School Apartments is a historic, 44-unit community in Duluth, which is a port city on Lake Superior in Minnesota. The property was built in 1895 and is known for its tall chimney. Irving School Apartments offers expansive studio, one-, two- and three-bedroom units.
BRANSON, MO. — Drever Partners has received a $15.7 million loan to refinance The Penleigh-Branson Row, a 325-unit micro apartment complex in Branson. Franklin Templeton provided the CMBS loan, which includes a 10-year term and a 60 percent loan-to-value ratio. The property was converted from a hotel and was leased up in nine months. CoreVest Finance, a division of Redwood Trust Inc., provided the original financing and construction loan for the conversion. Drever Partners is now raising capital for The Penleigh-Live Oak, which will sit adjacent to The Penleigh-Branson Row. …
WEST BADEN SPRINGS, IND. — TWG plans to begin construction on West Baden Lofts, a $9 million affordable housing community in West Baden Springs, this month. West Baden Springs is a town located in southern Indiana’s French Lick Township. Project funding comes from the Indiana Housing and Community Development Authority, Innovative Veteran Affairs Real Estate, Merchants Capital, Cedar Rapids Bank & Trust and the Town of West Baden Springs. The 44-unit development will offer two- and three-bedroom floor plans. Units will be reserved for households making 30 to 60 percent …
The construction of new build-to-rent (BTR) homes hit a record in 2022, with more than 14,500 houses completed, according to a RentCafe analysis of Yardi Matrix data. This is a 47 percent increase in deliveries from 2021. Now, approximately 44,700 BTR homes are under construction across America, triple the number of new homes completed in 2022. Prior to 2020, RentCafe notes, only about 6,000 BTR units were completed annually. RentCafe cited data from the firm’s sister company, Yardi Matrix. The data includes properties defined as single-family homes for rent that are in build-to-rent, …
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Single-Family Rental, Build-to-Rent Sector Increases Supply Volume, Attracts Institutional Capital
By Jeff Coles, Berkadia Over the last 15 years, even during the Great Recession, single-family rentals continued to deliver excellent returns through appreciation and rental income. As demand for the sector has increased significantly, driven by changing migration patterns, many investors are shifting their investment strategies to include single-family rental/build-to-rent homes (SFR/BTR), also referred to as built for rent (BFR) houses. Development and Interest in SFR/BTR Despite recessionary rumors, development is continuing, often undertaken by some of the leading developers in the for-sale single-family market. Also, institutional investors have shown …
ST. LOUIS — Northmarq has promoted Dominic Martinez to the role of managing director in the St. Louis investment sales office. Since joining Northmarq, Martinez Dominic and the St. Louis/Chicago investment sales team have completed the sales of ~9,000 units totaling over $1 billion since 2021. In his new role, he will lead the St. Louis/Chicago team alongside Parker Stewart and Alex Malzone. Prior to joining Northmarq, Martinez served an associate director at Berkadia’s Kansas City office. Martinez received a Master of Accountancy from the University of Missouri.
CLEVELAND, OHIO — Bellwether Enterprise Real Estate Capital (BWE) has selected DJ Effler as CEO. Effler has served as the company’s president since 2020, where he oversaw operations and numerous investor relationships at BWE’s Columbus, Ohio office. He previously held a position as an executive vice president. Prior to joining BWE, Effler was a life company lender at Nationwide and a private equity investor at Rockbridge Capital. Effler will officially become CEO on July 1. The current CEO, Ned Huffman, will remain as a special advisor to the company.