Midwest

Summit Square Apartments in Lee's Summit, Missouri

Avanti Residential Acquires $80 Million Summit Square Apartments Near Kansas City, Missouri

by Channing Hamilton May 25, 2023

LEE’S SUMMOT, MO. — Avanti Residential has purchased Summit Square Apartments from NorthPoint Development for $80 million. Built in 2018, Summit Square is a 308-unit community in the Kansas City, Missouri suburb of Lee’s Summit. According to Apartments.com, the property offers one- and two-bedroom floor plans, as well as amenities such as a fitness center, car wash, pool, clubhouse, a lounge and media center. Mac Crowther and Whittaker Potts of Newmark represented NorthPoint Development in the transaction.

May 25, 2023

Finance Indiana Investment Sales Midwest News

Revitate Cherry Tree Acquires Tuscany Bay Near Cincinnati, Closes Fund Activity With $110 Million Portfolio

by Channing Hamilton May 23, 2023

LAWRENCEBERG, IND. — Revitate Cherry Tree has acquired Tuscany Bay, a 96-unit property in Lawrenceburg, approximately 26 miles west of Cincinnati. Built in 1999, Tuscany Bay offers two- and three-bedroom floor plans, as well as amenities such as a clubhouse, pool, playground, TV room and fitness center. The property is located 17 miles from the Amazon Air Hub, a $1.5 billion air cargo facility at the Cincinnati/Northern Kentucky International Airport. With the acquisition of Tuscany Bay, Revitate Cherry Tree has completed investment in its multifamily fund with a $110 million portfolio comprising 841 …

May 23, 2023

Illinois Midwest News People News

Sam Zell, Equity Residential Founder, Champion of REIT Model, Dies at 81

by Channing Hamilton May 23, 2023

CHICAGO — Tributes highlighting the life and legacy of billionaire real estate investor Sam Zell, the charismatic founder and chairman of Chicago-based Equity Residential (NYSE: EQR) who died May 18 at the age of 81, have continued to pour in following his passing. “Sam Zell was one of the most influential individuals, not just in commercial real estate, but in American business writ large. He was a great friend and an advocate on behalf of the multifamily industry,” said former National Multifamily Housing Council Chair David Schwartz in a statement from …

May 23, 2023

Illinois Investment Sales Midwest News

KCB Real Estate Purchases Property at 914 W. Hubbard St. Near Chicago’s Fulton Market District

by Channing Hamilton May 22, 2023

CHICAGO — KCB Real Estate has acquired a 26-unit community in Chicago for an undisclosed price. Built at 914 W. Hubbard St. in 2006, the asset offers a mix of one- to five-bedroom floorplans. Units feature washers and dryers, dishwashers, walk in closets, and patios or balconies. The property is located two blocks from Chicago’s Fulton Market District and approximately two minutes from Google’s Chicago headquarters. The Pasadena, California-based KCB Real Estate plans to renovate the building façades and units, beginning with improvements to the sidewalls and the lobby.

May 22, 2023

A 3D render of Versa, a multifamily building in Indianapolis.

Development Indiana Midwest News

Joint Venture Breaks Ground on $70 Million Versa in Indianapolis

by Channing Hamilton May 11, 2023

INDIANAPOLIS — Local developers Milhaus, Gershman Partners and Citimark have broken ground on Versa, a $70 million mixed-use community in Indianapolis’ Broad Ripple Village. Lake City Bank provided financing for the project. The developers are working with DKGr for architecture and interior design and Civil & Environmental Consultants for civil engineering on the project. Versa will offer 233 studio, one- and two-bedroom units, as well as 245 parking spaces and amenities such as a pool, dog park with a pet spa, lounge, clubhouse, game room, fitness center, conference rooms and coworking space. The property …

May 11, 2023

Market Reports Michigan Midwest

Reinvention of Detroit Accelerates

by Lynn Peisner May 8, 2023

The auto industry is pivoting from the mass production of internal combustion engine vehicles to electric vehicles (EVs), and the Motor City is at the forefront of this transformation. While it’s unclear how long it will take to complete the transition and at what cost, the expected job growth stemming from the billions of dollars flowing into EV investments in Michigan bodes well for metro Detroit’s economy and the multifamily market, say commercial real estate experts. In January 2022, General Motors unveiled plans to invest $6.5 billion and create up …

May 8, 2023

A 3D render of Michigan Street Commons in Milwaukee.

Affordable Housing Development Finance Midwest News Wisconsin

Bear Real Estate Group Secures $20.6 Million in Construction Financing for Michigan Street Commons in Milwaukee

by Channing Hamilton May 3, 2023

MILWAUKEE — Bear Real Estate Group has secured $20.6 million in construction financing for the development of Michigan Street Commons, a 99-unit affordable community in Milwaukee. Cesar Diaz of NewPoint Real Estate Capital originated the loan, which is structured as a 4 percent tax-exempt bond financing. Three series of bonds were issued by the Wisconsin Housing & Economic Development Authority. Raymond James was the LIHTC equity syndicator. Michigan Street Commons will rise five stories and offer one- and two-bedroom floor plans. Approximately 30 percent of units will be affordable to …

May 3, 2023

Investment Sales Midwest Missouri News

Cushman & Wakefield Rep Harbor Group in St. Louis Disposition

by Lynn Peisner May 1, 2023

ST. LOUIS — Cushman & Wakefield’s Midwest multifamily team has arranged the sale of Oxford Hills in St. Louis for an undisclosed price. Matt Stephens, Hannah Ott and George Tikijian represented the seller, Harbor Group International, in its transaction with FPA Multifamily, a San Francisco-based multifamily investor. The property includes 480 units in one-, two- and three-bedroom configurations. Amenities include a resort-style pool, a clubhouse, playground, tennis courts and garage and storage areas. According to Apartments.com, the property is now called ReNew on Lindbergh and rents range from $980 to …

May 1, 2023

Build-to-Rent Company News Development Midwest News Southeast Texas

Core Spaces Launches Build-to-Rent Brand, Plans 8,000-Unit Pipeline

by Lynn Peisner May 1, 2023

CHICAGO — Core Spaces, a Chicago-based developer that was founded in 2010 and specializes primarily in student housing, is debuting a build-to-rent brand called Oxenfree. The company also operates out of an Austin, Texas, office. The first two projects will be developed in Princeton, Texas, and Nashville, Tennessee, and will be completed by approximately 2024. Oxenfree properties will also be constructed in Denver, Dallas, Austin and San Antonio, Texas, Tampa and Orlando, Florida, Charlotte and Raleigh, North Carolina, and Chicago. The communities will be developed as single-family and townhome-style dwellings. The …

May 1, 2023

The pool at Urbana Court, a multifamily property in Brooklyn Park.

Investment Sales Midwest Minnesota News

Turner Impact Capital Acquires Urbana Court in Minneapolis Suburb

by Channing Hamilton April 28, 2023

BROOKLYN PARK, MINN. — Trident Development has sold Urbana Court to Turner Impact Capital for an undisclosed price. Urbana Court is a 207-unit community in the northern Minneapolis suburb of Brooklyn Park. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL Capital Markets represented the seller in the transaction. Urbana Court was completed in 2021. Located in Brooklyn Park’s Twin Cities medical alley, the property offers studio, one- and two-bedroom units. Community amenities include a pool with a pool house, fitness center, pickleball courts and a dog park.

April 28, 2023

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