GRAND RAPIDS, MICH. — Thompson Thrift has sold The Grove, a 320-unit Class A community in Grand Rapids. A private real estate investment firm purchased the community for an undisclosed amount. Jason Krug with Berkadia brokered the sale for Thompson Thrift. Completed in August 2022, the 24-acre community offers a mix of one-, two- and three-bedroom layouts that average 1,200 square feet. Amenities include a resident social lounge, 24/7 fitness center, heated pool and spa, community grilling areas, pickleball courts, dog park and pet spa.
MILWAUKEE — NewPoint Real Estate Capital has provided $20.6 million in construction financing for the development of Michigan Street Commons, a 99-unit affordable housing community in Milwaukee. Kenosha-based developer Bear Real Estate Group is developing the project, which is scheduled for completion in spring 2024. The loan was arranged by Cesar Diaz, a managing director at NewPoint, and structured as a NewPoint Impact 4 percent tax-exempt bond financing. Three series of bonds were issued by the Wisconsin Housing and Economic Development Authority. Raymond James was the LIHTC equity syndicator. Launched …
KANSAS CITY, MO. — Northmarq has arranged the sale of 456-unit Timberlane Village in Kansas City. Gabe Tovar, Jeff Lamott, Parker Stewart and Dominic Martinez of Northmarq’s Midwest investment sales team arranged the sale on behalf of the original developer. The sale price was undisclosed. Daniel Stickane, senior vice president of debt and equity at Northmarq, secured acquisition financing for the buyer, Houston-based Venterra Realty, with a fixed-rate loan through Northmarq’s in-house Fannie Mae team. Built in 1987, Timberlane Village features 456 one-, two- and three-bedroom units across 40 two- …
CHICAGO — Los Angeles-based investment firm ShainRealty Capital has sold an eight-building, 200-unit portfolio located in Kenwood neighborhood on the South Side of Chicago for $28.5 million. The eight-building, value-add portfolio was sold to a locally based syndicate led by Eagle Infinite Investments. Lucas Fryman and Ted Stratman of Interra Realty arranged the transaction. The properties within the portfolio are all within a two-mile radius of each other and are within walking distance from the University of Chicago. Units across the properties consist of primarily two- and three-bedroom units approximately …
CHICAGO — Chicago-based The Habitat Company has secured financing for the second phase of Ogden Commons, a $200 million mixed-use, mixed-income project in the North Lawndale neighborhood on Chicago’s west side. Upon completion, the development will offer over 350 mixed-income units and 120,000 square feet of commercial and retail space. The development will be known as OC Living. With financing in place, construction has already started on OC Living’s first phase, a 92-unit building that will consist of 90 percent affordable units with the remaining units offered at market-rate. Planned …
KANSAS CITY, MO. — Co-developers Brain Group and Mercier Street have started work on the conversion of the former Westport Middle and Westport High School campuses in Kansas City into Park 39, a $250 million live-work-play development. The property will be situated on 16 acres at 39th and McGee streets in the city’s Midtown district. Anchoring the project is The Residences at Park 39, a 138-unit apartment community within the four-story former Westport High School. The Residences are planned to include flexible work areas, a fitness center and mailroom, auditorium …
CHICAGO — The City of Chicago Housing Authority (CHA), Department of Housing and local development company, Related Midwest, have broken ground on Phase 3B of Roosevelt Square, a 160-acre mixed-use development on the near west side of the city. The project is set to create a total of over 2,000 new housing units in the area. Phase 3B includes the construction of three new mid-rise buildings with 92 market-rate units, 80 units for families with CHA subsidies and 50 affordable or workforce apartments. As part of this phase, Related Midwest …
CONNERSVILLE, IND. — Marcus & Millichap has arranged the sale of Turtle Creek Apartments, a 129-unit property located in Connersville. The property was sold to an undisclosed limited liability company for $5.6 million. Aaron Kuroiwa and Tony Rogers from Marcus & Millichap’s Indianapolis office represented both the seller, an undisclosed limited liability company, and the buyer in the transaction. Turtle Creek Apartments is located at 3600 Western Ave. in Connersville. The apartments consist primarily of studio and one-bedroom units and recently underwent capital improvements including a new roof, parking lot, …
INDIANAPOLIS — Olive Tree Holdings, a New York-based private investment company, has begun a $6 million modernization of The Life at Creekside Reserve located in Indianapolis. Improvements to the 320-unit, garden-style complex are slated for completion in the third quarter of 2024. Situated on more than 28 acres of land, The Life at Creekside Reserve is a gated community comprised of 16 three-story buildings, and 320 units across a mix of one-, two- and three-bedroom layouts. Current amenities at the propertyinclude a daycare facility, clubhouse, fitness center, playground, laundry facilities …
CHICAGO — Locally based Kiser Group has arranged the sale of 155-unit Anderson Point in Chicago’s Andersonville neighborhood for $53 million. The transaction was arranged by Lee Kiser, Katie LeGrand and Jacob Price of Kiser Group. The buyer, Lake Street Lofts LLC, purchased the property from MCZ Edgewater Development LLC in a 1031 exchange. Anderson Point is an adaptive reuse of the Edgewater Medical Center and was transformed by the seller in 2021. Anderson Point offers a mix of studio, one-, two- and three-bedroom units. Amenities include indoor parking, in-unit …