CHASKA, MINN. — Continental Properties has opened Springs at McKnight Lake, a 280-unit asset in the Minneapolis suburb of Chaska. Situated at 3 Oakridge Drive on the slopes overlooking McKnight Lake, Springs at McKnight Lake provides residents with a direct path to trails and water activities. The community offers studio, one-, two- and three-bedroom units. Amenities include a pool, clubhouse, outdoor grill area, fitness center, car care area and two dog parks.
ST. PAUL, MINN. — Dominium has completed the final phase of Upper Post Flats, an affordable housing project that repurposed buildings at the historic Fort Snelling site in St. Paul. The complex was developed as part of a public-private partnership that included the site’s owner, the Minnesota Department of Natural Resources, the National Park Service, Hennepin County, Minneapolis Park and Recreation Board and the Minnesota Historical Society, which operated the historic fort. Minneapolis-based BKV Group served as the architect. The site comprised 26 buildings across 42 acres, including barracks, an …
PORTAGE AND MT. PLEASANT, MICH. — JLL Capital Markets has negotiated $30 million to refinance Davis Creek Apartments and Canterbury East in Michigan. JLL represented the borrower, The Millennia Cos., to secure the loan through Citigroup Inc. Jillian Mariutti and Alex Staikos led the JLL Capital Markets Debt Advisory team. Situated at 5419 Meredith Street in Portage, Davis Creek Apartments was built in 1969 and renovated in 2013. The property comprises a total of 407 apartments, including 33 studios, 276 one-bedroom and 98 two-bedroom units. Amenities include two enclosed dog parks, …
SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged an $8.5 million loan to refinance a 334-unit multifamily property in the Detroit suburb of Southfield. Dennis Bernard and David Ruff of BFG negotiated the loan through Securian Life Insurance Co. Pine Aire Investors LLC was the borrower.
NAPERVILLE TOWNSHIP, ILL. — Standard Real Estate Investments and The Vistria Group have purchased Haven on Long Grove, a 416-unit naturally occurring affordable housing community in the Chicago suburb of Naperville Township. The buyers acquired the property from Pensam Capital for $94 million. The acquisition includes the assumption of an existing, fixed-rate Fannie Mae mortgage serviced by M&T Bank. John Jaeger of CBRE brokered the off-market transaction. Situated on 34 acres, Haven on Long Grove comprises 248 apartment-units and 168 townhomes. Apartment units come in one- and two-bedroom floor plans. Units …
ST. LOUIS PARK, MINN. — Marcus & Millichap has brokered the sale of Via Sol, a 217-unit property in St. Louis Park. Via Sol was built in 2022 and offers amenities such as an urban art forest, rooftop terrace, fitness center, and underground parking. Bigos-Via Sol LLC acquired the asset from Place E-Generation One LLC. Abe Roberts, head of the Roberts Group of Marcus & Millichap in Minneapolis, along with IPA’s Will Balthrope and Drew Garza, represented the seller in the deal. Will Tansey of the Felhaber Larson law firm …
CHICAGO — Breneman Capital has acquired Adams Laflin Place, a 52-unit property located at 128 S. Laflin Street in Chicago’s West Loop neighborhood. Steve Horvath and Marc Bombicinio of CREW Advising brokered the sale. Brett Hill of Greystone originated acquisition financing. Adams Laflin Place was built in 2020. The property offers seven one-bedroom units and 45 two-bedroom units. Dwelle Properties will manage the community.
CHICAGO — Tishman Speyer has acquired Union West, a 15-story high-rise building in Chicago’s West Loop neighborhood. John Jaeger of CBRE represented the seller, a joint venture led by ZOM Living. According to Crain’s Chicago Business, the asset traded hands for roughly $128 million. Union West was built in 2019 at 939 W. Washington Blvd. The property features 357 units in studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, lounge, entertainment space, a pool, private work and meeting rooms, yoga room, pet spa, dog run and onsite boutique …
CHICAGO — JLL Capital Markets has arranged the sale of 3Eleven, a 245-unit high-rise community in the River North neighborhood of Chicago. Vista Property acquired the property from The John Buck Co. for $76 million. In addition to the sale, JLL worked on behalf of the borrower to secure $47.8 million in acquisition financing through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. Built in 2018, 3Eleven offers studio, one-, two- and three-bedroom apartments. Units feature quartz countertops, plank flooring, …
DES MOINES, IOWA — JLL Capital Markets has arranged $10.6 million in acquisition financing for Harbach Lofts, a 103-unit complex in Des Moines. JLL worked on behalf of the borrower, VareCo, to secure the fixed-rate, ten-year Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, a Fannie Mae DUS lender. Tony Nargi and Will Haass led the JLL Capital Markets Debt Advisory team. Harbach Lofts was originally constructed in 1906 as a furniture warehouse. The property was converted into an apartment community in 2017. Harbach Lofts now comprises …