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 …
BLOOMINGTON, IND. — Gray Capital, a private equity firm based in Indianapolis, has acquired Echo Park Apartments, a 154-unit luxury community located in Bloomington for an undisclosed price. The property will be managed by Gray Capital’s property management company, Gray Residential. Echo Park is the fourth property acquired through the company’s $100 million multifamily investment fund, The Gray Fund. Other properties acquired with the fund include Sycamore Terrace in Terre Haute, Indiana, Club Meridian in Lansing, Michigan, and Stonybrook Commons in Indianapolis.
CHICAGO — Lendlease has begun pre-leasing at The Reed at Southbank, located at 234 W. Polk St. in Chicago’s South Loop. A 41-story residential tower including rental and for-sale units, The Reed is the second building Lendlease is developing as part of Southbank, its 7-acre master-planned community situated along the Chicago River. The Reed at Southbank features 224 apartments on floors nine through 22, including studio to three-bedroom floor plans ranging from 544 to 1,417 square feet. Prices begin at $2,160 for studios, $2,230 for convertibles, $2,500 for one-bedrooms, $3,710 …
DETROIT — Bedrock has unveiled plans for the Development at Cadillac Square, a 1.5 million-square-foot mixed-use development in downtown Detroit. The Development at Cadillac Square project is the latest incarnation of a previously delayed plan, which was announced in 2016, according to The Detroit News. The development will be situated between Monroe and Randolph streets, adjacent to Campus Martius Park and Cadillac Square. Construction is expected to commence in 2024. Total costs for the project remain undisclosed, according to the Detroit Economic Growth Corp. The project will include 230,000 square …
CINCINNATI — Crawford Hoying, a real estate developer based in suburban Columbus, has acquired The Banks, a two-property, 592-unit project located in Cincinnati. The property was sold by Nicol Investment Company for an undisclosed price. The Banks project consists of two properties, Current at the Banks and Radius at the Banks, totaling 592 units. In addition, the development has approximately 100,000 square feet of ground-floor retail. Located between Cincinnati’s MLB and NFL stadiums, the riverfront portfolio at The Banks connects the city grid and downtown to the historic riverfront. The …
INDIANAPOLIS — Indy Eleven and Keystone Group will break ground on Eleven Park, a mixed-use project in the southwest quadrant of downtown Indianapolis in May. The development will include a 20,000-seat multipurpose stadium, 600 rental units, 205,000 square feet of office space, more than 197,000 square feet of retail space, a hotel and public parking garages. The Indianapolis Star reports the project has a price tag of $1 billion. Eleven Park will also feature a public plaza and green spaces featuring an outdoor stage with free concerts, a play zone, outdoor activities, …
ZIONSVILLE, IND. — Developers Pittman Investors and Scannell Properties have begun work on the first phase of Pittman Farms, a mixed-use development in Zionsville, a northwest suburb of Indianapolis. The 48-acre development will feature a mix of retail amenities and a 400-unit apartment development. The first phase will include land preparation and infrastructure for the entire development and the three-building, four-story, 400-unit apartment development. Planned amenities include a golf simulator, saltwater pool, fitness lab, library, work-from-home space, dog park, covered parking and an outdoor pavilion. Phase one is expected to …
BLOOMINGTON, IND. — Indianapolis-based developer The Annex Group has started work on a 102-unit workforce housing community in Bloomington. The Annex of Bloomington will be located at the corner of Third and Grant St. in an area called the University Village Downtown Character Overlay District. The development is set to include enclosed parking and ground-floor retail space. Construction is scheduled for completion in spring 2023. Project partners include Gilliatte General Contractors, Inc., architect KTGY, engineering firm Smith Design Group Inc. and STAR Financial Bank, which has provided $18.1 million …
LINCOLN, NEB. — Indianapolis-based developer The Annex Group has started work on Union at Middle Creek, a 192-unit affordable housing community in Lincoln. The $34.4 million development will be located at 2643 W. Timberlake Drive, and feature 192 units targeting people who make up to 60 percent of the area median income (AMI). Property amenities will include a clubhouse, fitness center, nature trail, a balcony or patio for all units, and limited private carport parking. The Annex Group will also create a Community Impact Plan specific to Union at Middle …
Often dubbed the Wall Street of Chicago, the LaSalle Street corridor historically has been the location of choice for big business in the Windy City. However, in recent years the corridor has suffered from significant vacancies largely due to the remote work trend of the pandemic and an overall shift to remain remote permanently. In response, Chicago’s employers either downsized office space or completely left the office environment altogether. Chicago’s overall office vacancy situation has been on an increasing trend for over two years. According to fourth-quarter 2022 data from …