Despite the persistent housing shortage, landlords are having a more difficult time qualifying potential residents, especially non-traditional applicants who don’t check the usual boxes for credit and employment history. Renters are also facing bigger hurdles for income, credit and up-front deposits. “It has become increasingly expensive and challenging to rent an apartment in the United States,” says Eben MacNeille, senior director of sales at TheGuarantors. The New York-based financial technology company serves the multifamily industry by providing lease guarantees, security deposit replacements and renters insurance and compliance solutions. Today’s renter …
Midwest
OMAHA, NEB. — CBRE has secured a loan for the refinancing of The Pines at Q Plaza Apartments, a 505-unit community in Omaha. John Larsen of CBRE Capital Markets’ Debt and Structured Finance team in Omaha secured the 10-year, full-term interest-only loan through Freddie Mac. The total loan amount was not disclosed. The company purchased the property in 1985 and will use a portion of the loan to renovate the common areas of all units. The Pines at Q Plaza is located at 8633 Q Plaza. Built in 1974, the …
SOUTH ELGIN, ILL. — Continental Properties has broken ground on Authentix South Elgin, a 336-unit development in South Elgin, approximately 45 miles west of Chicago. Authentix South Elgin will offer studio, one-, two-, and three-bedroom floor plans. Amenities include a pool, clubhouse, outdoor grill area, fitness center and a leash-free dog park with a pet spa. Pre-leasing is slated to commence in the spring of 2025. Move-ins will begin once the community clubhouse and first residential building are completed in late summer 2025. The property is located at the corner …
There is an urgent need for more affordable housing in the United States. For every 100 extremely low-income renter households, there are just 36 affordable units available for rent, according to a March 2024 report from the National Low Income Housing Coalition (NLIHC). Despite widespread attention on this issue — including at the state and federal levels — the supply shortage has continued. Municipalities across the United States continue to struggle to address symptoms of the affordable housing crisis, such as homelessness and rising housing costs. The NLIHC reports that there is …
ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of Wheelock Parkway Apartments, a 103-unit community located at 1609 N. Woodbridge St. in St. Paul, for an undisclosed price. Wheelock Parkway Apartments was built between 1965 and 1967. The property comprises 44 one-bedroom and 59 two-bedroom units across 85,580 square feet of rentable space. Amenities include a pool, laundry facilities, picnic areas, a walking path and playground. Chris Collins, Evan Miller, Eric Wagner, Matthew Shide and Zack Olson of Marcus & Millichap represented the seller, a Minnesota-based limited …
ST. LOUIS — Northmarq has arranged the sale of Westpark Apartments & Townhomes, a 212-unit garden-style community St. Louis. Located at 11409 Tivoli Lane, the property was largely built between 1996 and 2006 with a portion developed in 1969. Units range from 800 to more than 2,000 square feet. Amenities include a pool, fitness center, playground and basketball court. The buyer was a national owner-operator of multifamily properties. The seller was a locally based private investor. Dominic Martinez, Parker Stewart, Charlie McKee and Alex Malzone of Northmarq represented both parties …
Wichita has grown considerably in the past few decades while still maintaining the small-town charm the city is known for. With a population of 397,532 as of the 2020 U.S. Census, Wichita is the largest city in Kansas. The city has grown 4 percent since 2010, when the U.S. Census reported the population as 382,368. The many changes in the city’s demographic makeup and economy have notably changed the multifamily rental housing landscape. Farming remains prevalent in this area, which is tucked into the heart of the Midwest. However, other …
MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride in Living (PPL) have opened Shelby Commons, a 46-unit affordable housing community in the North Loop neighborhood of Minneapolis. The four-story building features one-, two- and three-bedroom units. All of the units are reserved for households earning 30 to 80 percent of the area median income. Amenities include a community room, laundry facility and outdoor spaces such as a rooftop terrace, playground and community gardens. Underground parking is also available on-site. The property will feature two large murals currently underway …
CHICAGO — JLL Capital Markets has arranged the sale and acquisition financing of The Parker, a 29-story apartment tower in Chicago’s Fulton Market district. JDL Development purchased the high-rise community for an undisclosed price. The sellers were institutional investors advised by J.P. Morgan Asset Management and Atlantic Residential. Atlantic Residential, Focus Development and Shapack Partners built The Parker in 2016. The property is located at 730 W. Couch Place, around the corner from the city’s Randolph Street Restaurant Row. The Parker consists of 227 units in studio through three-bedroom layouts. …
CHICAGO — 29th Street Living, the property management division of 29th Street Capital (29SC), has expanded into third-party property management services. The division currently manages more than 55 properties across 23 markets. According to 29SC, 29th Street Living has a resident-first approach and is focused on providing cutting-edge technology and streamlining operations. 29SC is an investment management firm based in Chicago with back-office support in Louisville, Kentucky. The firm has acquired and developed more than 158 properties throughout the nation.