Midwest

Trostel Square in Milwaukee
Investment SalesMidwestNewsWisconsin

MLG Capital Acquires Three Properties in Metro Milwaukee

by Channing Hamilton

MILWAUKEE AND BROOKFIELD, WIS. — MLG Capital has acquired three communities — Trostel Square, Norhardt Crossing and Norhardt Apartments — in the Milwaukee metropolitan area for an undisclosed price. The seller and sales price were not provided. Trostel Square is a 99-unit property located in the Brewers Hill neighborhood of Milwaukee. Norhardt Crossing and Norhardt Apartments are both located in the Milwaukee suburb of Brookfield. Together, the two properties comprise 211 units and share a full amenity set at Norhardt Crossing.

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Woodlands of Crest Hill in Crest Hill, Illinois
IllinoisInvestment SalesMidwestNews

JLL Capital Markets Brokers $95 Million Sale of Woodlands of Crest Hill in Chicago Suburb

by Channing Hamilton

CREST HILL, ILL. — JLL Capital Markets has negotiated the $95 million sale of Woodlands of Crest Hill, a 730-unit community in the southwest Chicago suburb of Crest Hill. Kevin Girard, Mark Stern and Zach Kaufman led the JLL Investment Sales Advisory team that represented the sellers, a fund managed by DRA Advisors and Marquette Cos. The buyer was not disclosed. Woodlands of Crest Hill was built in 1972 and has undergone various renovations since 2018. The property offers studio, one- and two-bedroom units, with an average size of 649 square feet. Amenities …

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The Brainard Apartments in Detroit
Leasing & MarketingMichiganMidwestNews

Friedman Communities Awarded Management of 1,500-Unit Portfolio in Detroit

by Channing Hamilton

DETROIT — Friedman Communities, a Friedman Real Estate company, has taken over managing services for a portfolio of more than 1,500 units within the city of Detroit, including several historic buildings. The portfolio is focused on neighborhoods such as Midtown, Southwest Detroit and the East Jefferson corridor. Friedman Communities plans to renovate units within the historic buildings with stainless steel appliances, quartz countertops, new cabinetry and tiled showers.

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Astoria Park Apartments in Indianapolis
IndianaInvestment SalesMidwestNews

Morgan Properties Acquires 470-Unit Astoria Park Apartments in Indianapolis

by Channing Hamilton

INDIANAPOLIS — Morgan Properties has acquired Astoria Park Apartments, a 470-unit property in Indianapolis, for an undisclosed price. The community offers amenities such as a pool, fitness center, tennis courts, playground, dog park and pet wash station. Morgan Properties plans to invest $4 million in renovations, including upgrading unit interiors, expanding amenities and integrating smart home technology.

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The Darby at Briarcliff in Kansas City, Missouri
DevelopmentMidwestMissouriNews

The Opus Group Completes Development of The Darby at Briarcliff in Kansas City, Missouri

by Channing Hamilton

KANSAS CITY, MO. — The Opus Group has finished constructing The Darby at Briarcliff, a 255-unit development in Kansas City. Owned by Balboa Real Estate Partners, The Darby at Briarcliff consists of two buildings, a four-story building with 186 units and a three-story building with 69 units. The property also includes 250 surface car parking spaces, 46 stand-alone garages, 78 carports and 120 covered bicycle storage spaces. Amenities include a pool, lounge with billiards, private event space, fitness center, work-from-home lounge, complimentary coffee bar, pet spa and dog run. The Opus …

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Robert Hicks Occupancy Asset Living
Content PartnerFeaturesIndustry ContentLeasing & MarketingMidwestNortheastOperationsSoutheastTechnologyTexasWestern

Asset Living Emphasizes Occupancy, Efficiency as Market Conditions Soften

by Sarah Daniels

Sensing a shift in the wind, multifamily property manager Asset Living is preparing for a bumpier leasing environment amid rising supply, slowing rent growth and overall economic uncertainty. While an adjustment, it shouldn’t come as a complete shock, says Robert Hicks, an Asset Living division president in charge of the conventional multifamily business in the western United States. Over the past handful of years, the sector has enjoyed some of the highest occupancies he has seen in his 25-year career in the industry, he points out. At the same time, …

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Affordable HousingDevelopmentFinanceMidwestMinnesotaNews

Lupe Development Partners, Wall Cos. Plan to Demolish Former Minneapolis Public Works Building for Affordable Housing Development

by Channing Hamilton

MINNEAPOLIS — Lupe Development Partners and Wall Cos. are planning to demolish the former Minneapolis Public Works storage building to construct Snelling Yards, a 90-unit affordable community. The project is a joint venture with Ecumen, which owns the adjacent 100-unit affordable seniors housing development, The Hillock. Lupe Development Partners and Wall Cos. were granted development rights to the property in 2017. Snelling Yards will offer three- and four-bedroom units. Of the total unit count, 26 will be reserved for residents who earn up to 30 percent of the area median …

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Affordable HousingDevelopmentFinanceMidwestNebraskaNews

The Annex Group to Develop $52.7 Million Affordable Housing Community in Lincoln, Nebraska

by Channing Hamilton

LINCOLN, NEB. — The Annex Group is developing Union at Antelope Valley, a $52.7 million affordable housing community in Lincoln. Partners on the project include BVH Architecture, REGA Engineering Group and Summit LIHTC Consulting. US Bancorp Impact Finance provided more than $21 million in federal Low-Income Housing Tax Credit equity financing, while Cedar Rapids Bank & Trust provided more than $25 million in debt financing. Annex’s construction arm, Annex Construction of Nebraska LLC, is the general contractor. Situated on 1.7 acres within the eastern portion of downtown Lincoln, Union at …

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Industry VoicesInvestment SalesMidwestNortheastSoutheastTexasWestern

The 411 on 1031s: What to Know Before Making a Tax-Deferred Swap in the Multifamily Sector 

by Channing Hamilton

1031 exchanges are an effective way for investors to protect their capital. They also historically have experienced strong fundamentals in the long term. Why, then, aren’t more multifamily investors taking advantage of tax-deferred swaps? Many property owners simply lack the expertise and industry connections to source acquisition opportunities that meet their objectives. This is especially true considering the tight timeframe many 1031 exchanges operate under, as these types of deals have a built-in ticking clock. Once an investor sells an asset, he or she has 45 days to identify a …

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The OsLo in Overland Park, Kansas
DevelopmentKansasMidwestNews

Ryan Cos. Breaks Ground on 413-Unit The OsLo in Overland Park, Kansas

by Channing Hamilton

OVERLAND PARK, KAN. — Ryan Cos. has broken ground on The OsLo, a 413-unit complex in the Kansas City suburb of Overland Park. The project will rise four stories at the intersection of 135th Street and Antioch Road. Amenities will include smart technology, a spa, yoga studio, golf simulator, sound studio, coworking areas, a pool, pond and dog park.  The OsLo is being built in partnership with operating partner EPC Real Estate Group. Ryan Cos. is serving as the developer, builder and capital markets provider. NSPJ Architects is the architect, …

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