Midwest

Roselle Luxury Apartments in Roselle, Illinois
IllinoisInvestment SalesMidwestNews

DMG Capital, JDI Realty, The Wolcott Group Acquire Roselle Luxury Apartments Near Chicago

by Channing Hamilton

ROSELLE, ILL. — A partnership consisting of DMG Capital, JDI Realty and The Wolcott Group has acquired Roselle Luxury Apartments in the western Chicago suburb of Roselle. DMG Capital is the multifamily investment affiliate of Chicago-based Daniel Management Group (DMG). DMG has managed Roselle Luxury Apartments since September 2022. Post-acquisition, the company will continue to manage the property and will lease it through DMG Leasing. Roselle Luxury Apartments offers 72 units, all of which include two bedrooms and two full bathrooms.

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Cortona at Forest Park in St. Louis, Missouri
Investment SalesMidwestMissouriNews

Passco Cos. Acquires 278-Unit Cortona at Forest Park in St. Louis, Missouri

by Channing Hamilton

ST. LOUIS, MO. — Passco Cos. has acquired Cortona at Forest Park, a 278-unit complex in St. Louis, from Invesco Real Estate for an undisclosed price. Kevin Girard, Mark Stern and Zach Kaufman of JLL Capital Markets brokered the deal. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group negotiated acquisition financing on behalf of the buyer. Cortona at Forest Park was constructed in 2014 and is located at 5800 Highlands Plaza Drive. The property is comprised of one residential building on a 4.8-acre site. Units come in studio, one- and two-bedroom floor …

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A property in North Dakota.
FinanceMidwestNewsNorth Dakota

Bernard Financial Group Arranges $24.8 Million for 603-Unit Portfolio in North Dakota

by Channing Hamilton

WATFORD CITY, DICKINSON, NEW TOWN, KILLDEER AND TIOGA, N.D. — Bernard Financial Group (“BFG”) has negotiated a $24.8 million CMBS loan for a 603-unit portfolio in North Dakota. The portfolio includes communities in Watford City, Dickinson, New Town, Killdeer and Tioga. BFG will provide full cashiering servicing for this loan. Dennis Bernard and Joshua Bernard originated the financing. The borrowing entity was Creekside Owner LLC, Fox Run Owner LLC, Killdeer Highlands Owner LLC, Pheasant Ridge Owner LLC, Timber Cove Owner LLC, Raven Ridge Owner LLC and Custer Crossing Owner LLC.

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Affordable HousingDevelopmentIllinoisMidwestNews

NHP Foundation Opens 30-Unit Affordable Housing Redevelopment Project in Chicago

by Channing Hamilton

CHICAGO — The NHP Foundation (NHPF) has opened Covent Apartments, the redevelopment of the former Covent Hotel in Chicago’s Lincoln Park neighborhood. The 30-unit affordable housing property is now a single-room occupancy (SRO) property. SRO housing is defined as a residential property that includes multiple single-room units, according to HUD. The total cost of development for the project was $21.6 million, including $7.9 million in federal Low-Income Housing Tax Credits and historic tax credits, $5 million of City Home and Affordable Housing Opportunity Funds, $3.1 million in Illinois Housing Development …

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Investment SalesMidwestMinnesotaNews

Marcus & Millichap Brokers $7.5 Million Sale of The Commons in Inver Grove Heights, Minnesota

by Channing Hamilton

INVER GROVE HEIGHTS, MINN. — Marcus & Millichap has negotiated the $7.5 million sale of The Commons, a four-building property in the St.Paul, Minnesota suburb of Inver Grove Heights. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the undisclosed buyer and seller. The Commons was built in 1987 at 8213 College Trail. The community comprises 60 units. The property has undergone renovations for new countertops, appliances and cabinetry..

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Investment SalesMidwestNewsWisconsin

Marcus & Millichap Arranges Sale of Three-Property Portfolio in Wisconsin

by Channing Hamilton

MANITOWOC, MCFARLAND AND MADISON, WIS. — Marcus & Millichap has arranged the sale of a 158-unit multifamily portfolio in Wisconsin. The properties include Benley Manor, Central Park West, Woodland Commons and The Trafalgar Apartments. Matthew Whiteside of Marcus & Millichap represented the seller and the buyer. Both parties were private investors. Benley Manorf and Central Park West are both located in Manitowoc, a city on Lake Michigan. The properties were built between 1996 and 1998 and offer townhome-style units. Woodland Commons is a community in McFarland that was built between …

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IllinoisInvestment SalesMidwestNews

Breneman Capital Purchases 47-Unit Ashland Place in Chicago

by Channing Hamilton

CHICAGO — Breneman Capital has purchased Ashland Place, a 47-unit property located at 33 S. Ashland Ave. in Chicago’s West Loop neighborhood. The purchase price and seller were not disclosed. Ashland Place was built in 2018 and features two one-bedroom units and 45 two-bedroom units. Breneman Capital assumed a loan on the property that features a 73.5 percent loan-to-value ratio, a fixed interest rate of 4.6 percent and roughly five years of remaining term. Dwelle Properties will manage the asset.

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Discovery Park in Lee’s Summit, Missouri
DevelopmentMidwestMissouriNews

Intrinsic Development Breaks Ground on $900 Million Discovery Park in Lee’s Summit, Missouri

by Channing Hamilton

LEE’S SUMMIT, MO. — Intrinsic Development has broken ground on Discovery Park, a $900 million mixed-use project in the southeast Kansas City suburb of Lee’s Summit. Plans for Discovery Park include 2,791 apartments within a development named Alura, as well as two hotels, office space, medical office buildings and retail space. The 3.9 million-square-foot development will span 268 acres near I-470 and Saint Luke’s East Hospital. Discovery Park will be constructed in four phases from now until 2031. The first phase is The Village, which will include 585 apartment units, …

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FeaturesFinanceIllinoisLeasing & MarketingMidwest

Origin Investments: Annual Class-A Multifamily Rent Growth Will Return to Positive Territory by January 2025

by Channing Hamilton

CHICAGO — Chicago-based Origin Investments forecasts that year-over-year national Class-A apartment rent growth will normalize by January 2025 and range from 2 to 3 percent, in keeping with historical rent growth averages. However, Origin also cautions that “unquantifiable risks” loom large over the market and could have broad implications for multifamily properties. The findings are from the company’s Multilytics Rent Growth Forecast Report. “The return to normalization has been expected because the rent growth levels of 2021 and 2022 were unsustainable. We are now paying for the distortions of the …

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FinanceIndianaMidwestNewsOhioSoutheastTennessee

United Church Homes Secures $11.5 Million in Financing for Four Properties

by Channing Hamilton

MARION, OHIO — United Church Homes, a Marion-based non-profit organization that specializes in developing affordable and mixed-income communities, has secured $11.5 million to refinance four properties in Ohio, Indiana and Tennessee. Lument provided the financing. Lument’s Paul Weissman and Andy Nicoll led the transactions. The four refinanced loans were completed under the FHA Section 223(f) program and closed between May and September. The financing includes: $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit complex in Fort Wayne, Indiana; $2.3 million …

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