Midwest

741 N. Wells Apartments
DevelopmentIllinoisMidwestNews

Developer Tops Out Mixed-Use Tower Featuring 168 Apartment Units in Chicago’s River North

by Kari Lloyd

CHICAGO — Developer VISTA Property and general contractor Skender have topped out construction on 741 N. Wells Street, a new mixed-use development in Chicago’s River North neighborhood. The 21-story, 201,000-square-foot development will include 168 units. Community amenities include a rooftop terrace with pool, meeting facilities, exercise area, bicycle storage and parking for roughly 50 vehicles. VISTA Property financed the project with a first mortgage loan from Huntington Bank. In addition to VISTA Property and Skender, the project development team includes Antunovich Associates as architects. Luxury Living Chicago Realty will head …

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Edmund Place, a five-story, dark gray apartment building.
Market ReportsMichiganMidwest

Detroit’s Multifamily Market is Firing on All Cylinders 

by Channing Hamilton

Over the past decade, Detroit has undergone a period of revitalization, both culturally and economically. At the start of the early 2010s, the city’s Midtown and central business districts attracted multiple high-profile investors led by Detroit native and billionaire Dan Gilbert, the founder and chairman of Rocket Cos. (NYSE: RKT), formerly known as Quicken Loans. Gilbert’s hometown pride can’t be denied, and his investment started what is commonly referred to as the “Detroit Renaissance.” After moving the headquarters for Quicken Loans to downtown Detroit from the western suburb of Livonia …

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Coppia, a reflective contemporary-style multifamily building.
DevelopmentIllinoisMidwestNews

Pizzuti Cos. Breaks Ground on 19-Story Coppia Multifamily High-Rise in Chicago’s West Loop

by Channing Hamilton

CHICAGO — The Pizzuti Cos., a private real estate development and management firm based in Columbus, Ohio, has broken ground on Coppia, a 19-story high-rise apartment tower in Chicago.  The 298-unit community will be located at 1101 Van Buren St., which is situated at the southern end of Aberdeen Street in the city’s West Loop district. Pizzuti expects to complete Coppia in 2024.  The property will sit across from a Target store and next to Chicago Transit Authority’s Racine Avenue Blue Line Station, as well as three blocks west of …

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851 W Grand, a gray and green 6-story multifamily building.
IllinoisInvestment SalesMidwestNews

Interra Realty Negotiates $11M Sale of Transit-Oriented Multifamily Property in Chicago

by Channing Hamilton

CHICAGO — Interra Realty has negotiated the sale of a 36-unit, transit-oriented multifamily property in Chicago’s Fulton River district for $11 million. Located at 851 W. Grand Ave., the building features seven studios, 20 one-bedroom units and nine two-bedroom units. Amenities include a bike room, dry-cleaning pickup, tenant storage, a package room and onsite parking. Constructed in 2017, the property was 95 percent leased at the time of sale. The building is situated one block from the Chicago Transit Authority (CTA) Grand Blue Line station and is also in proximity …

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BerkadiaFinanceMichiganMidwestNews

Berkadia Provides $33.8M Acquisition Loan for Multifamily Portfolio in Midland, Michigan

by Channing Hamilton

MIDLAND, MICH. — Berkadia has provided a $33.8 million Freddie Mac loan for the acquisition of a three-property multifamily portfolio totaling 449 units in Midland, a city in central Michigan. The communities within the portfolio include Mulberry Apartments, Robin Oaks and Perrine Pointe. According to Apartments.com, Mulberry Apartments and Robin Oaks were built in the late 1960s, while Perrine Pointe was constructed in 1945. Aaron Moll of Berkadia originated the loan on behalf of the buyer, Michigan-based LG Capital. Income Property Organization was the seller. Loan terms were not provided.

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