DICKINSON, N.D. — Friedman Real Estate brokered the sale of West River Apartments. Rich Deptula and Steven Silverman represented both the seller and purchaser in the transaction. West River Apartments is 234-unit community in Dickinson, a city in Stark County, North Dakota. The community offers studio, one-, two- and three-bedroom units, according to the property website. Amenities include a fitness center, 24-hour emergency maintenance and a dog park.
MINNEAPOLIS — Northmarq arranged $21.7 million in refinancing for Oaks Minnehaha Longfellow, a 179-unit property in Minneapolis. Mike Padilla of Northmarq’s Minneapolis office led the debt and equity team that arranged the transaction. The transaction was structured on a 5-year term with 3 years interest, followed by a 35-year amortization schedule. Freddie Mac provided the loan. The borrower was not disclosed. Oaks Minnehaha Longfellow was built in 2020. Units include stainless steel appliances, quartz countertops, in-unit washers and dryers, balconies and patios, wood-style flooring, high speed internet access and intercom system.
CHICAGO — The Community Builders has broken ground on 4715 N Western, a 63-unit mixed-income community in Chicago’s Lincoln Square neighborhood. The building will rise six stories and offer studio, one- and two-bedroom floor plants. Amenities include a lounge, terrace, bike storage, package room and resident parking. The property will also include 5,500 square feet of ground floor commercial space and 18 public parking spaces on the second floor. 4715 N Western will be affordable to households earning between 30 and 80 percent of the area median income. The City of …
FISHERS, IND. — Thompson Thrift has opened Slate at Fishers District, a 242-unit build-to-rent community in the Indianapolis suburb of Fishers. Located on a 25 acre site adjacent to the Fishers District shopping center, Slate at Fishers District offers one-, two- and three-bedroom villas, as well as three- and four-bedroom townhomes. Amenities include a clubhouse, fitness center, pool with cabanas, dog parks and pet spas. The community’s first residents began moving in during May. The property is currently still under construction and is slated for completion in early 2024.
CBRE has dubbed the Indianapolis apartment market “The Star of the Midwest” due to a combination of factors: its business-friendly climate, bustling life sciences and technology sectors, and exceptional rent growth. The giant real estate services firm points out in its 2023 Indianapolis Multifamily Market Overview that Indianapolis led the nation in year-over-year effective rent growth in October, November and December 2022 based on data from Yardi Matrix. In December, Indy posted an 11.4 percent increase in effective rents on an annual basis, the only metroplex to produce double-digit year-over-year growth. Despite …
GREENWOOD, IND. — The Garrett Cos. has broken ground on Oliver Springs, a 226-unit townhome-style development in the southern Indianapolis suburb of Greenwood. According to project plans from the developer, Oliver Springs will comprise 21 residential buildings on a 16-acre site. Amenities include a clubhouse with a pool and outdoor kitchens, a dog park and an 8’ sound wall on the southern property line. The project is slated to complete in spring 2025. Rezoning for the project was approved by the Greenwood City Council on July 18.
GREENWOOD, IND. — The Garrett Cos. is approaching completion on The Hangar, a 218-unit community in the Indianapolis suburb of Greenwood. The first building, which comprises 62 units, was completed in June and plans to open for residency in mid-July. The building will also include Garrett Restaurant Group’s first coffee shop, Runway 19, which is expected to open fall 2023. Other amenities at The Hangar will include a fitness center, valet trash and recycling, package delivery kiosks, a bike repair station, a pool with a hot tub, outdoor kitchens with gas …
— By Brian Ball and Revital Gadish, co-CEOs, Qira — Much of the news about property technology (proptech) concerns the physical features of apartment buildings — for example, appliances such as smart thermostats that save energy and money, or keyless entry and monitoring systems that are more convenient and secure. However, proptech also addresses intangible concerns, such as the societal push to give more power to renters in their relationships with owners and managers. The sector is rethinking how renters pay security deposits and monthly rents in ways that support …
WATERLOO, IOWA — The Annex Group will develop Union at North Crossing, an affordable community in Waterloo, which is in Black Hawk County, Iowa. Union at North Crossing will be a garden style complex offering 180 units across five buildings. Units will come in one-, two- and three-bedroom layouts. The community will be affordable to households earning at or below 60 percent of the area median income. Union at North Crossing is slated to open in summer of 2024. Iowa Finance Authority issued the tax credit award and $25 million …
MINNEAPOLIS — Woda Cooper Cos. has broken ground on Shelby Commons, a 46-unit affordable community in the North Loop neighborhood of downtown Minneapolis. Amenities will include a community room, underground parking, a second-floor rooftop terrace, playground and community gardens. The property will also offer 2,000 square feet of public art across two large-scale exterior murals commissioned by Juxtaposition Arts. A timeline for the project’s completion was not provided. Financing for the project from Low-Income Housing Tax Credits allocated by the Minnesota Housing Finance Agency and the City of Minneapolis. Merchants …
