Midwest

The Aronson in Fayetteville, Arkansas
Build-to-RentDevelopmentFeaturesMidwestNewsNortheastSoutheastTexasWestern

RentCafe: Number of New Build-to-Rent Projects is Skyrocketing

by Channing Hamilton

The construction of new build-to-rent (BTR) homes hit a record in 2022, with more than 14,500 houses completed, according to a RentCafe analysis of Yardi Matrix data. This is a 47 percent increase in deliveries from 2021.  Now, approximately 44,700 BTR homes are under construction across America, triple the number of new homes completed in 2022. Prior to 2020, RentCafe notes, only about 6,000 BTR units were completed annually. RentCafe cited data from the firm’s sister company, Yardi Matrix. The data includes properties defined as single-family homes for rent that are in build-to-rent, …

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BerkadiaBerkadia FeatureBuild-to-RentContent PartnerDevelopmentFeaturesIndustry ContentLeasing & MarketingMidwestNortheastSoutheastTexasWestern

Single-Family Rental, Build-to-Rent Sector Increases Supply Volume, Attracts Institutional Capital

by Sarah Daniels

By Jeff Coles, Berkadia Over the last 15 years, even during the Great Recession, single-family rentals continued to deliver excellent returns through appreciation and rental income. As demand for the sector has increased significantly, driven by changing migration patterns, many investors are shifting their investment strategies to include single-family rental/build-to-rent homes (SFR/BTR), also referred to as built for rent (BFR) houses. Development and Interest in SFR/BTR Despite recessionary rumors, development is continuing, often undertaken by some of the leading developers in the for-sale single-family market. Also, institutional investors have shown …

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Investment SalesMidwestMissouriNewsPeople News

Northmarq Selects Dominic Martinez as Managing Director in St. Louis Office

by Channing Hamilton

ST. LOUIS — Northmarq has promoted Dominic Martinez to the role of managing director in the St. Louis investment sales office. Since joining Northmarq, Martinez Dominic and the St. Louis/Chicago investment sales team have completed the sales of ~9,000 units totaling over $1 billion since 2021. In his new role, he will lead the St. Louis/Chicago team alongside Parker Stewart and Alex Malzone. Prior to joining Northmarq, Martinez served an associate director at Berkadia’s Kansas City office. Martinez received a Master of Accountancy from the University of Missouri.

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MidwestNewsOhioPeople News

Bellwether Enterprise Real Estate Capital Names DJ Effler as CEO

by Channing Hamilton

CLEVELAND, OHIO — Bellwether Enterprise Real Estate Capital (BWE) has selected DJ Effler as CEO. Effler has served as the company’s president since 2020, where he oversaw operations and numerous investor relationships at BWE’s Columbus, Ohio office. He previously held a position as an executive vice president. Prior to joining BWE, Effler was a life company lender at Nationwide and a private equity investor at Rockbridge Capital. Effler will officially become CEO on July 1. The current CEO, Ned Huffman, will remain as a special advisor to the company. 

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Summit Square Apartments in Lee's Summit, Missouri
Investment SalesMidwestMissouriNews

Avanti Residential Acquires $80 Million Summit Square Apartments Near Kansas City, Missouri

by Channing Hamilton

LEE’S SUMMOT, MO. — Avanti Residential has purchased Summit Square Apartments from NorthPoint Development for $80 million. Built in 2018, Summit Square is a 308-unit community in the Kansas City, Missouri suburb of Lee’s Summit. According to Apartments.com, the property offers one- and two-bedroom floor plans, as well as amenities such as a fitness center, car wash, pool, clubhouse, a lounge and media center. Mac Crowther and Whittaker Potts of Newmark represented NorthPoint Development in the transaction.

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Tuscany Bay in Lawrenceberg, Indiana.
FinanceIndianaInvestment SalesMidwestNews

Revitate Cherry Tree Acquires Tuscany Bay Near Cincinnati, Closes Fund Activity With $110 Million Portfolio

by Channing Hamilton

LAWRENCEBERG, IND. — Revitate Cherry Tree has acquired Tuscany Bay, a 96-unit property in Lawrenceburg, approximately 26 miles west of Cincinnati. Built in 1999, Tuscany Bay offers two- and three-bedroom floor plans, as well as amenities such as a clubhouse, pool, playground, TV room and fitness center. The property is located 17 miles from the Amazon Air Hub, a $1.5 billion air cargo facility at the Cincinnati/Northern Kentucky International Airport. With the acquisition of Tuscany Bay, Revitate Cherry Tree has completed investment in its multifamily fund with a $110 million portfolio comprising 841 …

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Sam Zell
IllinoisMidwestNewsPeople News

Sam Zell, Equity Residential Founder, Champion of REIT Model, Dies at 81

by Channing Hamilton

CHICAGO — Tributes highlighting the life and legacy of billionaire real estate investor Sam Zell, the charismatic founder and chairman of Chicago-based Equity Residential (NYSE: EQR) who died May 18 at the age of 81, have continued to pour in following his passing.  “Sam Zell was one of the most influential individuals, not just in commercial real estate, but in American business writ large. He was a great friend and an advocate on behalf of the multifamily industry,” said former National Multifamily Housing Council Chair David Schwartz in a statement from …

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IllinoisInvestment SalesMidwestNews

KCB Real Estate Purchases Property at 914 W. Hubbard St. Near Chicago’s Fulton Market District 

by Channing Hamilton

CHICAGO — KCB Real Estate has acquired a 26-unit community in Chicago for an undisclosed price. Built at 914 W. Hubbard St. in 2006, the asset offers a mix of one- to five-bedroom floorplans. Units feature washers and dryers, dishwashers, walk in closets, and patios or balconies. The property is located two blocks from Chicago’s Fulton Market District and approximately two minutes from Google’s Chicago headquarters. The Pasadena, California-based KCB Real Estate plans to renovate the building façades and units, beginning with improvements to the sidewalls and the lobby.

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A 3D render of Versa, a multifamily building in Indianapolis.
DevelopmentIndianaMidwestNews

Joint Venture Breaks Ground on $70 Million Versa in Indianapolis

by Channing Hamilton

INDIANAPOLIS — Local developers Milhaus, Gershman Partners and Citimark have broken ground on Versa, a $70 million mixed-use community in Indianapolis’ Broad Ripple Village. Lake City Bank provided financing for the project. The developers are working with DKGr for architecture and interior design and Civil & Environmental Consultants for civil engineering on the project. Versa will offer 233 studio, one- and two-bedroom units, as well as 245 parking spaces and amenities such as a pool, dog park with a pet spa, lounge, clubhouse, game room, fitness center, conference rooms and coworking space. The property …

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District Detroit renderings
Market ReportsMichiganMidwest

Reinvention of Detroit Accelerates

by Lynn Peisner

The auto industry is pivoting from the mass production of internal combustion engine vehicles to electric vehicles (EVs), and the Motor City is at the forefront of this transformation. While it’s unclear how long it will take to complete the transition and at what cost, the expected job growth stemming from the billions of dollars flowing into EV investments in Michigan bodes well for metro Detroit’s economy and the multifamily market, say commercial real estate experts. In January 2022, General Motors unveiled plans to invest $6.5 billion and create up …

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