Midwest

1901 Project in Chicago
From the MagazinesIllinoisMarket ReportsMidwest

Smart Investors Are Betting on Chicago

by Channing Hamilton

The Chicago multifamily market has had a tough time competing for the spotlight amid a rush to the Sun Belt, but it has a lot going for it. Chicago is a steadily growing market with durable demand that is rarely outpaced by new supply. As a result, its occupancy and rent growth exceed national averages.  In most other parts of the country, deliveries have been dominated by luxury units. Not so in Chicago. The metro area is a well-balanced market where there are attractive rental options for all segments of …

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Park5 Luxury Rental Townhomes
Build-to-RentDevelopmentFinanceIllinoisMidwestNews

VennPoint Secures $55.6 Million in Financing for BTR Project in Chicago Suburb

by Channing Hamilton

DEERFIELD, ILL. — Schaumburg, Illinois-based investment firm VennPoint Real Estate has received $45.7 million in construction financing and $9.9 million in mezzanine financing for Park5 Luxury Rental Townhomes in Deerfield, 30 miles north of downtown Chicago. Located at 5 Parkway N, the build-to-rent (BTR) community consists of 144 units. Park5 Luxury Rental Townhomes offers two- and three-bedroom residences averaging 1,953 square feet. Each townhome will feature two-car attached garages, multi-level floor plans, yards and outdoor space. A construction timeline was not disclosed. Matthew Schoenfeldt and Mary Dooley of JLL Capital …

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Gordon Crossing
Affordable HousingDevelopmentMidwestNewsOhio

Frontline Development, Woda Cooper Break Ground on $17.6 Million Affordable Housing Project in Cleveland

by Channing Hamilton

CLEVELAND — Frontline Development Group LLC and Woda Cooper Cos. Inc. have broken ground on Gordon Crossing, a $17.6 million affordable housing development in Cleveland. The four-story development will feature 42 two-bedroom and 12 three-bedroom apartments. Gordon Crossing will be available to households earning up to 80 percent of the area median income. Rents are expected to range from $362 to $1,699, depending on household income and unit size. Residents will have access to shared amenities such as a community room with kitchenette, on-site management office, parcel room and outdoor …

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IllinoisInvestment SalesMidwestNews

Kiser Group Arranges $8 Million Sale of Chicago Portfolio

by Channing Hamilton

CHICAGO — Kiser Group has arranged the $8 million sale of a portfolio of two apartment buildings located near the University of Chicago. The portfolio consists of 5111 S. University Ave. (41 units) and 5135 S. Blackstone Ave. (36 units). The properties feature a mix of studio and one-bedroom units. The portfolio was 98 percent leased at the time of sale. Lee Kiser, Kyle Sissell and Will Cornish of Kiser represented the seller, TLC Management, while Katie LeGrand and Jacob Price of Kiser represented the buyer, Harbor Property Management LLC.

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Cast Iron Luxury Living
Investment SalesMidwestNewsWisconsin

Hendricks Commercial Properties Sells Property in West Bend, Wisconsin, for $21 Million

by Channing Hamilton

WEST BEND, WIS. — Hendricks Commercial Properties has sold Cast Iron Luxury Living, a 129-unit community in West Bend, about 39 miles northwest of Milwaukee. The community offers a range of studio through three-bedroom units. Amenities include a business center, club and media room, garage parking, car spa and a self-service canteen convenience shop. The property was formerly home to The West Bend Co., a cookware and appliance manufacturer that had occupied the site since 1911. The asset was renovated in 2015 and converted into a mixed-use community in 2017. …

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IllinoisInvestment SalesMidwestNews

Eastham Capital Sells Community in Suburban Chicago for $10 Million

by Channing Hamilton

CHICAGO RIDGE, ILL. — Eastham Capital has sold Ridgeland Station, an 84-unit community in Chicago Ridge, about 20 miles southwest of downtown Chicago, to an undisclosed seller for $10 million. Eastham acquired the asset for the Eastham Capital Fund V LP in partnership with Bender Cos. in 2019. The acquisition of Ridgeland Station marked the first collaboration between Eastham and Bender. The average rent at the property increased 9.7 percent year over year under Bender’s management. The community consists of a mix of one- and two-bedroom units. Ridgeland Station was …

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Sterling-Pointe
Investment SalesMichiganMidwestNews

Friedman Arranges Sale of Sterling Pointe Near Detroit

by Lynn Peisner

MONROE, MICH. — Friedman Real Estate has arranged the sale of the 108-unit Sterling Pointe Apartments located at 1166 N. Macomb St. in Monroe, about 40 miles south of Detroit. According to Apartments.com, asking rents range from $850 to $1,050 per month. The asset features a mix of one- and two-bedroom floor plans. Friedman’s Peter Jankowski and Rich Deptula represented both undisclosed parties in the transaction.

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3755 McKinney St. in Denton, Texas
FeaturesFinanceFrom the MagazinesInvestment SalesMidwestTexasWestern

Why 1031 Investors Are Diversifying Their Strategies

by Channing Hamilton

Securing replacement properties that make financial sense when executing conventional 1031 exchanges has required some investors to expand their horizons, whether by geography or asset selection.  Apartment owner and asset manager RailField Partners, for example, last summer entered the Midwest market for the first time when it purchased the Hangar at Emerson, a 218-unit multifamily asset in suburban Indianapolis.  The Bethesda, Maryland-based company, which was founded by former Fannie Mae executives in 2013, up to that point had largely focused on a dozen markets in the Mid-Atlantic, Southeast and Texas, …

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IllinoisInvestment SalesMidwestNewsPeople News

Lument Adds Todd Stofflet to Multifamily Investment Sales Team

by Channing Hamilton

CHICAGO — Lument has added Todd Stofflet to the firm’s real estate investment sales team as a managing director. Based in Chicago, Stofflet will focus on multifamily deals in Illinois, Indiana, Michigan and Wisconsin. He joins Lument from Walker & Dunlop, where he led the firm’s Midwest Investment Sales team. Prior to this, Stofflet served as a managing director at Cushman & Wakefield, which he joined when the company acquired KIG CRE in 2018.

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Mural Lewis Center in Columbus, Ohio
Build-to-RentDevelopmentMidwestNewsOhio

Joint Venture Breaks Ground on 120-Unit Build-to-Rent Project Near Columbus, Ohio

by Channing Hamilton

LEWIS CENTER, OHIO — A joint venture between Buckingham and Onyx+East has broken ground on Mural Lewis Center, a 120-unit build-to-rent (BTR) project in Lewis Center, roughly 20 miles north of Columbus, Ohio. The community will offer a mix of two- to four-bedroom homes ranging from 902 to 2,685 square feet. Units will include attached two-car garages and private outdoor spaces. The first units will be available for rent beginning in December. Home and yard maintenance services will be included. Residents have access to shared amenities such as a playground, …

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