Midwest

A 3D render of Michigan Street Commons in Milwaukee.
Affordable HousingDevelopmentFinanceMidwestNewsWisconsin

Bear Real Estate Group Secures $20.6 Million in Construction Financing for Michigan Street Commons in Milwaukee

by Channing Hamilton

MILWAUKEE — Bear Real Estate Group has secured $20.6 million in construction financing for the development of Michigan Street Commons, a 99-unit affordable community in Milwaukee. Cesar Diaz of NewPoint Real Estate Capital originated the loan, which is structured as a 4 percent tax-exempt bond financing. Three series of bonds were issued by the Wisconsin Housing & Economic Development Authority. Raymond James was the LIHTC equity syndicator. Michigan Street Commons will rise five stories and offer one- and two-bedroom floor plans. Approximately 30 percent of units will be affordable to …

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Oxford Hills in St. Louis
Investment SalesMidwestMissouriNews

Cushman & Wakefield Rep Harbor Group in St. Louis Disposition

by Lynn Peisner

ST. LOUIS — Cushman & Wakefield’s Midwest multifamily team has arranged the sale of Oxford Hills in St. Louis for an undisclosed price. Matt Stephens, Hannah Ott and George Tikijian represented the seller, Harbor Group International, in its transaction with FPA Multifamily, a San Francisco-based multifamily investor. The property includes 480 units in one-, two- and three-bedroom configurations. Amenities include a resort-style pool, a clubhouse, playground, tennis courts and garage and storage areas. According to Apartments.com, the property is now called ReNew on Lindbergh and rents range from $980 to …

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Oxenfree rendering
Build-to-RentCompany NewsDevelopmentMidwestNewsSoutheastTexas

Core Spaces Launches Build-to-Rent Brand, Plans 8,000-Unit Pipeline

by Lynn Peisner

CHICAGO — Core Spaces, a Chicago-based developer that was founded in 2010 and specializes primarily in student housing, is debuting a build-to-rent brand called Oxenfree. The company also operates out of an Austin, Texas, office. The first two projects will be developed in Princeton, Texas, and Nashville, Tennessee, and will be completed by approximately 2024. Oxenfree properties will also be constructed in Denver, Dallas, Austin and San Antonio, Texas, Tampa and Orlando, Florida, Charlotte and Raleigh, North Carolina, and Chicago. The communities will be developed as single-family and townhome-style dwellings. The …

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The pool at Urbana Court, a multifamily property in Brooklyn Park.
Investment SalesMidwestMinnesotaNews

Turner Impact Capital Acquires Urbana Court in Minneapolis Suburb

by Channing Hamilton

BROOKLYN PARK, MINN. — Trident Development has sold Urbana Court to Turner Impact Capital for an undisclosed price. Urbana Court is a 207-unit community in the northern Minneapolis suburb of Brooklyn Park. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL Capital Markets represented the seller in the transaction. Urbana Court was completed in 2021. Located in Brooklyn Park’s Twin Cities medical alley, the property offers studio, one- and two-bedroom units. Community amenities include a pool with a pool house, fitness center, pickleball courts and a dog park.

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A 3D render of the Edition in Minneapolis.
Market ReportsMidwestMinnesota

National Investors Bullish on Minneapolis Market

by Channing Hamilton

The downtown Minneapolis apartment market continues to rebound from the COVID-19 pandemic’s lingering effects and the civil unrest that occurred following the murder of George Floyd in May 2020. A growing number of residents who fled to the suburbs during that tumultuous year have returned to the city. More broadly speaking, apartment rental demand is up across the metro area, rents have hit an all-time high, and occupancy rates have remained steady in the mid-90s percentagewise. Perhaps best of all for investors is that cap rates in the Minneapolis market …

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Kingston Cove, a lakefront multifamily community.
Investment SalesKansasMidwestNews

Post Road Management Acquires 11-Property Portfolio in Wichita, Kansas

by Channing Hamilton

WICHITA, KAN. — Post Road Management has acquired a portfolio totaling 1,002 units across 11 properties in Wichita for an undisclosed price. Alex Blagojevich, Brett Meinzer, Colton Howell and Richard Redding of MMG Real Estate Advisors represented the seller and procured the buyer. The communities in the portfolio include Kingston Cove, Cimarron Apartments, Stratford East, Park Meadows, The Willows, Willows South, Stratford West, Danish Village, Pine Creek, Edgemoor Townhomes and Cottonwood Crossing. The firm plans to invest an average of $12,000 per unit in renovations. About 21 percent of the units …

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Fieldpointe of Schaumburg
Company NewsIllinoisLeasing & MarketingMidwestNewsOperations

RMK Selected to Manage Fieldpointe of Schaumburg

by Lynn Peisner

SCHAUMBURG, ILL. — RMK Management Corp. has been named property manager of Fieldpointe of Schaumburg, a 396-unit community in Schaumburg, Ill., a northwest suburb of Chicago. Fieldpointe comprises 12 three-story buildings and features studio, one- and two-bedroom layouts measuring 548 to 948 square feet. Rents range from $1,382 to $1,950.    The property is pet-friendly and offers a pool, covered or garage parking, bike storage and package services. Capital improvement projects are scheduled at Fieldpointe in the coming months, including a roof replacement and cosmetic updates to shared corridors. Chicago-based …

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Prairie Point in Merrillville, Indiana
FinanceIndianaMidwestNews

Weiss Refinances Indiana Property With $54 Million Loan

by Lynn Peisner

MERRILLVILLE, IND. — Draper and Kramer has arranged a $54 million loan on behalf of Weiss Entities to refinance Prairie Point and The Reserve at Prairie Point apartments in Merrillville, which is about 43 miles south of Chicago. The five-year, fixed-rate loan was funded by a life insurance company lender. Prairie Point and The Reserve comprises 440 townhome-style units and was built between 2002 and 2015, with most recent renovations taking place in 2018. Amenities include a clubhouse, fitness center, resort-style heated pool, a playground and a regulation-sized sand volleyball …

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A white single-family home with black accents.
Build-to-RentIndustry VoicesMidwestNortheastSoutheastTexasWestern

Why Build-to-Rent is a Win-Win Situation for Renters, Investors

by Channing Hamilton

— By Adam Wolfson, CEO and CIO, Wolfson Development Co. — The nation’s decades-long housing shortage and the recent rise of the build-to-rent (BTR) sector are inextricably linked. Although some may debate that one is caused by the other — or at least made worse —  the important point is that the BTR industry was born out of the housing crisis. The socioeconomic implication of homebuying versus renting may inspire an interesting debate, but it’s not germane to the essential fact that the United States does not have enough housing to …

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Exterior of 508 Pershing in Chicago
Affordable HousingDevelopmentIllinoisMidwestNews

McHugh Construction, Brown & Momen Complete Near South Side Chicago Mixed-Income Project

by Lynn Peisner

CHICAGO — Locally based McHugh Construction and its partner Brown & Momen, a general contractor also based in Chicago, have completed construction of the $24.3 million 508 Pershing at Oakwood Shores in Chicago’s Bronzeville neighborhood. The 53-unit mixed-use, mixed-income project was developed by The Community Builders (TCB). Construction began in April 2021. The project is part of a larger Oakwood Shores revitalization plan. Oakwood Shores is about 3.5 miles south of downtown Chicago and part of an area called Near South Side. TCB’s partners in the project include Granite Development, …

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