ZIONSVILLE, IND. — Developers Pittman Investors and Scannell Properties have begun work on the first phase of Pittman Farms, a mixed-use development in Zionsville, a northwest suburb of Indianapolis. The 48-acre development will feature a mix of retail amenities and a 400-unit apartment development. The first phase will include land preparation and infrastructure for the entire development and the three-building, four-story, 400-unit apartment development. Planned amenities include a golf simulator, saltwater pool, fitness lab, library, work-from-home space, dog park, covered parking and an outdoor pavilion. Phase one is expected to …
BLOOMINGTON, IND. — Indianapolis-based developer The Annex Group has started work on a 102-unit workforce housing community in Bloomington. The Annex of Bloomington will be located at the corner of Third and Grant St. in an area called the University Village Downtown Character Overlay District. The development is set to include enclosed parking and ground-floor retail space. Construction is scheduled for completion in spring 2023. Project partners include Gilliatte General Contractors, Inc., architect KTGY, engineering firm Smith Design Group Inc. and STAR Financial Bank, which has provided $18.1 million …
LINCOLN, NEB. — Indianapolis-based developer The Annex Group has started work on Union at Middle Creek, a 192-unit affordable housing community in Lincoln. The $34.4 million development will be located at 2643 W. Timberlake Drive, and feature 192 units targeting people who make up to 60 percent of the area median income (AMI). Property amenities will include a clubhouse, fitness center, nature trail, a balcony or patio for all units, and limited private carport parking. The Annex Group will also create a Community Impact Plan specific to Union at Middle …
Often dubbed the Wall Street of Chicago, the LaSalle Street corridor historically has been the location of choice for big business in the Windy City. However, in recent years the corridor has suffered from significant vacancies largely due to the remote work trend of the pandemic and an overall shift to remain remote permanently. In response, Chicago’s employers either downsized office space or completely left the office environment altogether. Chicago’s overall office vacancy situation has been on an increasing trend for over two years. According to fourth-quarter 2022 data from …
CHICAGO — Kiser Group has arranged the sale of a five-building apartment portfolio in Chicago for $23 million. The mostly vacant properties have a total of 198 units and are located within the northern Chicago neighborhoods of West Rogers Park, Bowmanville and Budlong Woods. The sale represents one of the largest transactions completed in 2022 throughout the far northside of Chicago, according to CoStar. Danny Logarakis, director of Kiser Group, brokered the sale. The seller was a private individual that had owned the properties for more than 40 years. The …
WEST DES MOINES, IOWA — Thompson Thrift has sold Watermark at Jordan Creek, a 176-unit apartment community in West Des Moines. The sales price and buyer were undisclosed. Completed in 2015 and located at 6455 Galleria Drive, the Class A property consists of four-story buildings with detached garages. Amenities include a resident social lounge, heated pool and spa, clubhouse, fitness center, dog park and community grilling areas. The community was 94 percent leased at the time of sale.
ARLINGTON HEIGHTS, ILL. — Bayshore Properties has acquired Stonebridge of Arlington Heights, a 586-unit multifamily property in Arlington Heights in Chicago’s northwest suburbs for $131 million. The Conor Group was the seller. Stonebridge of Arlington Heights was built in 1973 and features one- and two-bedroom floor plan layouts across six buildings. The average apartment size is 1,075 square feet. Resident amenities include a fitness center, pool, basketball court and bike storage. Steve LaMotte Jr., John Jaeger, Dane Wilson, Justin Puppi and Ross Wettersten of CBRE represented the seller. Dan Sacks …
CHICAGO — Kiser Group has brokered the condominium deconversion sale of 3825 N. Pine Grove in Chicago’s Lakeview neighborhood. The seller, the 3825 N. Pine Grove Condominium Association, received $18.3 million in the transaction. The buyer was not disclosed. According to CoStar, this is only the third building of 90 or more units that has been traded in Lakeview in the last five years. The property is home to 94 units featuring both studio and two-bedroom layouts and 54 parking spaces. At the time of sale, 90 percent of the …
OVERLAND PARK, KAN. — JLL Capital Markets has closed over $59.7 million in refinancing for The Residences at Galleria, a newly constructed, 322-unit community in the Kansas City suburb of Overland Park, Kansas. JLL represented the borrower, Block Real Estate Services, to secure the financing through Eagle Realty Group. The JLL Capital Markets Debt Advisory team was Jody Thornton, Mark Erland and Tony Nargi. Completed in 2022, the five-story The Residences at Galleria features one-, two- and three-bedroom units with large private patios, smart home features and an average unit …
DETROIT — Lument has closed on a $7.7 million Fannie Mae loan to facilitate the acquisition of Central Park Apartments, a 92-unit garden-style property located approximately a mile east of downtown Detroit. The sponsor is Greatwater Opportunity Capital. James Kelly led the transaction for Lument. The loan features a seven-year term, with 12 months of interest-only payments, a 30-year amortization and a low, fixed interest rate. In addition to funding the acquisition, the loan provides proceeds for improvements to common areas and amenities, parking repairs, and several unit renovations. The …