Midwest

Residences at Galleria, Overland Park, Kansas
DevelopmentKansasMidwestNews

JLL Secures Over $59.7 Million in Refinancing For The Residences at Galleria in Overland Park, Kansas

by Kari Lloyd

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 …

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Investment SalesMichiganMidwestNews

Lument Closes $7.7 Million Fannie Mae Loan for Acquisition of 92-Unit Property in Detroit

by Kari Lloyd

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 …

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Bellview Manor Apartments in Milwaukee, Wis.
Investment SalesMidwestNewsWisconsin

CBRE Arranges Sale of 784-Unit Portfolio in Metro Milwaukee

by Kari Lloyd

MILWAUKEE — CBRE has arranged the sale of an 11-property portfolio totaling 784 units in metro Milwaukee for an undisclosed price. The portfolio includes: Sunburst Apartments and Howard Green Apartments in Greenfield; Newbury Place Apartments in Oak Creek; and 376 units across eight assets in Shorewood and Milwaukee. A 2,520-square-foot building leased to Einstein Bros. Bagels in Shorewood was also included in the sale. Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the seller, Blankstein Enterprises and several affiliated entities. Blankstein is a Milwaukee-based, family-owned investment and property …

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The Row in Fulton Market, Chicago.
DevelopmentIllinoisMidwestNews

Related Midwest’s 300-Unit High-Rise Under Development in Chicago Is Set for Completion in June

by Kari Lloyd

CHICAGO — Chicago-based developer Related Midwest has revealed project details for The Row Fulton Market, a 43-story, 300-unit high-rise currently under construction in Chicago’s historic Fulton Market District. Located at 164 N. Peoria St., the development is currently scheduled to open in June. Developed under the recently passed Affordable Illinois legislation, The Row is one of Chicago’s first 80/20 buildings, setting aside 20 percent of residences for affordable housing Resident amenities include a fitness club, yoga studio, children’s play suite, reservable entertainment suite with adjacent terrace and outdoor kitchen, multiple …

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IllinoisMidwestNewsOperations

Peak Properties to Assume Management Duties at 10-Unit Vintage Building in Chicago’s Logan Square

by Kari Lloyd

CHICAGO — Peak Properties LLC will take on management duties for the 10-unit property at 2919-2921 N. Whipple in Chicago’s Logan Square neighborhood. An unnamed local investor acquired the property for $2 million as part of a 1031 exchange in November 2022. Built in 1927, the vintage building features 10 one-bedroom units all with updated bathrooms, kitchens with stainless steel appliances. Key elements of the property were addressed after the building was purchased, including the roof, windows, boiler and electrical service.

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741 N. Wells Apartments
DevelopmentIllinoisMidwestNews

Developer Tops Out Mixed-Use Tower Featuring 168 Apartment Units in Chicago’s River North

by Kari Lloyd

CHICAGO — Developer VISTA Property and general contractor Skender have topped out construction on 741 N. Wells Street, a new mixed-use development in Chicago’s River North neighborhood. The 21-story, 201,000-square-foot development will include 168 units. Community amenities include a rooftop terrace with pool, meeting facilities, exercise area, bicycle storage and parking for roughly 50 vehicles. VISTA Property financed the project with a first mortgage loan from Huntington Bank. In addition to VISTA Property and Skender, the project development team includes Antunovich Associates as architects. Luxury Living Chicago Realty will head …

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Edmund Place, a five-story, dark gray apartment building.
Market ReportsMichiganMidwest

Detroit’s Multifamily Market is Firing on All Cylinders 

by Channing Hamilton

Over the past decade, Detroit has undergone a period of revitalization, both culturally and economically. At the start of the early 2010s, the city’s Midtown and central business districts attracted multiple high-profile investors led by Detroit native and billionaire Dan Gilbert, the founder and chairman of Rocket Cos. (NYSE: RKT), formerly known as Quicken Loans. Gilbert’s hometown pride can’t be denied, and his investment started what is commonly referred to as the “Detroit Renaissance.” After moving the headquarters for Quicken Loans to downtown Detroit from the western suburb of Livonia …

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Coppia, a reflective contemporary-style multifamily building.
DevelopmentIllinoisMidwestNews

Pizzuti Cos. Breaks Ground on 19-Story Coppia Multifamily High-Rise in Chicago’s West Loop

by Channing Hamilton

CHICAGO — The Pizzuti Cos., a private real estate development and management firm based in Columbus, Ohio, has broken ground on Coppia, a 19-story high-rise apartment tower in Chicago.  The 298-unit community will be located at 1101 Van Buren St., which is situated at the southern end of Aberdeen Street in the city’s West Loop district. Pizzuti expects to complete Coppia in 2024.  The property will sit across from a Target store and next to Chicago Transit Authority’s Racine Avenue Blue Line Station, as well as three blocks west of …

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851 W Grand, a gray and green 6-story multifamily building.
IllinoisInvestment SalesMidwestNews

Interra Realty Negotiates $11M Sale of Transit-Oriented Multifamily Property in Chicago

by Channing Hamilton

CHICAGO — Interra Realty has negotiated the sale of a 36-unit, transit-oriented multifamily property in Chicago’s Fulton River district for $11 million. Located at 851 W. Grand Ave., the building features seven studios, 20 one-bedroom units and nine two-bedroom units. Amenities include a bike room, dry-cleaning pickup, tenant storage, a package room and onsite parking. Constructed in 2017, the property was 95 percent leased at the time of sale. The building is situated one block from the Chicago Transit Authority (CTA) Grand Blue Line station and is also in proximity …

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BerkadiaFinanceMichiganMidwestNews

Berkadia Provides $33.8M Acquisition Loan for Multifamily Portfolio in Midland, Michigan

by Channing Hamilton

MIDLAND, MICH. — Berkadia has provided a $33.8 million Freddie Mac loan for the acquisition of a three-property multifamily portfolio totaling 449 units in Midland, a city in central Michigan. The communities within the portfolio include Mulberry Apartments, Robin Oaks and Perrine Pointe. According to Apartments.com, Mulberry Apartments and Robin Oaks were built in the late 1960s, while Perrine Pointe was constructed in 1945. Aaron Moll of Berkadia originated the loan on behalf of the buyer, Michigan-based LG Capital. Income Property Organization was the seller. Loan terms were not provided.

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