KANSAS CITY, MO. — Northmarq has arranged the sale of 456-unit Timberlane Village in Kansas City. Gabe Tovar, Jeff Lamott, Parker Stewart and Dominic Martinez of Northmarq’s Midwest investment sales team arranged the sale on behalf of the original developer. The sale price was undisclosed. Daniel Stickane, senior vice president of debt and equity at Northmarq, secured acquisition financing for the buyer, Houston-based Venterra Realty, with a fixed-rate loan through Northmarq’s in-house Fannie Mae team. Built in 1987, Timberlane Village features 456 one-, two- and three-bedroom units across 40 two- …
CHICAGO — Los Angeles-based investment firm ShainRealty Capital has sold an eight-building, 200-unit portfolio located in Kenwood neighborhood on the South Side of Chicago for $28.5 million. The eight-building, value-add portfolio was sold to a locally based syndicate led by Eagle Infinite Investments. Lucas Fryman and Ted Stratman of Interra Realty arranged the transaction. The properties within the portfolio are all within a two-mile radius of each other and are within walking distance from the University of Chicago. Units across the properties consist of primarily two- and three-bedroom units approximately …
CHICAGO — Chicago-based The Habitat Company has secured financing for the second phase of Ogden Commons, a $200 million mixed-use, mixed-income project in the North Lawndale neighborhood on Chicago’s west side. Upon completion, the development will offer over 350 mixed-income units and 120,000 square feet of commercial and retail space. The development will be known as OC Living. With financing in place, construction has already started on OC Living’s first phase, a 92-unit building that will consist of 90 percent affordable units with the remaining units offered at market-rate. Planned …
KANSAS CITY, MO. — Co-developers Brain Group and Mercier Street have started work on the conversion of the former Westport Middle and Westport High School campuses in Kansas City into Park 39, a $250 million live-work-play development. The property will be situated on 16 acres at 39th and McGee streets in the city’s Midtown district. Anchoring the project is The Residences at Park 39, a 138-unit apartment community within the four-story former Westport High School. The Residences are planned to include flexible work areas, a fitness center and mailroom, auditorium …
CHICAGO — The City of Chicago Housing Authority (CHA), Department of Housing and local development company, Related Midwest, have broken ground on Phase 3B of Roosevelt Square, a 160-acre mixed-use development on the near west side of the city. The project is set to create a total of over 2,000 new housing units in the area. Phase 3B includes the construction of three new mid-rise buildings with 92 market-rate units, 80 units for families with CHA subsidies and 50 affordable or workforce apartments. As part of this phase, Related Midwest …
CONNERSVILLE, IND. — Marcus & Millichap has arranged the sale of Turtle Creek Apartments, a 129-unit property located in Connersville. The property was sold to an undisclosed limited liability company for $5.6 million. Aaron Kuroiwa and Tony Rogers from Marcus & Millichap’s Indianapolis office represented both the seller, an undisclosed limited liability company, and the buyer in the transaction. Turtle Creek Apartments is located at 3600 Western Ave. in Connersville. The apartments consist primarily of studio and one-bedroom units and recently underwent capital improvements including a new roof, parking lot, …
INDIANAPOLIS — Olive Tree Holdings, a New York-based private investment company, has begun a $6 million modernization of The Life at Creekside Reserve located in Indianapolis. Improvements to the 320-unit, garden-style complex are slated for completion in the third quarter of 2024. Situated on more than 28 acres of land, The Life at Creekside Reserve is a gated community comprised of 16 three-story buildings, and 320 units across a mix of one-, two- and three-bedroom layouts. Current amenities at the propertyinclude a daycare facility, clubhouse, fitness center, playground, laundry facilities …
CHICAGO — Locally based Kiser Group has arranged the sale of 155-unit Anderson Point in Chicago’s Andersonville neighborhood for $53 million. The transaction was arranged by Lee Kiser, Katie LeGrand and Jacob Price of Kiser Group. The buyer, Lake Street Lofts LLC, purchased the property from MCZ Edgewater Development LLC in a 1031 exchange. Anderson Point is an adaptive reuse of the Edgewater Medical Center and was transformed by the seller in 2021. Anderson Point offers a mix of studio, one-, two- and three-bedroom units. Amenities include indoor parking, in-unit …
BLOOMINGTON, IND. — Gray Capital, a private equity firm based in Indianapolis, has acquired Echo Park Apartments, a 154-unit luxury community located in Bloomington for an undisclosed price. The property will be managed by Gray Capital’s property management company, Gray Residential. Echo Park is the fourth property acquired through the company’s $100 million multifamily investment fund, The Gray Fund. Other properties acquired with the fund include Sycamore Terrace in Terre Haute, Indiana, Club Meridian in Lansing, Michigan, and Stonybrook Commons in Indianapolis.
CHICAGO — Lendlease has begun pre-leasing at The Reed at Southbank, located at 234 W. Polk St. in Chicago’s South Loop. A 41-story residential tower including rental and for-sale units, The Reed is the second building Lendlease is developing as part of Southbank, its 7-acre master-planned community situated along the Chicago River. The Reed at Southbank features 224 apartments on floors nine through 22, including studio to three-bedroom floor plans ranging from 544 to 1,417 square feet. Prices begin at $2,160 for studios, $2,230 for convertibles, $2,500 for one-bedrooms, $3,710 …