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.
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. …
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 …
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.
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, …
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.
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, …
EDEN PRAIRIE, MINN. — FPA Multifamily has purchased Cascade at Town Center, a 204-unit community in Eden Prairie, 18 miles southwest of Minneapolis. The community was bult in 2001 with 18 additional apartments added in 2018. The average unit size is 1,158 square feet. Amenities include a gym, clubroom, indoor pool, courtyard and garage parking. Josh Talberg, Joseph Peris and Mark Stern of JLL represented both the seller, a joint venture between Harbert Management and Magellan Investment Partners, and the buyer. Elliott Throne and Scott Loving of JLL originated acquisition …
HOFFMAN ESTATES, ILL. — Bender Cos. has purchased Haven Hoffman, a 550-unit garden-style community in Hoffman Estates, about 33 miles northwest of downtown Chicago. Tricap Residential Group and Wolcott Group sold the asset for $77.3 million. Located at 725 W Bode Cir., Haven Hoffman offers a mix of studio, one- and two-bedroom floor plans. The average unit size is 746 square feet. Amenities include a pool, fitness center, clubhouse, work-from-home suites and picnic areas with grilling stations. The property was built in 1970. The previous ownership invested approximately $3.3 million into …
CHICAGO — JDL Development LLC and Centaur Capital Partners have purchased Cobbler Square, a historic, 292-unit property in Chicago’s Old Town neighborhood, for $88.2 million. Mark Stern, Kevin Girard, Zach Kaufman and Sam Grohe of JLL Capital Markets represented the undisclosed seller in the deal. Originally built at 1350 N. Wells St. in 1889 as the Dr. Scholl’s shoe factory, Cobbler Square was converted into residential use in 1985. The community offers a mix of studios, one- and two-bedroom, loft-style units. The property also includes 19,038 square feet of retail …