CINCINNATI, OHIO — Colliers Mortgage has closed a Fannie Mae loan to refinance a portfolio of three properties in Cincinnati, Ohio. The portfolio consists of: Jadaro (54 units); Werk (18 units); and Broadwell (16 units). All three communities have undergone extensive unit renovations and exterior and interior refurbishments since 2021. Zach Shope of Colliers Mortgage’s Atlanta office arranged the financing. The loan carries a 10-year term.
TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing, a 192-unit project in Traverse City. Brian Jones of Greystone originated the financing on behalf of JHT Wallick Holdings LLC. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing Corners Crossing. The $45 million development will offer 96 one-bedroom, 78 two-bedroom and 18 three-bedroom units. The community will consist of eight buildings. Amenities will include a clubhouse, fitness center, office, computer center, patio, playground and dog park. Corners Crossing will be geared …
COLUMBUS, OHIO — CASTO has begun the development of Westrich, a $70 million project in the Franklinton neighborhood of Columbus. Westrich is an expansion of the adjacent River & Rich apartment community, but will be marketed as a separate entity. Once completed, the community will comprise 234 apartment units. Westrich will comprise a four-story building with 114 units and a five-story building with 120 units atop 8,000 square feet of ground-floor commercial spaces. The majority of units at the property will be reserved for tenants earning below 100 percent of …
VERNON HILLS, ILL. — Bender Cos. has acquired Arrive Town Center in the northern Chicago suburb of Vernon Hills. Kevin Girard, Zach Kaufman and Bill Baumann of JLL represented the buyer in the deal. The seller and sales price were undisclosed. Arrive Town Center was built in 2010. The community offers 85 apartments with an average size of 1,200 square feet. Amenities include a lounge, fitness center, storage lockers and a heated indoor parking garage. The property also features 10,000 square feet of ground-floor retail space. The new ownership plans …
CHICAGO — Equity Residential (NYSE: EQR) has agreed to purchase an 11-property portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas-Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed. Equity Residential selected the properties …
GRANDVIEW HEIGHTS, OHIO — Nationwide Realty Investors has unveiled plans to build Parkline, a $100 million project located at the Grandview Yard mixed-use development in the Columbus suburb of Grandview Heights. Construction on the community is slated to begin late this year, with delivery slated for 2026. Once completed, Parkline will comprise 385 apartments. The community is designed in an “s-shaped” configuration in order to maximize views of the park and courtyards. The property will also feature first-floor amenities, commercial space and an adjacent parking structure, bringing the neighborhood total …
— By Jonathan Treble, Founder and CEO of WithMe Inc. In today’s multifamily landscape, amenities play a pivotal role that goes beyond attracting and retaining prospective residents. The right amenity package can enhance residents’ daily experience, nurture a thriving sense of community and ultimately increase the asset’s overall value. By thoughtfully outfitting an asset with the right amenities, property owners and operators can cater to today’s renters’ live-work-play and remote-work lifestyles. Modern Renters Desire “Third Spaces” Post-pandemic, the traditional boundaries between home, office and social spaces have blurred. Remote and …
DETROIT — The Community Builders has broken ground on the first phase of Preserve on Ash, a mixed-income housing development that will comprise 600 new and preserved units of affordable housing in the Greater Corktown neighborhood of Detroit. Phase I will comprise five buildings housing 69 apartment units and more than 5,800 square feet of retail space. Of the total unit count, 48 will be reserved for households earning up to 60 percent of the area median income. Phases II and III of Preserve on Ash are expected to begin …
Contrary to popular belief, not everyone seeking a better lifestyle moves to Atlanta or Houston. If you live in the Midwest, Columbus has become a prime destination, especially for young people. The metro has a reputation for being more modern, cosmopolitan and affordable than its other Ohio peers like Cincinnati and Cleveland. U.S. News & World Report ranks Columbus among the top 30 “Most Fun Places to Live in the United States.” Then it should come as no surprise that according to a new Bank of America report, Columbus tied with Austin …
DARDENNE PRAIRIE, MO. — Mia Rose Holdings has broken ground on The Prairie Encore, a $90 million mixed-use development in the northwest St. Louis suburb of Dardenne Prairie. The four-story building will feature 190 apartment units. Amenities will include two interior courtyards, a 3,000-square-foot lobby with a leasing office, coffee bar, fitness center, coworking spaces, dog park, pool and community gathering spaces. The property will also feature commercial space, such as a Sugarfire Smokehouse with sand volleyball and pickleball courts, Macadoodles, Smalls Sliders, Beer & Spirits, Starbucks, a Circle K …