Midwest

Marea-Noblesville
Build-to-RentFeaturesMidwest

Stars Align for Midwest Build-to-Rent Market as Tenant Demand, Developer Returns Fall in Sync

by Lynn Peisner

By Kristin Harlow Higher rents and lower turnover are a few of the key advantages build-to-rent (BTR) properties have over traditional multifamily product, according to investors. Meanwhile, the sector continues to experience strong demand from tenants priced out of the housing market as well as renters by choice who prefer flexible, maintenance-free living. BTR units typically have all the perks of a single-family home — privacy, garages and yards — without the hassles of landscaping or property maintenance. “The BTR sector is experiencing significant growth because it addresses a genuine …

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Canopy-at-Babcock-Ranch
Company NewsFloridaIndianaMidwestNewsOperationsSoutheast

Milhaus Acquires Property Management Division of ContraVest

by Lynn Peisner

ALTAMONTE SPRINGS, FLA. — Milhaus, an Indianapolis-based developer, owner and property manager, has acquired the property management division of Altamonte Springs-based developer ContraVest, marking Milhaus’ entry into the third-party property management business and expanding its presence in Florida. Under the agreement, Milhaus will assume residential management at eight multifamily properties. Skyhawk Capital Advisors acted as financial advisor to ContraVest in the transaction. In Florida, Milhaus has developed and manages Canopy at Babcock Ranch, as well as projects in Tampa, such as The Hite and Notch Apartments, Lector 85 and Artistry …

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Grove-Ridge-Cottage-Grove
Investment SalesMidwestMinnesotaNews

Centerspace Sells Twin Cities Portfolio for $76 Million

by Lynn Peisner

MINNEAPOLIS — San Francisco-based FPA Multifamily has purchased a 679-unit portfolio consisting of seven properties throughout the Twin Cities metro from Centerspace (NYSE: CSR), a Minot, North Dakota-based REIT. The Minneapolis/St. Paul Business Journal reports the portfolio traded for $76 million. CBRE’s Ted Abramson, Keith Collins and Abe Appert represented Centerspace in the transaction. Properties in the portfolio range from historic redevelopments in the North Loop area to contemporary, boutique-style assets in the Edina and South Minneapolis submarkets. Several properties have undergone renovations. All seven properties are equipped with SmartRent …

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Acclaim-of-Woodbury
Build-to-RentFinanceMidwestMinnesotaNews

Interstate Development Refinances Twin Cities BTR Project with $34.3 Million Loan

by Lynn Peisner

WOODBURY, MINN. — Northmarq’s Minneapolis-based team has arranged the $34.3 million refinancing, in the form of a Fannie Mae loan, of Acclaim of Woodbury, a 109-unit build-to-rent community located at 10108 Sunbird Circle in Woodbury, about 9 miles from St. Paul, Minnesota. Interstate Development, the sponsor, completed the project earlier this year. Homes are available with two, three or four bedrooms complemented by shared amenities such as lawncare, snow removal services and a 24-hour fitness center.

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Company NewsIllinoisMidwest

Kiser Group Launches Affordable Housing Division

by Lynn Peisner

CHICAGO — Kiser Group, a Chicago-based multifamily brokerage firm, has launched an affordable housing division and appointed Alex Mora and Spencer Burd as directors. The newly formed group will advise clients on mission-driven and community-impact development and investment. “Our goal is to guide clients through the unique financial and regulatory challenges of affordable housing,” said Burd. “By combining market insight with a focus on social impact, we can create solutions that benefit both investors and the communities they serve.”

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Albertville-Meadows-Minnesota
Affordable HousingInvestment SalesMidwestMinnesotaNews

Dominium Sells Albertville Meadows for $11.2 Million

by Lynn Peisner

ALBERTVILLE, MINN. — Dominium has sold Albertville Meadows to an undisclosed buyer for $11.2 million. The property is located 32 miles northwest of Minneapolis in Albertville. Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of Colliers arranged the sale. The 75-unit affordable housing community was built in 1993. To qualify, a single tenant can earn no more than $55,620 per year. Rents are capped at combined annual salaries of $63,600 for two occupants; $71,520 for three occupants; and $79,440 for units with four residents.

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Affordable HousingDevelopmentMidwestNewsOhio

The NRP Group Opens The Lofton in Columbus

by Lynn Peisner

COLUMBUS, OHIO — The NRP Group has completed and opened The Lofton, a 245-unit affordable housing community in the South High neighborhood of Columbus. Developed in partnership with the City of Columbus and a nonprofit group called Community Development for All People, the property’s units are reserved for households earning incomes ranging from 30 to 80 percent of area median income. The Lofton features a mix of one- to four-bedroom residences and a 3,500-square-foot ground-floor commercial space that will house a daycare operator. Amenities include a fitness center, a community …

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Black-Rock-Crossing-Marquette
Affordable HousingDevelopmentMichiganMidwestNews

Woda Cooper Opens Affordable Housing Community in Marquette, Wisconsin

by Lynn Peisner

MARQUETTE, MICH. — Woda Cooper Cos. and the Keweenaw Bay Indian Community (KBIC) have opened Black Rock Crossing in Marquette. Black Rock Crossing offers 50 affordable rental homes, including 26 one-bedroom apartments and 24 two-bedroom apartments. The units are reserved for residents earning a mix of incomes ranging from 30 to 80 percent of area median income. Nine units are set aside for members of KBIC. Amenities include a second-floor outdoor terrace, a multipurpose room with a kitchenette, a fitness center, a laundry area, an outdoor playground and a patio …

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Mills-Creek-Maple-Grove
Build-to-RentInvestment SalesMidwestMinnesotaNews

Curtis Capital Acquires BTR Project in Twin Cities Metro

by Lynn Peisner

MAPLE GROVE, MINN. — CBRE has arranged the sale of Mills Creek, a 66-unit build-to-rent property in Maple Grove, 17 miles northwest of Minneapolis. Curtis Capital Group was the buyer, and the seller was a joint venture between Watermark and PCCP. The sales price was not disclosed. Mills Creek is located at 8601 Goldenrod Lane and was built in 2019. The property features 66 detached homes averaging 1,679 square feet. Community and unit amenities include attached two-car garages, finished basements, private driveways and entrances, a clubroom with entertainment space, a …

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Legends-KC
DevelopmentFeaturesInvestment SalesKansasMarket ReportsMidwestMissouri

Why the Kansas City Market Belongs on Investors’ Short List

by Lynn Peisner

By David NelsonHamilton Zanze There’s a real argument to be made that Kansas City is one of the country’s most overlooked cities as well as one of its most underappreciated multifamily investment markets. The metro’s residents and visitors can provide ample testimony to the city’s jazz culture, museums, sports scene, affordability and world-class barbecue. But beyond lifestyle, Kansas City has the qualities that matter most to multifamily investors: steady population growth, a balanced economy, measured supply and consistent apartment demand. For investors looking for durable performance across market cycles, metro …

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