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Bishops Woods in Brookfield, Wisconsin
Affordable HousingDevelopmentMidwestNewsWisconsin

McShane to Construct 203-Unit Affordable Housing Community in Brookfield, Wisconsin

by Channing Hamilton

BROOKFIELD, WIS. — McShane Construction Co. will serve as the general contractor for Bishops Woods, a 203-unit affordable housing community in the western Milwaukee suburb of Brookfield. The development is situated on nearly four acres at 350 Bishops Way. Plans call for a four-story, podium-style building atop a two-story, underground parking garage. Knothe & Bruce Architects is the project architect. Bishops Woods will offer one-, two- and three-bedroom floor plans. Amenities will include a clubroom, fitness center, outdoor grill area and playground. The community will be available to households earning …

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Orchard Village in Aurora, Illinois
IllinoisInvestment SalesMidwestNews

MLG Capital Acquires 272-Unit Orchard Village in Aurora, Illinois

by Channing Hamilton

AURORA, ILL. — MLG Capital has acquired Orchard Village, a 272-unit community situated in the western Chicago suburb of Aurora. MLG acquired an interest in the property using 1031 exchange proceeds from its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. The sale price was not disclosed. Orchard Village was built in 2000 and is located at 1240 W. Indian Trail. The community offers amenities such as a pool, dog park, clubhouse and fitness center.

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Luma Heights Apartments in Sioux City, Iowa
Investment SalesIowaMidwestNews

Marcus & Millichap Broker $3.2 Million Sale of Luma Heights Apartments in Sioux City, Iowa

by Channing Hamilton

SIOUX CITY, IOWA — Marcus & Millichap has arranged the sale of Luma Heights Apartments, a 91-unit complex in Sioux City, for $3.2 million. The property is situated at 217 19th Street. Colton Luchsinger of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies. The buyer plans to renovate the units and will rebrand the property as Hill Top Flats.

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Annika Place in Traverse City, Michigan
Affordable HousingDevelopmentLeasing & MarketingMichiganMidwestNews

Woda Cooper Cos. Opens $14.7 Million Affordable Housing Development in Traverse City, Michigan

by Channing Hamilton

TRAVERSE CITY, MICH. — Woda Cooper Cos. has opened Annika Place, a $14.7 million affordable housing project located at 947 S. Garfield in Traverse City. Annika Place offers 53 units, including 29 one-bedroom and 24 two-bedroom residences. The property is available to households earning between 30 and 80 percent of the area median income. Monthly rates range from $377 to $1,125 depending on the income restriction and size of the unit. The Traverse City Housing Commission will provide rental assistance for eight units, which will be occupied by formerly homeless …

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The Rail in St. Louis
DevelopmentMidwestMissouriNews

ARCO Construction Underway on $61 Million The Rail in St. Louis

by Channing Hamilton

ST. LOUIS — ARCO Construction Co. is underway on The Rail, a 268-unit development in St. Louis. The $61 million project will comprise 278,500 square feet across four stories. The Rail will offer studio, one- and two-bedroom units. Planned amenities include a courtyard, pool, grilling area, game lounge, fitness center, gathering kitchen and three-story parking garage. HDA designed the community, which is slated to complete this fall.

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Affordable HousingFinanceIllinoisMidwestNews

BWE Provides $8.3 Million Fannie Mae Loan for Affordable Brookstone Apartments in Waukegan, Illinois

by Channing Hamilton

WAUKEGAN, ILL. — BWE has provided a $8.3 million fixed-rate Fannie Mae MAH loan for Brookstone Apartments, a 168-unit affordable housing complex in Waukegan, 36 miles north of Chicago. Adam Gould of BWE’s Detroit office originated the loan, which features a 10-year term with 36 months of interest-only payments and a 30-year amortization. Brookstone Apartments was built in 1986. The unit mix includes 92 one-bedroom and 76 two-bedroom units. Fifty units are reserved for residents earning up to 50 percent of the area median income (AMI) and 110 are available …

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DevelopmentIllinoisMidwestNews

Redwood Living Nears Completion of 140-Unit Redwood Aurora in Chicago Suburb

by Channing Hamilton

AURORA, ILL. — Redwood Living Inc. is nearing completion of Redwood Aurora, a 140-unit community in the western Chicago suburb of Aurora. Redwood Aurora is situated at 1241 Coffeeberry Lane. The property offers two-bedroom apartments ranging from 1,294 to 1,709 square feet. Units feature washer and dryer hookups, full-size appliances, vaulted ceilings, patios and attached two-car garages. Monthly rents begin at $2,649.

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IndianaMidwestNewsPeople News

Merchants Capital Selects Chris Messmann as Executive Vice President of Tax Credit Equity Division

by Channing Hamilton

CARMEL, IND. — Merchants Capital, an agency lender and tax credit equity syndicator based in Carmel, has promoted Chris Messmann to the role of executive vice president. In this position, Messmann will oversee the asset management, fund and risk management teams in the company’s tax credit equity division, including pre-closing financial projections and post-closing investor reporting. Messmann joined Merchants Capital in 2021. Prior to this, he served in a leadership role for 10 years at a national tax credit equity syndicator and was a tax accountant at Low Income Housing …

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Forum Flats in Troy, Michigan
FinanceInvestment SalesMarket ReportsMichiganMidwest

Why Metro Detroit Should Be on Apartment Investors’ Radar Screens

by Channing Hamilton

The multifamily market in Detroit, characterized by its mature and stable nature, boasts robust operating fundamentals, making it an attractive investment destination. While markets across the country are facing swells of new apartment deliveries resulting in oversupply, Detroit is forecast to easily absorb all new units that come online in 2024.  In fact, 4,896 units are expected to be absorbed in 2024 while only 4,072 new units will be delivered — illustrating the strong, stable demand across the metro area.  The positive outlook for rent growth is another encouraging sign. …

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Rock Ridge Commons in Moline, Illinois
IllinoisInvestment SalesMidwestNews

Partnership Acquires 216-Unit Rock Ridge Commons in Moline, Illinois

by Channing Hamilton

MOLINE, ILL. — A partnership consisting of ARTISAN Capital Group, Ballast Real Estate Partners and Boulder Venture has acquired Pheasant Ridge, a 216-unit community in the western Illinois city of Moline. The unit mix includes 72 one-bedroom and 144 two-bedroom apartments. The community has been rebranded as Rock Ridge Commons. The buyers plan to invest $8 million into renovating the property. Capital improvements will begin by addressing deferred maintenance, followed by renovations to all units, as well as the clubhouse and common areas. The new owners will also install a …

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