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DevelopmentIndianaMidwestMultifamilyStudent HousingWisconsin

Starwood Capital, Trinitas to Develop Three Student Housing Communities Totaling 2,046 Beds

by Kristin Harlow

CARMEL, IND. AND MIAMI BEACH, FLA.— Starwood Capital Group and Trinitas Ventures have formed a joint venture to develop three student housing communities totaling 2,046 beds. Projects include Atmosphere Pittsburgh, a 672-bed development located at 217 Halket St. near Carnegie Mellon University in the city’s Oakland neighborhood; Atmosphere Norman, a 677-bed project located at 310 East Boyd St. near the University of Oklahoma in Norman; and Atmosphere on Mifflin, a 697-bed development located at 619 West Mifflin St. near the University of Wisconsin-Madison campus. All three communities are scheduled for completion in summer 2028. Ryan Lang led Newmark’s student housing team in arranging the joint venture. Trinitas Ventures is headquartered in Carmel, and Starwood Capital Group is headquartered in Miami Beach.

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DevelopmentIllinoisMidwestMultifamily

Fengate, Mavrek Break Ground on 25-Story Apartment Tower in Chicago’s West Loop

by Kristin Harlow

CHICAGO — Fengate Asset Management and Mavrek Development have broken ground on Julep West Loop, a 25-story apartment tower in Chicago’s West Loop neighborhood. The development will include 380 units, including 76 affordable units, alongside more than 21,500 square feet of commercial space to be anchored by an international grocery store. Amenities will include a rooftop pool with cabanas, outdoor fire pits, a fitness center, pickleball court, half-court basketball court, dog run and grooming facilities, resident lounges, 24-hour concierge service, bike storage and electric vehicle charging stations. Skender is serving as general contractor. Construction is expected to take 21 months, with first occupancy anticipated in early 2028.

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DevelopmentLeasing ActivityMidwestMixed-UseOfficeOhio

ClarkDietrich to Relocate Headquarters to $350M Montgomery Quarter Near Cincinnati

by Kristin Harlow

MONTGOMERY, OHIO — ClarkDietrich, a manufacturer of cold-formed steel framing, will relocate its corporate headquarters to Montgomery Quarter, which is a public-private partnership between the City of Montgomery and developers Brandicorp and Neyer Properties valued at $350 million. ClarkDietrich is expected to take occupancy in fall 2027. The company has outgrown its currently leased space in West Chester, Ohio. ClarkDietrich will occupy the full second and third floors of a new building within Montgomery Quarter. The lease for 32,500 square feet will account for approximately 70 percent of the building. The new 46,500-square-foot building will be constructed above an existing parking garage at the development. ClarkDietrich’s office will feature a large training and meeting center, an outdoor terrace, an open staircase connecting the second and third floors and abundant natural light. ClarkDietrich will bring approximately 80 employees upon relocation. Upon completion, the new building will join Montgomery Quarter’s mixed-use campus, which will now feature 116,000 square feet of Class A office space, 25,000 square feet of retail/restaurants, 387 luxury apartment units between two phases and a 128-room, high-end hotel. The Gateway Partners Montgomery development team, a partnership between Brandicorp and Neyer Properties, has partnered with Jeffery Andereson Real Estate on …

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LoansMidwestMinnesotaMultifamily

Gantry Arranges $48.3M in Financing for Multifamily Property in Maple Grove, Minnesota

by Kristin Harlow

MAPLE GROVE, MINN. — Gantry has arranged a $48.3 million permanent Freddie Mac loan to retire construction financing for The Edison at Maple Grove, a multifamily property in Maple Grove, about 20 miles northwest of Minneapolis. The two-building, five-story asset features 248 units along with two stories of heated underground parking and an additional 149 surface parking spaces. Floor plans include one-, two- and three-bedroom layouts. Amenities include a pool, rooftop clubhouse, business center, fitness center, dog park and playground. Joe Monteleone and Bonnie Monteleone of Gantry represented the borrower, a private real estate investor. The 10-year, fixed-rate loan features interest-only payments for the full term.

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AcquisitionsIllinoisMidwestMultifamily

Laramar Group Acquires 656-Unit Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — The Laramar Group has acquired Eleven Thirty, a 656-unit apartment tower located at 1130 S. Michigan Ave. in Chicago. The purchase price was $166 million, according to local media reports. Originally constructed in 1967, the property rises 43 stories and provides unobstructed views of Grant Park and Lake Michigan. Amenities include a 75-foot pool, 24-hour concierge, fitness center, conference rooms, an outdoor dog park, dedicated parking garage and 12,053 square feet of fully leased, ground-floor retail space. The building offers studio, one- and two-bedroom units. Planned improvements include expanding and updating the exercise facility; adding remote working office stations and new entertainment space; and enhancing the common areas and lobby. Stacy Osmond and Sydney Matrisciano of DLA Piper LLP led Laramar Group’s legal team.

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AcquisitionsDevelopmentIllinoisIndustrialMidwest

Prologis to Develop 1 MSF Logistics Facility in Minooka, Illinois

by Kristin Harlow

MINOOKA, ILL. — Prologis has acquired 69 acres in Minooka within Chicago’s I-80 submarket with plans to develop Minooka Exchange, a 1 million-square-foot logistics facility. The single-story, cross-dock building will feature a clear height of 40 feet, 290 car parking spaces and an 185-foot truck court. The site is adjacent to Canadian National Railway’s Chicago Logistics Hub, which is under construction. Prologis expects to break ground in the coming weeks.

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IllinoisLoansMidwestMultifamily

Draper and Kramer Arranges $93.5M Refinancing for Chicago Multifamily Property

by Kristin Harlow

CHICAGO — Draper and Kramer Inc. has arranged a $93.5 million loan for the refinancing of The Elizabeth, a 28-story apartment tower at 225 N. Elizabeth St. in Chicago’s Fulton Market. Bill Barry and Bill Stewart of Draper and Kramer’s Commercial Finance Group arranged the loan on behalf of Sterling Bay and Ascentris. Completed in 2024, the property features 350 units and 10,000 square feet of street-level retail space.

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DevelopmentKansasMidwestMultifamily

Hoefer Welker Designs 192-Unit Apartment Project in Topeka, Kansas

by Kristin Harlow

TOPEKA, KAN. — Hoefer Welker has designed The Hutch, a 192-unit apartment project slated to break ground in October in Topeka. Plans call for 2,500 square feet of ground-floor retail space and 5,500 square feet of resident amenities, including a rooftop viewing deck overlooking the State Capitol, a courtyard pool, fitness center, speakeasy lounge, dog park and mini-park. The four-story, 400,000-square-foot development will be situated adjacent to a newly renovated public parking structure.

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IndustrialIowaMarket ReportsMidwestMidwest Market ReportsMultifamilyOfficeRetail

Cedar Rapids: An Unparalleled Midwest City

by Kristin Harlow

By Scott Olson As I look back over the last 12 months since my August 2025 Cedar Rapids update, the resilience of this city to adapt despite high interest rates, tariffs and a Middle East conflict is second to none. Our city council priorities have remained unchanged: • Housing options and affordability • Strengthen and stabilize neighborhoods • Clean and safe city • Recreational and cultural amenities • Homelessness • Flood control system The economic growth highlighted in this report is matched by city efforts in all the priority areas. Our current national rankings reflect these successes: • No. 3 Best Place to Live in the Midwest (SpaceWise, 2026) • No. 3 City with the Most Affordable Rent (WalletHub, 2026) • No. 5 Midwest City for a Peaceful Retirement (lnvestopedia, 2026)  • No. 11 Most Affordable Small City to Buy a Home (WalletHub, 2026)  • No. 16 Best City to Buy a House in America (Niche.com, 2026) • No. 19 Safest City in Americas (WalletHub, 2026) — ranked across key dimensions, including home and community safety and natural disaster risk and financial safety • No. 22 Best Run City in the U.S. (WalletHub, 2025) • No. 30 City with the …

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AcquisitionsIllinoisLoansMidwestMultifamilySeniors Housing

JLL Arranges $112M in Acquisition Financing for Two Seniors Housing Communities in Metro Chicago

by Kristin Harlow

DEER PARK AND BATAVIA, ILL. — JLL Capital Markets has arranged $112 million in acquisition financing through a regional bank for a two-property seniors housing portfolio totaling 330 units in metro Chicago. Sam Dylag of JLL represented the borrower, an affiliate of The Inland Real Estate Group LLC. The properties include Deer Park Village, a 188-unit community in Deer Park that opened in 2016, and The Landings, a 142-unit asset in Batavia constructed in 2021. Both offer a continuum of care from independent living, assisted living and memory care. Dial Senior Living will retain management of the properties. Mark Cosenza and Brett Smith represented Inland on an internal basis. With the transaction, Inland has surpassed more than $1 billion in senior living acquisitions.

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