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Midwest

Build-to-RentDevelopmentIndianaMidwestSingle-Family Rental

Joint Venture Underway on 237-Unit Build-to-Rent Community in Metro Indianapolis

by Kristin Harlow

NOBLESVILLE, IND. — A joint venture of PCCP, Trinitas Ventures and Peninsula Investments has begun development of Avanza at Hyde Park, a 237-unit build-to-rent (BTR) community in the Indianapolis suburb of Noblesville. Completion is slated for fall 2027. Avanza at Hyde Park is the first BTR development for Trinitas under its Avanza brand. The project will feature one-, two- and three-bedroom villas along with two- and three-bedroom townhomes. An amenity center will include private conference rooms, a resident lounge, open green space, a pool, outdoor lounge areas, a dog park and walking trail. The project is situated across from Noblesville’s Hamilton Town Center, a 950,000-square-foot, open-air retail center.

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AcquisitionsMidwestMinnesotaMultifamily

JLL Arranges Sale of 167-Unit Helix Apartments in St. Louis Park, Minnesota

by Kristin Harlow

ST. LOUIS PARK, MINN. — JLL Capital Markets has arranged the sale of Helix Apartments, a 167-unit property in the Minneapolis suburb of St. Louis Park. Built in 1985 and extensively renovated between 2020 and 2022, Helix Apartments features units averaging 990 square feet. Amenities include a pool, fitness center, community lounge with coffee bar, rooftop terrace, dog park and walking paths. Josh Talberg, Joseph Peris and Jack Graveline of JLL represented the seller and procured the buyer, Jason Quilling of QT Holdings.

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AcquisitionsMidwestMinnesotaMultifamily

CBRE Brokers Sale of 158-Unit Apartment Complex in Minneapolis

by Kristin Harlow

MINNEAPOLIS — CBRE has brokered the sale of Second + Second, a 158-unit apartment complex in the North Loop of Minneapolis. The property is located at 120 N. Second St., just west of the Mississippi River. Built in 2020, the asset features a range of studio, one- and two-bedroom floor plans averaging 863 square feet. Amenities include underground parking, a sky lounge, fitness center and pet wash station. CBRE’s Ted Abramson, Abe Appert and Keith Collins represented the seller, Solaris Group. Roundhouse was the buyer.

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HospitalityIllinoisLoansMidwest

Red Oak Capital Holdings Provides $10M Acquisition Loan for Metro Chicago Hotel

by Kristin Harlow

SCHILLER PARK, ILL. — Red Oak Capital Holdings has provided a $10 million loan for the acquisition and refurbishment of the Four Points by Sheraton Chicago O’Hare Airport hotel. Structured under Red Oak’s Core-Plus Bridge Loan program, the nonrecourse loan features an 18-month initial term, interest-only payments and a loan-to-stabilized value of 54.5 percent. The loan proceeds will be used to fund a portion of the $13 million purchase price and support initial capital improvements. Stratos Athanassiades of Red Oak originated the financing, which was underwritten by Thomas Gorski and administered by James Myatt. The borrower was a seasoned hospitality investor with a portfolio of 20 assets worth in excess of $70 million in gross asset value, including 10 hospitality properties across the Midwest. Located at 10249 W. Irving Park Road in Schiller Park, the 295-room, 195,000-square-foot hotel sits on 7.5 acres adjacent to Chicago O’Hare International Airport. Originally built in 1985 and renovated in 2015, the full-service property includes an indoor pool, meeting space, restaurant, gift shop and fitness center. The borrower’s business plan includes a new Marriott franchise agreement, modest room upgrades in the first year and a larger, Marriott-approved property improvement plan (PIP) renovation thereafter. The buyer …

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IowaLoansMidwestMultifamily

MMCC Secures $7.6M in Financing for Multifamily Property in Burlington, Iowa

by Kristin Harlow

BURLINGTON, IOWA — Marcus & Millichap Capital Corp. (MMCC) has secured $7.6 million in financing for Urbane 424, a 52-unit multifamily property in Burlington, a city in eastern Iowa. The five-story property at 424 N. 3rd St. is situated near the Great River Bridge with views of the Mississippi Riverfront. The asset features a mix of studio, one- and two-bedroom units along with 3,000 square feet of first-floor retail space. Amenities include a rooftop terrace, bike storage and lounge. Robert Bhat of MMCC arranged the financing with a national bank on behalf of a private client. The nonrecourse loan features a five-year term with interest-only payments for the full term and a 70 percent loan-to-value ratio.

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DevelopmentMichiganMidwestMultifamilyStudent Housing

Landmark, Manulife Break Ground on 259-Bed Student Housing Community in Ann Arbor

by Kristin Harlow

ANN ARBOR, MICH. — Landmark Properties and Manulife Investment Management have broken ground on The Metropolitan on South U, a 259-bed student housing community located adjacent to the University of Michigan campus in Ann Arbor. The project marks the sixth in a build-to-core joint venture executed with the Manulife Infrastructure Fund pool. Landmark Construction is building the project, with Myefski Architects as the architect. Peninsula Investments also partnered on the development. Located at 1208 S. University Ave., The Metropolitan on South U will feature fully furnished residences. Amenities will include a clubhouse, fitness center, resort-style pool and rooftop lounge. There will be roughly 5,000 square feet of ground-floor retail space.

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AcquisitionsIndianaMidwestMultifamily

Cushman & Wakefield Brokers 312-Unit Multifamily Portfolio in Southern Indiana

by Kristin Harlow

SELLERSBURG AND JEFFERSONVILLE, IND. — Cushman & Wakefield | Commercial Kentucky has brokered the sale of the Southern Indiana 3 Portfolio for an undisclosed price. The portfolio includes three workforce multifamily communities totaling 312 units. The assets include Ashby Apartments and Lakeview Apartments in Sellersburg and Carrington Place Apartments in Jeffersonville. All three communities are located within a 12-minute drive of downtown Louisville. Craig Collins, Austin English, Mike Kemether and James Wilbur of Cushman & Wakefield represented the seller, Salt Lake City-based Shamrock Communities. The buyer was The Clear Blue Co., a Nashville-based real estate firm.

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AcquisitionsIndianaMidwestMultifamilySeniors Housing

JLL Arranges Sale of 172-Unit Luxury Active Adult Community in Noblesville, Indiana

by Kristin Harlow

NOBLESVILLE, IND. — JLL Capital Markets has arranged the sale of Outlook Hamilton, a 172-unit luxury active adult community in Noblesville. Delivered in 2023, the property is situated adjacent to Hamilton Town Center and features one- and two-bedroom floor plans. Amenities include a fitness center, sports lounge, theater, great room, courtyard, community garden, dog park and detached garages for rent. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Sam Dylag, Tim Hosmer and Sandis Seale of JLL represented the seller, Capitol Seniors Housing. The team partnered with JLL’s Amanda Friant, Jenny Hull, Holly Hunt, Ken Martin and Nelson Almond. Middle Street Partners and its limited partner, Parse Capital, purchased the asset.

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DevelopmentIllinoisIndustrialMidwest

Peak Construction to Build 119,408 SF Industrial Facility for Vista Trans in Huntley, Illinois

by Kristin Harlow

HUNTLEY, ILL. — Peak Construction Corp. will build a 119,408-square-foot industrial facility and subdivision infrastructure for trucking company Vista Trans in Huntley. The building will feature a clear height of 32 feet, eight docks, one drive-in door, 89 car parking spaces, 23 trailer stalls and 13,450 square feet of office space. The project team includes Harris Architects Inc. and RWG Engineering LLC. Completion is slated for the third quarter of 2026.

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HealthcareIllinoisLee & AssociatesMidwest

Lee & Associates of Illinois Launches New Healthcare Real Estate Division

by Kristin Harlow

ROSEMONT, ILL. — Lee & Associates of Illinois has expanded its Chicago-area office brokerage group with the launch of a dedicated healthcare real estate division. The firm has welcomed three professionals — Principals Peter Cangialosi and Doug Pauly, and Associate Austin York — who bring more than 35 years of combined experience representing healthcare providers, investors and property owners across the Midwest. The team was most recently at Oak Brook, Ill.-based Joseph Rossi & Associates Inc. Lee & Associates of Illinois’ new healthcare division provides comprehensive brokerage and advisory services, including tenant and landlord representation, investment sales, site selection and acquisition support.

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