Six Factors Helping to Power Interest in Multifamily Markets

When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a year-long national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord.Multifamily-property values have increased 13 percent since before the pandemic and more money is being invested now in apartment buildings than in any other type of …

December 6, 2021Content Partner, Features, Leasing Activity, Lee & Associates, Midwest, Multifamily, Southeast, Texas, Western

Structured Development Breaks Ground on First Two Residential Buildings at Chicago’s Shops at Big Deahl

CHICAGO — Structured Development has broken ground on the first two residential buildings at The Shops at Big Deahl, a mixed-use development in Chicago’s Lincoln Park neighborhood. The Seng is a four-story, 34-unit affordable condo building whose income-restricted buyers will be selected by the Chicago Community Land Trust, a nonprofit corporation administered and staffed by the Chicago Department of Housing. Completion of The Seng is slated for December 2022.Common Lincoln Park is a …

December 6, 2021Affordable Housing, Development, Illinois, Midwest, Mixed-Use, Multifamily

JLL Brokers $30.2M Sale of Suburban Chicago Retail Center

GLEN ELLYN, ILL. — JLL Capital Markets has brokered the sale of Market Plaza in the Chicago suburb of Glen Ellyn for $30.2 million. Jewel-Osco anchors the 166,572-square-foot retail center. Built in 1965 and renovated in 2009, Market Plaza is home to tenants such as Ross Dress for Less, Dollar Tree, Staples, Sherwin-Williams, Sweet Basil, H&R Block, Royal Nail and Spa and Goldfish Swim School. The property sits on 12 acres along Roosevelt Road. Amy Sands, Clinton Mitchell and Michael …

December 6, 2021Acquisitions, Illinois, Midwest, Retail

Glick Housing Foundation Purchases Seven Affordable Housing Properties Across Indiana

INDIANA — The Glick Housing Foundation has purchased seven affordable housing properties, including six purchased from Community Reinvestment Foundation. The purchase price was undisclosed. The newly acquired assets are located in New Albany, Bedford, Shelbyville, Bloomington, Lebanon and Indianapolis. Each property is designated as affordable housing under Section 8, a federally funded rental assistance program, or another recognized program.Glick Philanthropies will commit additional …

December 6, 2021Acquisitions, Affordable Housing, Indiana, Midwest, Multifamily

PCCP, Watermark to Develop 89-Unit Build-for-Rent Community in Woodbury, Minnesota

WOODBURY, MINN. — A joint venture between PCCP and Watermark Cos. has unveiled plans to develop Canvas at Woodbury North, an 89-unit build-for-rent (BFR) community in Woodbury near St. Paul. The development team plans to deliver the first homes in fall 2022, with final completion slated for fall 2023. The project marks the joint venture’s second BFR community on the east side of the Twin Cities. The unit mix will consist of two-, three-, four and five-bedroom floorplans ranging from 1,200 …

December 6, 2021Build-For-Rent, Development, Midwest, Minnesota

Interra Realty Arranges $17.1M Sale of Apartment Building in Evanston, Illinois

EVANSTON, ILL. — Interra Realty has arranged the sale of 828 Lofts in Evanston for $17.1 million. The property, located at 828 Noyes St. near Northwestern University, consists of 44 apartment units and one retail space that is occupied by local restaurant Stacked & Folded. Residents have access to a dog wash, bicycle storage and covered parking. The building was fully leased at the time of sale. Colin O’Malley of Interra represented the private buyer. Paul Waterloo and Patrick Kennelly …

December 6, 2021Acquisitions, Illinois, Midwest, Multifamily

Lightstone Purchases 7,810-Unit Multifamily Portfolio in Suburban Detroit

DETROIT — Lightstone has purchased a multifamily portfolio in suburban Detroit totaling 7,810 units across 27 properties in 19 different submarkets. The purchase price and seller were not disclosed. The portfolio also includes an 11,000-square-foot office building. Lightstone plans to add amenities, improve common areas and renovate unit interiors. The transaction increases Lightstone’s multifamily holdings in the Detroit market to more than 13,000 units. Lightstone operates its assets …

December 3, 2021Acquisitions, Michigan, Midwest, Multifamily

AmTrust Realty to Invest $100M in Chicago Office Portfolio

CHICAGO — AmTrust Realty Corp. plans to invest approximately $100 million in its Chicago office portfolio over the next two years. The portfolio consists of 6 million square feet across seven buildings located in the Central and East Loop. AmTrust has selected JLL as the leasing agent for the properties. Newly appointed AmTrust President Jonathan Bennett will lead capital improvements efforts and oversee leasing for the portfolio, along with Anne Holker, who was recently promoted to …

December 3, 2021Illinois, Midwest, Office

Avanti Residential Buys Village West Apartments in Kansas City for $65M

KANSAS CITY, KAN. — Avanti Residential has acquired Village West Apartments in Kansas City for $65 million. The 306-unit Class A apartment community is located at 8343 Leavenworth Road near Village West, a retail, dining and entertainment destination. Built in 2014, the property features amenities such as a clubhouse, media lounge, coworking lounge, fitness center and pool. Village West Apartments was 96 percent leased at the time of sale. Mac Crowther and Whittaker Potts of Newmark …

December 3, 2021Acquisitions, Kansas, Midwest, Multifamily

Champion Real Estate Acquires 524-Bed Student Housing Portfolio Near Michigan State for $42M

EAST LANSING, MICH. — Champion Real Estate Co. has acquired a portfolio of six student housing properties near Michigan State University for $42 million. The communities offer a total of 524 beds and are located at 635 Abbot Road, 129 Burcham Drive and 731-787 Burcham Drive in East Lansing. Champion MSU, a subsidiary of Champion, is set to begin a complete rebrand and gut renovation of the communities. Stewart Hayes of JLL represented Champion and the undisclosed sellers in the

December 3, 2021Acquisitions, Michigan, Midwest, Multifamily, Student Housing