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AcquisitionsIllinoisMidwestMultifamily

JVM Realty Buys 280-Unit Apartment Community in Oswego, Illinois

by Matthew Auchincloss

OSWEGO, ILL. — JVM Realty Corp. has purchased Springs at Oswego, a 280-unit apartment community located 48 miles west of Chicago, and rebranded the community as Trillium at Oswego. Continental Properties sold the property, and Cushman & Wakefield brokered the deal. The purchase price was not disclosed. Located at 801 Fifth St., the gated community was completed in 2019 and features townhome-style units across two-story residential buildings. Residences come in studio, one-, two- and three-bedroom floor plans. Amenities include a heated pool, 24-hour fitness center, a clubhouse with lounge and entertainment areas, outdoor grilling stations, fire pit, car wash, two dog parks and gated access.

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IllinoisLeasing ActivityMidwestMultifamily

Cross Street, Mavrek Begin Leasing 46-Unit Apartment Building in Chicago 

by Matthew Auchincloss

CHICAGO — Cross Street and Mavrek have begun leasing Belmora, a 46-unit apartment building located at 919 W. Belmont Ave. in Chicago’s Lakeview neighborhood. Designed by Eckenhoff Saunders, the building includes 5,700 square feet of ground-floor retail space that is anchored by Studio Three, a locally based fitness company. A second building at 917 W. Belmont Ave. will be completed later this year and will include an additional 46 apartments and 5,300 square feet of ground-floor retail space that will be anchored by Foxtrot Café & Market. Units come in studio through two-bedroom floor plans, with monthly asking rents starting at $2,095. Amenities include a fitness center, coworking space, package room, bicycle storage room with additional resident lockers and a furnished lobby lounge with a fireplace.

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AcquisitionsIllinoisMidwestRetail

SVN Chicago Commercial Negotiates $1.5M Sale of Retail Center in Chicago’s North Center

by Kristin Harlow

CHICAGO — SVN Chicago Commercial has negotiated the $1.5 million sale of a 6,000-square-foot retail property located at 3832 N. Lincoln Ave. in Chicago’s North Center neighborhood. Tim Rasmussen and Marcus Sullivan of SVN represented the seller. The two-story property sold for 8 percent above asking price.

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DevelopmentIllinoisIndustrialMidwest

Podmajersky to Build 12,000 SF Spec Industrial Facility in Chicago

by Kristin Harlow

CHICAGO — Developer Podmajersky Inc., led by John Podmajersky III, is developing a small-bay industrial facility totaling 12,000 square feet in Chicago’s East Pilsen area. Avison Young has been retained to market the speculative development at 2100 S. Canalport Ave. for lease. The asset will feature a clear height of 24 feet, dock and drive-in loading, flexible power capacity and Enterprise Zone incentives. Completion is slated for 2027. The developer says the project is expected to appeal to light manufacturing users, food producers, contractors, logistics operators, technology startups and last-mile distribution users that increasingly favor infill locations over suburban alternatives.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $2.1M Sale of Value-Add Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $2.1 million sale of a 13-unit apartment building located at 1433 W. Ardmore Ave. in Chicago’s Edgewater neighborhood. Joe Braun of Interra represented the private seller, while Tommy Richard of Interra represented the local buyer. The transaction marks the first time the asset has traded hands in nearly 50 years. Originally constructed in 1927, the building includes 10 one-bedroom units and three two-bedroom layouts. The buyer plans to undertake a full gut rehab of the property, which is currently less than half occupied, including reconfiguring the existing units and adding new ones.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Brokers $20.4M Sale of Chicago Multifamily Property

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the $20.4 million sale of a 98-unit multifamily property located at 1515 N. Fremont St. in Chicago’s Lincoln Park neighborhood. The building also features roughly 4,000 square feet of commercial space. Built in 2016, the property offers studio units and features a work-and-play lounge, barbecue and picnic areas, indoor bicycle storage and package locker service. Kyle Stengle of Marcus & Millichap represented the seller, Jack Duncan of Thesis Investment Group, and procured the buyer, Bill Silverstein of Beal Properties.

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AcquisitionsIllinoisMidwestRetail

Boulder Group Arranges $2.8M Sale of Huntington Bank-Occupied Retail Property in Metro Chicago

by Kristin Harlow

BUFFALO GROVE, ILL. — The Boulder Group has arranged the $2.8 million sale of a single-tenant retail property net leased to Huntington Bank at 401 Deerfield Parkway in Buffalo Grove. The tenant occupies a 2.5-acre parcel that includes five drive-thru lanes. The 4,680-square-foot building was constructed in 1995. Randy Blankstein, Jimmy Goodman and John Feeney of Boulder Group represented the seller, a Midwest-based real estate fund, and the buyer, a West Coast-based individual investor. Huntington Bank’s lease expires on July 31, 2031. The lease includes two five-year renewal options.

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DevelopmentIllinoisMidwestMultifamily

First Move-Ins to Begin Soon at The Bellwether Office-to-Residential Conversion Project in Chicago

by Kristin Harlow

CHICAGO — First move-ins are expected to begin later this month or early September for The Bellwether, an office-to-residential conversion of the building at 79 W. Monroe in Chicago’s Loop. RMK Management Corp. has been hired to oversee leasing and property management for the 14-story, 117-unit community, which is currently 57 percent leased. Originally built in 1905, the property underwent a major expansion in 1924, serving as office space and a bank headquarters over the years. In 2025, R2 Cos. began redevelopment of the structure. The project marks the first office-to-residential conversion to be completed as part of the city’s LaSalle Street revitalization initiative, which provides private funding and tax-increment financing assistance for mixed-income residential projects and other neighborhood-oriented amenities in the corridor. The Bellwether features studio, one- and two-bedroom units measuring 425 to 1,178 square feet, with rents ranging from $1,996 to $4,887 per month. The property includes 41 Affordable Requirements Ordinance units. Amenities include a variety of remote workspaces on the 14th floor, a bar area, fitness center, two sauna rooms, a game room, dog spa and rooftop deck.    

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DevelopmentIllinoisIndustrialMidwest

LSC Development Completes Self-Storage Adaptive Reuse Project in Lombard, Illinois

by Kristin Harlow

LOMBARD, ILL. — LSC Development LLC has completed a new self-storage facility at 665 W. North Ave. in the Chicago suburb of Lombard. The project is located at the intersection of North Avenue and I-355 and is six miles southwest of the Chicago O’Hare International Airport. The development is the adaptive reuse of a former Staples office building, which has been transformed into a five-story, fully climate-controlled self-storage facility. The property features 69,375 rentable square feet of self-storage space, 14,960 rentable square feet of parking and a gated vehicle storage area with 64 spaces for RVs, boats and other vehicles. The facility features secure keypad entry and camera surveillance. Groundwork LTD designed the project, while G.A. Johnson & Son served as the general contractor. Byline Bank provided construction financing. Extra Space Storage is managing the facility.

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IllinoisLeasing ActivityMidwestOffice

Adams Street Signs 46,000 SF Headquarters Lease in Chicago

by Kristin Harlow

CHICAGO — Adams Street Partners LLC, a private markets investment management firm, has signed a long-term lease for roughly 46,000 square feet at 120 South Riverside Plaza, relocating its headquarters from One North Wacker in Chicago. The firm is expected to move into its new space in summer 2027. The new headquarters will span the entire 20th floor and a portion of the 21st floor. John Goodman, Eric Feinberg, Brandon Nasatir and Isabell Schwartz of Savills represented the tenant. Kelsey Scheive of CBRE in partnership with the Hines asset management team represented the landlord, La Caisse.

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