CHICAGO — Chicago-based Core Spaces and Chicago-based Harrison Street have formed a joint venture that will invest up to $1.5 billion for the development and acquisition of single-family build-to-rent (BTR) communities in major metro areas across the U.S. Core Spaces formed its existing BTR platform in 2020. The joint venture’s BTR pipeline represents approximately $2.5 billion in total capital and more than 6,500 units in markets such as Austin, Denver, Dallas, Orlando and Nashville. To date, Core Spaces and Harrison Street have nine committed BTR projects in various stages of development. The two companies have an established track record partnering on student housing transactions.
LOMBARD, ILL. — JLL Capital Markets has brokered the sale of City View at the Highlands in Lombard, a western suburb of Chicago. The apartment community rises seven stories with 403 units. Recently upgraded amenities include a pool, fitness center, community kitchen, business center, conference room and outdoor lounge areas. The property sits on five acres at 2720 S. Highland Ave. Units average 902 square feet. Kevin Girard, Marty O’Connell and Matthew Lawton of JLL represented the sellers, a joint venture between Marquette Cos. and an institutional partner. Torchlight Investors LLC was the buyer. The Hayman Co. will provide leasing and property management services. Jimmy Conley and Carter Wroblewski of JLL arranged $73.5 million in acquisition financing through Freddie Mac. JLL Real Estate Capital LLC will service the 10-year, floating-rate loan.
CHICAGO — Chicago-based developer Sterling Bay has formed a joint venture with Ascentris, a Denver-based real estate private equity firm, for the development of 160 N Morgan, a 29-story apartment tower in Chicago’s Fulton Market. The project received approval from city council in October. The development will house 254 market-rate units, 28 affordable units, 89 parking spaces and 2,600 square feet of ground-floor retail space. Amenities will include an outdoor deck, fitness center and rooftop pool. The architecture firm is bKL Architecture. Construction is expected to begin this quarter, with completion slated for the fourth quarter of 2023. The project is Sterling Bay’s first-ever residential development in Fulton Market.
CHICAGO — Interra Realty has brokered the sale of 1650 W. Roscoe St. in Chicago’s Lakeview neighborhood for $10 million. Originally built in 1930, the building consists of 54 apartment units and four street-level retail spaces totaling 31,500 square feet. The apartment units were 22 percent occupied at the time of sale, while the retail spaces were fully leased to Verizon, Shearstyle, Vital Nail Salon and Boutique Cleaners. Craig Martin of Interra represented both the undisclosed buyer and the seller, Buol Properties.
CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has purchased The Howard Theater Building in Chicago’s Rogers Park neighborhood for $7.5 million. The property, located on West Howard Street, was originally built in 1918 and has a history of hosting movies and live productions. In 1999, Cornerstone Investment Group repurposed the building. Today, it is home to 40 apartment units, 15,000 square feet of ground-floor retail space and 60 surface parking spaces. The commercial spaces are home to Sol Café, Factory Theater and P & J Footwear. Becovic Realty brokered the sale.
CHICAGO — Spaulding Ridge has signed a 25,779-square-foot office lease at 203 N. LaSalle Drive within Chicago’s Central Loop. The cloud technology firm previously occupied space at 105 W. Madison St. Rising 27 stories, 203 N. LaSalle Drive spans 625,221 square feet. The office tower features a conference center, fitness center and tenant lounge. Jeff Mulder of Colliers represented Spaulding Ridge.
DES PLAINES, ILL. — Kiser Group has brokered the $117 million sale of Park Ridge Commons in Des Plaines, a northwest suburb of Chicago. The garden-style multifamily property consists of 752 units across 47 buildings. Amenities include a clubhouse, lap pool, fitness center, tennis courts and laundry facilities. Matt Halper, Danny Mantis and Lee Kiser of Kiser Group represented the buyer, Bayshore Properties, and the seller, H.A. Langer & Associates. The seller had owned the property for 25 years. Dan Sacks and Eric Rosenstock of Greystone originated $103 million in acquisition financing through Fannie Mae.
BELVIDERE, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $1.9 million sale of a multi-tenant retail building in Belvidere near Rockford. Located on Gateway Center Drive, the property is home to Aaron’s, Dotty’s and Subway. Jason Lenhoff of Quantum represented the seller, a local private real estate investor. An Iowa-based private real estate investor was the buyer.
CHICAGO — Chicago-based Waterton has acquired The Shoreham at Lakeshore East and The Tides at Lakeshore East in downtown Chicago. The purchase price was undisclosed, but Crain’s Chicago Business previously reported that the combined price could approach $400 million. The apartment towers total 1,156 units in the Lakeshore East neighborhood. The adjacent properties are situated directly south of the recently completed St. Regis Chicago, which rises 95 stories with 191 hotel and condo units. Both The Shoreham, which opened in 2005, and The Tides, which debuted in 2008, feature a 24-hour concierge, private club floor, outdoor pool, game room, fitness center, storage and parking. Waterton plans to upgrade unit fixtures and finishes, as well as modernize the common areas and amenity spaces. With this acquisition, Waterton’s Chicagoland portfolio now totals 10 communities with more than 6,600 units. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented the seller, PNC Realty Investors.
EFFINGHAM, ILL. — SRS Real Estate Partners has brokered the $58.2 million sale of a 1.3 million-square-foot distribution center occupied by Sherwin-Williams in Effingham, about 90 miles southeast of Springfield. The property sits on 71 acres at 711 W. Wabash Ave. John Redfield, Britt Raymond and Kyle Fant of SRS represented the seller, a private partnership. JRW Realty represented the buyer, ExchangeRight. The facility serves as the only center that Sherwin-Williams uses to distribute coatings for the automotive industry. More than 300 workers are employed at the property.