CHICAGO AND FORT WASHINGTON, PA. — Sam Zell’s Equity Residential (NYSE: EQR) and luxury homebuilder Toll Brothers (NYSE: TOL) have formed a partnership to acquire and develop sites for new rental apartment communities in metro Boston; Atlanta; Austin, Texas; Denver; Orange County/San Diego; Seattle; and Dallas-Fort Worth, Texas. The two companies are looking to deploy $1.9 billion to take advantage of the surging demand for rentals, according to Crain’s Chicago Business. The partnership will invest about $750 million in equity, plus additional debt. Chicago-based Equity invests in apartments with a portfolio of more than 300 properties across California, Washington, D.C., New York City, Boston, Seattle and Denver. Fort Washington-based Toll Brothers builds homes in 24 states.
CHICAGO — ARCO/Murray and GMA Construction Group have broken ground on a $31 million sports campus in Chicago’s North Austin community. Project partners include By the Hand Club for Kids, Grace and Peace Revive Center, Intentional Sports, the Chicago Fire Foundation and Jason and Vedrana Heyward. The facility will offer education, leadership development and sports training for Chicago youths, including soccer and baseball programming from the Chicago Fire FC and the Jason Heyward Baseball Academy. The project will include 150,000 square feet of indoor space, outdoor turf fields and an indoor turf arena. The campus will offer after-school programming for more than 400 youths. Completion is slated for fall 2022. The State of Illinois provided a $1.5 million capital grant, which will assist with brownfield redevelopment of the former Glidden paint factory. The campus will be developed in partnership with Chicago Neighborhood Initiatives. By the Hand Club for Kids, which is an after-school program, will operate its sixth Chicago-area club at the campus. By the Hand will occupy 30,000 square feet. Grace and Peace Revive Center will offer a food bank, domestic violence counseling, transitional housing and advocacy workshops onsite. Nonprofit organization Intentional Sports will anchor the development. Adult leagues, …
NILES, ILL. — Venture One Real Estate has acquired a 179,508-square-foot industrial building in Niles, about 15 miles northwest of Chicago. The purchase price was undisclosed. Located at 6900 Austin Ave., the property is fully leased to one tenant. Constructed in 1980, the building features a clear height of 21 feet, nine docks, one drive-in door, parking for 120 cars and 4,820 square feet of office space. Christopher Volkert of Colliers International represented the undisclosed seller. Venture One’s acquisition fund, VK Industrial V LP, is a partnership between Venture One and Kovitz Investment Group.
OAK LAWN, ILL. — Brookline Real Estate has brokered the sale of Central Plaza in Oak Lawn, a southern suburb of Chicago, for $3 million. Anchor tenants of the 26,331-square-foot retail center include Family Dollar and Dunkin’. Dominick Cannata of Brookline represented the Florida-based seller. Mark Heidecke of Horvath & Tremblay represented the Texas-based buyer. Brookline also served as leasing agent and property manager prior to the sale and completed the stabilization of the property. The new owner will continue to retain Brookline as manager.
ROUND LAKE, ILL. — Berkadia has brokered the sale of Rosewood Apartments in Round Lake, a far northwest suburb of Chicago. The sales price was undisclosed. Built in 1976 and renovated in 2006, the 170-unit apartment community is located at 216 W. Forest Ave. The three-story property offers one-, two- and three-bedroom floor plans. Ralph DePasquale of Berkadia Chicago represented the seller, Rosewood Apartments LP. Rosewood Harmony Housing LLC was the buyer.
BUFFALO GROVE, ILL. — Premier Design + Build Group LLC has broken ground on its new corporate headquarters in Buffalo Grove, a northwest suburb of Chicago. The 50,516-square-foot, two-story project is slated for completion in July 2022. Located at 1305 Busch Parkway, the development will include outdoor workspaces, breakout rooms, huddle spaces, two canopied entrances, two drive-in doors, four dock positions and a full indoor basketball court. Premier says the move is prompted by rapid growth at the design and construction firm. Premier recently sold its previous headquarters building that it’s occupied for seven years in Itasca. The project team includes architect Cornerstone Architects Ltd., structural engineer Swift Structural Design and civil engineer Spaceco Inc.
CHICAGO — Chicago-based real estate development firm Sterling Bay has broken ground on 345 N Morgan, a 200,000-square-foot office and retail building in Chicago’s Fulton Market. Sterling Bay acquired the development site in 2014 and originally intended to break ground in March 2020, but the project was halted due to COVID-19. Designed by Eckenhoff Saunders Architects, the building will feature private outdoor terraces, a 5,000-square-foot roof deck, bar and lounge, fitness center, coworking library and high-tech conference spaces. The construction timeline is 13 months, enabling tenants to move in as early as September 2022. Skender and JLL Construction are building the project. Sterling Bay secured roughly $100 million in combined construction loans from senior lender Bank OZK and mezzanine lender PCCP.
ROCKFORD, ILL. — Greystone Bel Real Estate Advisors has arranged the sale of a five-property multifamily portfolio in Rockford for $43.3 million. The portfolio totals 582 units. The properties include Hampton Ridge, Hampton Woods, Hampton Courtyard, Hampton Crossings and Hampton Meadows. Completed from 1958 to 2008, the properties offer a variety of one-, two- and three-bedroom units averaging 1,094 square feet. William Montana and Christopher Sackley of Greystone Bel represented the seller. Buyer and seller information were not disclosed.
WARRENVILLE, ILL. — McShane Construction Co. has completed Arden Residences in Warrenville, about 30 miles west of Chicago. Interforum Holdings was the developer for the 364-unit luxury apartment complex. The four-story property offers 201 one-bedroom units, 153 two-bedroom units and 10 three-bedroom units wrapped around a 386-space parking garage. Amenities include a fitness center, yoga studio, business center, library, massage room, sauna, arts and crafts room, pool, barbecue areas and two pickle ball courts. Baranyk Associates served as architect.
ROSELLE, ILL. — M&T Realty Capital Corp. has provided a $27.2 million HUD-insured loan for the refinancing of a 247-unit apartment complex in Roselle, a suburb of Chicago. The property name and specific details were undisclosed. Bob Kaplan and Carole Stafford of M&T’s Baltimore office originated the 35-year loan, which features an 80 percent loan-to-value ratio and a fixed interest rate of 2.4 percent. Len Deering of Deering Commercial Mortgage LLC arranged the loan.