CHICAGO — Kiser Group has brokered the $2.6 million sale of a 36-unit apartment building located at 5201 W. Washington Blvd. in Chicago’s Austin neighborhood. The property was fully leased at the time of sale, with one recently filled vacancy. The asset received a full mechanical and cosmetic renovation, including individual furnaces and new plumbing and electrical systems. Noah Clark and Jack Petrando of Kiser represented the buyer and seller, neither of which were disclosed.
Illinois
By Ben Azulay, Bradford Allen As summer approaches, I’m noticing Chicago’s downtown buzzing with renewed energy, and new signs that the Loop’s office market is heating up as well. In fact, research by my firm, Bradford Allen, suggests a Chicago office market nearing its bottom and poised for recovery. Improved leasing activity, strategic landlord adaptations and discounted sales are reshaping downtown Chicago’s market, particularly in high-demand submarkets like the West Loop and Fulton Market. Client certainty Office tenants in downtown Chicago are demonstrating increased confidence about their space needs, as reflected in significant expansion deals and long-term commitments. In fact, office expansions drove at least five of the 10 largest leases signed during the first quarter, including Stripe more than doubling its footprint at 350 N. Orleans from 45,000 to 89,000 square feet and Blue Owl’s second expansion at 150 N. Riverside from 27,000 square feet to 54,000 square feet. Large new leases included BP renewing 240,000 square feet at the CME Center, and Goldman Ismail signing a 43,000-square-foot deal at 191 N. Wacker. Leasing volume totaled 1.7 million square feet, up from 1.3 million square feet year-over-year, with the West Loop alone securing 916,760 square feet of leasing activity. …
CHICAGO — Chicago-based JLL Capital Markets has arranged $252.5 million in financing for the Lower Terra Industrial Portfolio, a collection of 21 light industrial properties totaling 3.6 million square feet across 17 markets in the U.S. Lucas Borges, Matthew Schoenfeldt and Tara Hagerty of JLL represented the borrowers, Brennan Investment Group and Farallon Capital, to secure the five-year, floating-rate loan through affiliates of Apollo. Located across 13 states in the East, West, Central and Southeast regions, the portfolio is 98 percent leased to 16 tenants. The average tenant tenure is more than 30 years.
BENSENVILLE, ILL. — Axis Warehouse & Logistics has signed a 300,960-square-foot industrial lease renewal at 500 Country Club Drive in the Chicago suburb of Bensenville. The transaction represents the largest lease renewal in the O’Hare industrial market in the first half of 2025, according to Lee & Associates of Illinois. Jeff Galante of Lee & Associates represented the tenant, which is a third-party logistics provider that offers large-scale warehousing, transportation and global logistics services. The company occupies the entire property. Dominic Carbonari of JLL represented the owner, Link Logistics.
NORMAL, ILL. — JLL Capital Markets has arranged the sale of The Flats at ISU, a 447-bed student housing community serving students at Illinois State University in Normal. Completed between 2011 and 2014, The Flats at ISU features 155 units in studio through four-bedroom layouts. Amenities include a fitness center, study spaces, tenant lounges and outdoor grilling areas. At 99 percent occupied for the 2024-2025 academic year, the property benefits from Illinois State University’s record enrollment of 21,546 students, including its largest freshman class in 37 years, according to JLL. Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller, a joint venture between Campus Advantage and Heitman. Jackson Dearborn Partners was the buyer.
CHICAGO — Breneman Capital has acquired a 48-unit apartment building to be rebranded as The Aura in Chicago’s Lakeview neighborhood. The purchase price was undisclosed. Base3 Development sold the property, which is located at 3821 N. Ashland Ave. Built in 2023 by Base3, the asset features a mix of one-, two- and three-bedroom floor plans.
CHICAGO — Greenstone Partners has brokered the $4.3 million sale of a newly constructed multifamily property in Chicago’s River West neighborhood. Located at 693 N. Peoria St., the building features nine units in two- and three-bedroom layouts. The asset features private balconies, onsite parking, in-unit laundry and separated HVAC systems. Some units feature private rooftop access. Jordan Multack of Greenstone represented the seller and sourced a local 1031 exchange buyer.
By Lee Kiser, Kiser Group Multifamily real estate investment in the Midwest in 2025 presents a compelling opportunity, driven by strong fundamentals, favorable market dynamics and emerging trends. Here’s an overview of the key trends and outlook. Strong rent growth Midwestern cities are experiencing some of the fastest rent increases in the nation. Cleveland leads with a 5.1 percent year-over-year rent growth, while other metros like Chicago, Kansas City and Detroit rank among the top 10 for rent gains, outperforming the national average. This surge is attributed to steady demand and limited new supply, allowing landlords to continue raising rents. Much of the rent growth is due to declining construction activity. Nationally, multifamily construction is expected to decline by 11 percent in 2025, with completions projected to fall to 317,000 units. The Midwest has a significantly smaller pipeline than the national statistics, with only 3.4 percent of inventory currently under construction versus 6 percent nationally. Workforce housing stock The Midwest is recognized for its affordability, with monthly multifamily rents averaging $1,405, which is lower than the national average of $1,823 and more than 10 percent less than the Sun Belt average. Midwest transaction velocity is shifting toward Class B and …
HOFFMAN ESTATES, ILL. — Inspired by Somerset Development has broken ground on the West Side of Bell Works Chicagoland, marking the second phase of transformation of the former AT&T campus in Hoffman Estates into a “metroburb” with office, retail, dining and hospitality space. As the East Side of the project nears 95 percent occupancy, the West Side will bring more than 500,000 square feet of new space. The redeveloped West Side will include 430,000 square feet of traditional office space with approximately 35,000 square feet dedicated to fully furnished “Ready-to-Wear” suites for flexible short- and long-term leases, as well as 70,000 square feet of retail space. Completion is slated for the third quarter of 2026. Wight & Co. is the architect and npz studio+ is designing interiors. At the core of the West Side is its atrium, serving as a “Main Street” lined with storefronts, eateries and community gathering space. A skylight runs the length of the corridor, providing natural light. In tandem with the groundbreaking is the opening of Bell Market, a new culinary destination offering a selection of food-and-beverage options alongside a hub for weekly entertainment and private gatherings. The concept first debuted at Bell Works New Jersey.
GRAYSLAKE, ILL. — Essex Realty Group LLC has brokered the $5.8 million sale of Glen Street Apartments in Grayslake, about 50 miles north of downtown Chicago. Built in 1984 and located on Glen Street, the asset consists of 40 units. Current ownership has recently made significant capital improvements, including a new parking lot and a full concrete catwalk replacement. Brian Karmowski of Essex represented the undisclosed buyer.