Illinois

JLL Brokers $76M Sale of Apartment Community in Chicago’s River North

by Kristin Harlow January 2, 2024

CHICAGO — JLL has brokered the $76 million sale of 3Eleven, a 245-unit apartment community in Chicago’s River North neighborhood. Built in 2018, the property features one-, two- and three-bedroom units. Amenities include a rooftop terrace, pool, lounge areas, a fitness center, yoga studio, chef’s demonstration kitchen and coworking space. Located at 311 W. Illinois St., 3Eleven is situated at the intersection of West Illinois and North Franklin streets. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the seller, The John Buck Co. and its institutional partner. JLL also procured the buyer, Vista Property. Chris Knight and Mike Brady of JLL originated a $47.7 million Freddie Mac loan on behalf of the buyer.

January 2, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $2.6M Sale of Apartment Building on Chicago’s South Side

by Kristin Harlow December 22, 2023

CHICAGO — Interra Realty has brokered the $2.6 million sale of a 31-unit apartment building in Chicago’s South Shore neighborhood. Located at 6949-6959 S. Merrill Ave., the courtyard property includes a mix of studio to three-bedroom units, some of which have been updated with new kitchens and baths. Two units were reconfigured to include an additional bedroom, which generated additional rent of $300 per month. Max Grossman of Interra represented the local confidential buyer. Joe Smazal and Lucas Fryman of Interra represented the seller, a private investor based on the East Coast. The asset was roughly 90 percent occupied at the time of sale.

December 22, 2023

Illinois Leasing Activity Midwest Retail

AXIS 360 Negotiates Two Retail Leases for Cannabis Dispensaries in Normal, Illinois

by Kristin Harlow December 22, 2023

NORMAL, ILL. — AXIS 360 Commercial Real Estate Specialists has negotiated two retail leases for cannabis dispensaries in Normal, just north of Bloomington. Revolution Cannabis signed a lease for 3,700 square feet at 1609 Northbrook Road and expects to open before the end of the year. AYR Wellness signed a lease for 3,200 square feet at 1730 Bradford Lane within the Constitution Trail Centre shopping center. AYR Wellness is slated to open in spring 2024. Michael O’Neal and Meghan O’Neal-Rogozinski of AXIS 360 represented the undisclosed landlords in both leases.

December 22, 2023

Affordable Housing Development Illinois Midwest Multifamily

Habitat, P3 Markets Top Off Second Apartment Building at 43 Green Development in Chicago

by Kristin Harlow December 21, 2023

CHICAGO — Habitat and P3 Markets have topped off construction of the second apartment building at 43 Green, a $100 million mixed-income development in Chicago’s Bronzeville neighborhood. The transit-oriented development is centered around the 43rd Street Green Line L station. The new building rises 10 stories with 80 units, 44 of which will be designated as affordable. Completion is slated for late summer 2024. The developers have fully leased the first apartment building, which also rises 10 stories. The 99-unit property consists of 50 affordable units for households earning up to 60 percent of the area median income. Located on a long-vacant, city-owned lot on the northeast corner of East 43rd Street and Calumet Avenue, the first building is the largest of three planned buildings at 43 Green. Amenities include a fitness center, business center, picnic area, community room with kitchen, two rooftop terraces, laundry facilities and bicycle storage. The second building will have similar amenities.

December 21, 2023

Acquisitions Illinois Midwest Multifamily

Quantum Brokers $2.7M Sale of Chicago Multifamily Property

by Kristin Harlow December 21, 2023

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a 38-unit multifamily property in Chicago for $2.7 million. The courtyard building is located at 4126 W. 24th Place in Little Village. Clay Maxfield of Quantum represented the seller, which had owned the asset for 25 years. The property sold to a local owner with multiple assets in Chicago and the surrounding suburbs.

December 21, 2023

Illinois Leasing Activity Midwest Retail

German Luxury Watch Manufacturer to Open at Chicago’s Shops at Tribune Tower

by Kristin Harlow December 21, 2023

CHICAGO — A. Lange & Söhne, a German luxury watch manufacturer, has signed a lease for 1,409 square feet of retail space at The Shops at Tribune Tower in Chicago. The retailer’s location will be positioned on Michigan Avenue on the corner overlooking Pioneer Court, which was redeveloped by CIM Group and Golub & Co. The area between Tribune Tower and the neighboring Apple store features space for locals and visitors to gather and shop. The A. Lange & Söhne boutique is slated to open in 2024 and will join the Musuem of Ice Cream, Foxtrot Market, Blue Bottle Coffee, Rowan and Krewe. The Shops at Tribune Tower consists of 50,000 square feet of retail space that anchors the ground floor of the 36-story, 740,000-square-foot Tribune Tower. CIM Group and Golub & Co. transformed the property into 162 luxury condos.

December 21, 2023

Development Illinois Midwest Retail

PENN Entertainment Breaks Ground on $185M Hollywood Casino Joliet at RockRun Collection in Illinois

by Kristin Harlow December 20, 2023

JOLIET, ILL. — PENN Entertainment has broken ground on the $185 million Hollywood Casino Joliet at RockRun Collection in Joliet. The casino will anchor RockRun Collection, a 1 million-square-foot mixed-use development that is under construction. Cullinan Properties is the owner and developer for the 310-acre project. The land-based casino will feature approximately 850 slots and 44 live table games, including a baccarat room, retail sportsbook, bars and restaurants, and an approximately 10,000-square-foot event center with meeting areas. There will also be roughly 1,330 parking spaces. PENN expects to create 450 construction jobs and 515 permanent jobs at Hollywood Casino Joliet. The development will take about 24 months to construct. RockRun Collection is slated to include 570 apartment units, 500 hospitality rooms, 150,000 square feet of office space, 500,000 square feet of retail and restaurant space, an outdoor amenity area and entertainment space.

December 20, 2023

Illinois Midwest Multifamily

Origin Investments: Variable-Rate Loans Reaching Maturity Will Spawn Unique Investment Opportunities in 2024

by Kristin Harlow December 20, 2023

CHICAGO — An analysis from Origin Investments (Origin) predicts a tumultuous 2024, with concerns of a recession and elevated interest rates likely to continue. Despite this, the Chicago-based real estate fund manager expects next year to bring unique opportunities for multifamily investors to secure protected positions in the capital structure and enhance investment returns. “The volume of variable-rate bank loans — made when the Secured Overnight Financing Rate was 0 percent and the 10-year Treasury note yield was below two percent — coming due in 2024 will create a generational opportunity in senior debt and preferred equity investments,” explains David Scherer, co-CEO of Origin. “Despite uncertainties, it remains a mistake to stay out of the multifamily investment market in 2024.” Origin predicts that rent growth will stabilize to historic norms in 2024. The analysis theorizes that the negative rent growth some markets — such as Austin, Texas — experienced in 2023 was likely due to oversupply, and will reverse by January 2025. The report also indicates that long-term demand and absorption of apartments and rental homes is likely to remain strong for several years, as the U.S. is facing a shortage of between 5.5 million and 6.8 million housing units. …

December 20, 2023

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

Evergreen Completes $31.5M Bellwood Senior Apartments Affordable Community in Metro Chicago

by Kristin Harlow December 20, 2023

BELLWOOD, ILL. — Evergreen Real Estate Group has completed Bellwood Senior Apartments, an 80-unit affordable seniors housing community in Bellwood, a western suburb of Chicago. The $31.5 million project replaces a former Walgreens store that had been vacant for nearly five years. The four-story development offers 76 one-bedroom and four two-bedroom apartments for seniors age 62 or older with incomes at or below 60 percent of the area median income (AMI). Evergreen says the building is 40 percent leased and will reach full occupancy in the next few months. Weese Langley Weese Architects designed the project. F.H. Paschen served as general contractor on the development. Financial partners for Bellwood Senior Apartments include the Illinois Housing Development Authority as the tax credit issuer (both Low-Income Housing Tax Credits and Illinois Affordable Housing Tax Credits) and subordinate funds provider; the Village of Bellwood, which provided a TIF loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; Cook County, which provided HOME funds; and the ComEd Energy Efficiency Program.

December 20, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.6M Sale of Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow December 20, 2023

CHICAGO — Interra Realty has brokered the $9.6 million sale of a 28-unit apartment building in Chicago’s Lincoln Park neighborhood. Located at 1900-16 N. Lincoln Ave., the property features a mix of studio, one- and two-bedroom units. The building, constructed in 1906, underwent a capital improvement program for new appliances, countertops, cabinets and floors. Joe Smazal of Interra represented the buyer, Chicago-based ICM Properties. He also represented the local private seller. The property was fully occupied at the time of sale.

December 20, 2023

Newer Posts

Older Posts