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AcquisitionsIllinoisMidwestMultifamily

Marquette Cos. Acquires 400-Unit Apartment Community in Suburban Chicago

by Kristin Harlow

ST. CHARLES, ILL. — Marquette Cos. has acquired Ascend St. Charles, a 400-unit apartment community in the western Chicago suburb of St. Charles. The seller and sales price were undisclosed. Located at 100 Lakeside Drive, the property offers a mix of one-, two- and three-bedroom units with monthly rents starting around $1,600. Amenities include a 4,838-square-foot clubhouse that was recently renovated and includes remote workspaces, an upgraded fitness center, a residents’ lounge and game room, swimming pool and sundeck. Marquette plans to reposition the property by renovating residences with modern finishes and adding upgrades to the clubhouse and amenities.

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DevelopmentIndianaMidwestMixed-Use

Thompson Thrift Opens $200M Event Center at Fishers District in Suburban Indianapolis

by Kristin Harlow

FISHERS, IND. — Thompson Thrift has opened Fishers Event Center, a 7,500-seat arena within The Crossing at Fishers District in the Indianapolis suburb of Fishers. The venue will serve as a home to three professional sports teams — Indy Fuel Hockey Club of the ECHL, Indy Ignite of the Professional Volleyball Federation and Fishers Freight of the Indoor Football League. The arena will also host a variety of community events and concerts. The event center marks a $200 million investment by the city within Thompson Thrift’s $750 million Fishers District mixed-use development. Once completed, the 123-acre project will incorporate multifamily, townhome, hotel, office, dining, shopping and entertainment offerings. Thompson Thrift is actively leasing space for The Union at Fishers District, another phase expected to break ground in the first quarter of 2025. The Union will feature 57,000 square feet of retail, restaurant and entertainment space, 251 luxury apartment homes, 135 luxury boutique hotel rooms and 70,000 square feet of Class A office space. Thompson Thrift first began work on the Fishers District development in 2015.

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AcquisitionsIllinoisMidwestMultifamilySeniors HousingWisconsin

Berkadia Arranges Sale of Three-Property Senior Living Portfolio in Metro Chicago, Milwaukee

by Kristin Harlow

CHICAGO AND MILWAUKEE — Berkadia has arranged the sale of three upscale senior living communities offering assisted living and memory care services in the Chicago and Milwaukee metropolitan areas. Heartis of Orland Park in suburban Chicago features 96 assisted living and memory care units. Opened in 2018, the property is the newest majority assisted living community in the Southwest Cook County submarket. Heartis Village Brookfield and Heartis Village North Shore, located in Brookfield and Glendale, Wis., opened in 2019 and total 210 assisted living and memory care units. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia arranged the sale on behalf of the seller, a joint venture between Dallas-based Caddis Partners and a private equity real estate fund. A publicly traded REIT was the buyer.

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DevelopmentIllinoisMidwestMultifamily

Summit Design + Build Breaks Ground on 84-Unit Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Summit Design + Build has broken ground on 537 W. Drummond, a seven-story apartment building with 84 market-rate units in Chicago’s Lincoln Park neighborhood. The 80-foot-tall development will feature a fitness room, conference and coworking spaces, 84 bike parking spaces and 52 car parking spaces. The project site is the historic Covent Theater, which was situated behind the Covent Hotel. Moyer Properties is the developer, ParkFowler Plus is the architect, Catapult Real Estate Solutions is the owner’s representative, Cross Street is the broker and Principal Asset Management provided construction financing. A timeline for completion was not provided.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers Sale of 57,832 SF Retail Center in DeKalb, Illinois

by Kristin Harlow

DEKALB, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 57,832-square-foot retail center in DeKalb for an undisclosed price. The center was 63 percent leased at the time of sale to tenants such as Ollie’s, GNC and Little Caesars. Dan Waszak, Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller, GW Properties. The buyer was a private group based out of Miami.

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AcquisitionsIndustrialMidwestSelf-StorageWisconsin

Marcus & Millichap Negotiates $2.3M Sale of Self-Storage Facility in Janesville, Wisconsin

by Kristin Harlow

JANESVILLE, WIS. — Marcus & Millichap has negotiated the $2.3 million sale of Interstate Secure Storage, a 233-unit self-storage facility in the Milwaukee suburb of Janesville. Built in 2015, the property totals 44,250 rentable square feet. There are expansion plans for two additional buildings totaling 25,950 square feet. Dan Bowar of Marcus & Millichap represented the buyer, Hastings Property Group LLC. The seller was undisclosed.

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AcquisitionsMidwestMissouriMultifamilyStudent Housing

CBRE Arranges Sale of 552-Bed Student Housing Community Near University of Missouri

by Kristin Harlow

COLUMBIA, MO.— CBRE has arranged the sale of The Den, a 552-bed student housing community located near the University of Missouri campus in Columbia. A joint venture between The Michaels Organization and Capital Solutions Inc. purchased the property from Hamilton Point Investments for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer with CBRE National Student Housing represented the seller in partnership with Matt Bukhshtaber of CBRE’s St. Louis office. The Den offers two- and four-bedroom units with bed-to-bath parity. Shared amenities include a swimming pool and sundeck, fitness center, clubhouse, community lounge, game room, tanning booth, dog park, conference rooms, basketball courts, fire pits and an outdoor kitchen and grilling station. 

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AcquisitionsIllinoisMidwestMultifamily

Laramar Group Sells Two Multifamily Properties in Metro Chicago Totaling 414 Units

by Kristin Harlow

AURORA AND GURNEE, ILL. — The Laramar Group has sold two multifamily properties in metro Chicago totaling 414 units. The sales prices and buyers were undisclosed. Laramar completed comprehensive renovation programs on each property, including a condo deconversion of one. Covey at Fox Valley in Aurora is a 216-unit asset adjacent to Rush Copley Medical Center. Laramar completed an extensive renovation program to improve the common areas and exterior, along with unit upgrades. The property includes an expanded fitness center, a dog park and an exterior seating and grilling area. Laramar also installed professional management and leasing staff to oversee the property. Luna Park Apartments is a three-building, 198-unit development in Gurnee that Laramar purchased in 2019 as a condo deconversion project. Laramar’s property repositioning plan included significant interior and exterior renovations, including adding an expansive barbecue and outdoor amenity area, updating the fitness center and improving the garage and mechanical systems. Laramar also completed common area improvements and unit renovations.

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Affordable HousingDevelopmentMidwestMultifamilyNorth Dakota

WNC, BlueLine Break Ground on 110-Unit Affordable Housing Development in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — WNC & Associates and BlueLine Development, along with partner Fargo Housing Redevelopment Authority, have closed a deal to commence construction on Lashkowitz Riverfront Apartments, a 110-unit affordable housing development in Fargo. The new project will replace an older affordable housing community on the same lot. Once the tallest building in Fargo, the previous 22-story property lost its efficiency, was vacated and demolished by implosion in September 2023. The new development will feature four upper levels of affordable housing and a ground floor with commercial space. Amenities will include community rooms, lounges, a rooftop patio, exercise room and free laundry. As a fully Section 8 community, Lashkowitz Riverfront Apartments will serve families earning between 30 and 50 percent of the area median income. The unit breakdown includes 52 one-bedroom units, 36 two-bedroom units and 22 three-bedroom residences. The property will overlook the Red River in the middle of downtown Fargo, bordering the Minnesota state line. The deal was structured with 4 percent and 9 percent Low-Income Housing Tax Credits, with financing from the North Dakota Housing Finance Agency Housing Trust Fund and Fargo Housing Capital Fund. Completion is slated for December 2025.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Brokers $5.8M Sale of Retail Strip Center in Westfield, Indiana

by Kristin Harlow

WESTFIELD, IND. — Marcus & Millichap has brokered the $5.8 million sale of Creekside Centre, a 15,168-square-foot retail strip center in Westfield, a northern suburb of Indianapolis. Riverview Health anchors the property, which was built in 2001. Additional tenants include Titus Orthodontics, Bumble Kids and Domino’s. Julia Evinger of Marcus & Millichap represented the buyer, a long-time client from the area that completed a 1031 exchange.

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