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Midwest

Alex Hoenig Valuations Walker & Dunlop
Content PartnerFeaturesIndustrialMidwestMultifamilyNortheastOfficeSoutheastTexasWalker & DunlopWestern

Multifamily, Industrial, Office Transaction Activity Trends Upward Amid Shifting Valuation Landscape

by Sarah Daniels

The spike in interest rates nearly three years ago brought investment sales to a virtual standstill, as deep disagreements over valuation between buyers and sellers dominated the market. While recent Federal Reserve cuts to the federal funds rate raised hope for a resurgence in transactions, ongoing volatility in the bond market, concerns about reemerging inflation and uncertainty over fiscal and monetary policy continued to weigh on a full-blown rebound in investment activity. The uncertain environment makes it difficult for investors to easily evaluate commercial property values, underscoring the importance of access to comprehensive, real-time data on transactions, market fundamentals and emerging trends, says Alex Hoenig, MAI, Midwest regional managing director at Apprise, Walker & Dunlop’s independent valuation firm. “Our understanding of current values for commercial real estate relies on transactions actually taking place, and sales velocity has started to inch back up,” reports Hoenig. “But there’s no question that there has been a lot of volatility in the market, which requires a local expert with access to a strong network and a constant pulse on market comparables.” Walker & Dunlop launched Apprise in 2020 to accelerate technology-driven solutions in the commercial real estate sector. Apprise serves owners and investors nationwide, …

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AcquisitionsIndianaMidwestMultifamilySeniors Housing

Berkadia Negotiates Sale of Two-Property Seniors Housing Portfolio in Metro Indianapolis

by Kristin Harlow

INDIANAPOLIS AND AVON, IND. — Berkadia has negotiated the sale of two seniors housing properties totaling 242 units in metro Indianapolis for an undisclosed price. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia represented the seller, a private equity firm. A publicly traded REIT was the buyer. Traditions Management operates both communities and will continue to do so. Built in 2014, Traditions of Reagan Park in Avon features 125 independent living, assisted living and memory care units, including 30 independent living villas built in 2016 and 2019. Built in 2014, Traditions of Solana in Indianapolis features 117 independent living, assisted living and memory care units, including 24 independent living villas built in 2014 and 2016.

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Build-to-RentLoansMidwestSingle-Family RentalWisconsin

BWE Arranges $36.1M in Permanent Financing for Build-to-Rent Community in Sun Prairie, Wisconsin

by Kristin Harlow

SUN PRAIRIE, WIS. — BWE has arranged $36.1 million in permanent financing for Heyday Sun Prairie, a 170-unit build-to-rent community in the Madison suburb of Sun Prairie. Dan Rosenberg, Tim Caffrey and Logan Petersmeyer of BWE arranged the Fannie Mae loan, which features interest-only payments for the full term. A Chicago-based developer was the borrower. The financing will be utilized to pay off construction loans.

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AcquisitionsAffordable HousingMidwestMinnesotaMultifamilySeniors Housing

Marcus & Millichap Brokers $5.5M Sale of Affordable Senior Living Property in St. Cloud, Minnesota

by Kristin Harlow

ST. CLOUD, MINN. — Marcus & Millichap has brokered the $5.5 million sale of Westwind Apartments, a 60-unit affordable senior living property in St. Cloud, a city in central Minnesota. Located at 765 Savanna Ave. and built in 2004, the community offers a mix of one- and two-bedroom units across 55,686 rentable square feet. Chris Collins, Evan Miller and Eric Wagner of Marcus & Millichap represented the seller, a Minnesota partnership, and procured the buyer, a North Dakota partnership.

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DevelopmentIllinoisMidwest

Summit Design + Build Begins Renovations at Glen Oak Country Club in Suburban Chicago

by Kristin Harlow

GLEN ELLYN, ILL. — Summit Design + Build has begun renovations on the historic clubhouse at the Glen Oak Country Club in the western Chicago suburb of Glen Ellyn. Established in 1911, the private club features an 18-hole golf course, a two-story sports complex, multiple dining areas, a skeet and trap shooting lodge and a swimming pool. The two-story, 45,597-square-foot clubhouse will undergo a complex remodel, including renovations of the dining areas, kitchen, offices, restrooms, the addition of new indoor/outdoor dining areas, a new indoor/outdoor bar and a lobby addition with a new grand staircase and elevator, as well as exterior improvements. Chipman Design Architecture Inc. is the project architect, and CBRE is the owner’s representative. Completion is slated for late summer 2025.

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DevelopmentIllinoisMidwestOffice

Urban Innovations Completes 15,000 SF Office Build-out for Metropolitan Peace Initiatives in Chicago

by Kristin Harlow

CHICAGO — Urban Innovations has completed a 15,000-square-foot office build-out for Metropolitan Peace Initiatives at 2100 S. Morgan St. in Chicago’s Pilsen neighborhood. The new space houses private and open offices, training rooms, meditation rooms and a kitchen for the Metropolitan Peace Academy, which provides counseling, training and mediation to help prevent street violence in the city. The office also includes a podcast room and 2,000-square-foot gym. Metropolitan Peace Initiatives, a division of Metropolitan Family Services, moved from a previous location. Owned by Pilsen Metropolis LLC, the building was constructed in 1940 and renovated in 2019. Wright & Co. designed the space for the tenant, with MAI Architects working as the building architect. Baum Realty represented ownership, and CBRE represented the tenant in the lease.

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AcquisitionsIndustrialMidwestMinnesota

JLL Income Property Trust Acquires Minneapolis-Area Distribution Center for $66.5M

by Kristin Harlow

MAPLE GROVE, MINN. — JLL Income Property Trust has acquired a Class A industrial business park in the Minneapolis suburb of Maple Grove for $66.5 million. The two-building property totals 443,000 square feet and is fully leased. Constructed in 2023, the asset features 49 dock doors, five drive-in doors, a clear height of 32 feet and ample parking. The seller was undisclosed. As of Sept. 30, industrial investments comprised 32 percent of JLL Income Property Trust’s $6.6 billion portfolio, with $2.1 billion in industrial assets across 59 properties.

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Affordable HousingDevelopmentIowaMidwestMultifamily

Annex Group Breaks Ground on $58.2M Affordable Housing Community in Council Bluffs, Iowa

by Kristin Harlow

COUNCIL BLUFFS, IOWA — The Annex Group has broken ground on Union at Bluffs Run, a $58.2 million affordable housing community in Council Bluffs. The 192-unit property will feature one-, two- and three-bedroom units for households whose income level is at or below 60 percent of the area median income (AMI). Plans call for four three-story buildings and an additional single building that will house a community room, fitness center and leasing office. Additional amenities will include a playground, dog walking area and picnic area. Partners on the project include: RQAW; Snyder and Associates; the City of Council Bluffs; Merchants Capital, which provided more than $22 million in total equity and over $24 million in permanent debt financing; Merchants Bank, which provided more than $40 million in construction financing; and Fannie Mae. The Iowa Finance Authority issued 4 percent tax credits and tax-exempt bonds. Union at Bluffs Run is expected to open in fall 2026. The project marks the fourth affordable housing community in Iowa for The Annex Group.

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AcquisitionsMidwestMultifamilyWisconsin

Northmarq Arranges $57.7M Sale of Luxury Apartment Complex in Greenfield, Wisconsin

by Kristin Harlow

GREENFIELD, WIS. — Northmarq has arranged the $57.7 million sale of Forte at 84South, a 268-unit luxury apartment complex in the Milwaukee suburb of Greenfield. Built in 2018, the property features one-, two- and three-bedroom floor plans. Parker Stewart, Dominic Martinez, Alex Malzone and Jake Lamb of Northmarq represented the developer and seller, Fiduciary Real Estate Development Inc. The Brookview Companies was the buyer. Brett Hood, David Link, Kevin McCarthy and Cole Boland of Northmarq originated acquisition financing through Fannie Mae.

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AcquisitionsIndianaMidwestRetail

Cooper Group Brokers $10.9M Sale of Shopping Center in Lafayette, Indiana

by Kristin Harlow

LAFAYETTE, IND. — The Cooper Commercial Investment Group has brokered the sale of the Market Square Shopping Center in Lafayette for $10.9 million. Anchor tenants at the 132,429-square-foot property include Dollar General, the State of Indiana, Indiana BMV and Arni’s Pizza. Dan Cooper of Cooper Group represented the seller, a private investment group out of Kansas. The Michigan-based buyer purchased the asset at 99 percent of the list price. The property was 84 percent leased at the time of sale.

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