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DevelopmentIndianaMidwestMultifamilyStudent Housing

Landmark Properties Breaks Ground on 678-Bed Student Housing Project Adjacent to Purdue University

by Kristin Harlow

WEST LAFAYETTE, IND. — Landmark Properties, in partnership with Manulife Investment Management, has broken ground on The Standard at West Lafayette, a 678-bed student housing project located adjacent to Purdue University in West Lafayette. Peninsula Investments also partnered on the project. Landmark Urban Construction, the in-house general contractor for Landmark Properties, is building the development. The 253-unit community is slated to deliver in time for the 2027 academic year. The Standard at West Lafayette will offer fully furnished residences with floor plans ranging from studios to four-bedroom units. Spanning 18,234 square feet, amenities will include a rooftop clubhouse with an outdoor heated pool and fitness center as well as a fourth-floor amenity level with seating, a gaming lounge and interior courtyard. The property will feature more study spaces than any other student housing community in West Lafayette, according to Landmark. The garage will feature parking for 207 vehicles. BKV Group is the architect. The project marks Landmark’s second student housing development in Indiana, following The Standard at Bloomington, which opened in fall 2023.

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LoansMidwestMinnesotaMultifamilySeniors Housing

JLL Provides $33.2M Loan for Refinancing of Active Adult Community in Metro Minneapolis

by Kristin Harlow

MAPLE GROVE, MINN. — JLL Capital Markets has provided a $33.2 million Fannie Mae loan for the refinancing of Risor of Maple Grove, a luxury 55+ community in the Minneapolis suburb of Maple Grove. The 169-unit property, completed in June 2023, rises four stories with a mix of studios, one- and two-bedroom units averaging 1,002 square feet. Amenities include a clubroom, golf simulator, wine bar, indoor pool and spa, pickleball court and top-floor sky lounge. Scott Loving, Scott Streiff, Gary Marchiori and Will Hintz of JLL originated the five-year, fixed-rate loan on behalf of the borrower, Roers Cos.

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AcquisitionsIndustrialMidwestWisconsin

Midloch, Fountain Acquire 131,558 SF Industrial Property in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — Midloch Investment Partners and Fountain Real Estate Capital have acquired Tradesmen Industrial, a 131,558-square-foot industrial property in Madison. The purchase price was undisclosed. Midloch and Fountain are co-investors in the facility, which can accommodate warehouse, distribution and manufacturing uses. The asset is fully leased to three tenants. Completed in 2023, the property is located at 5525 Tradesmen Drive and features a clear height of 32 feet, 14 loading docks and direct access to I-39, I-90, Highway 12 and Highway 18. Fountain will handle leasing and management for the property. Judd Welliver of CBRE brokered the sale. Mike Vannelli of CBRE arranged a new mortgage loan through Magnifi Financial on behalf of the buyers.

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Leasing ActivityMidwestMissouriRetail

Block & Co. Secures 35,000 SF Location for Me 2 You Career Academy in Raytown, Missouri

by Kristin Harlow

RAYTOWN, MO. — Block & Co. Inc. Realtors has secured a 35,000-square-foot location for Me 2 You Career Academy in the Kansas City suburb of Raytown. The fast-track healthcare program that provides debt-free education has moved to 9808 E. 66th Terrace and 9817 E. 66th St. Me 2 You is a Missouri Department of Higher Education-accredited institution established in 2021. The new location provides a larger and improved space to support the academy’s employees, students and overall program growth. Garrett Cohoon of Block & Co. represented the tenant in the lease, while Bill Maas of Block & Co. represented the undisclosed landlord.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates 25,631 SF Industrial Lease in Bensenville, Illinois

by Kristin Harlow

BENSENVILLE, ILL. — Lee & Associates has negotiated a 25,631-square-foot industrial lease at 1071 Thorndale Ave. in the Chicago suburb of Bensenville. The lease brings the property to full occupancy. Chris Nelson of Lee & Associates represented the landlord, Prologis. Jeff Fischer of KBC Advisors represented the tenant, McDonald Associates Inc., an Elk Grove-based electrical manufacturer’s representative company focused on providing sales and warehousing solutions for clients.

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IllinoisLoansMidwestMultifamily

Newmark Arranges $110M Loan for Refinancing of Cityfront Place Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — Newmark has arranged a $110 million loan for the refinancing of Cityfront Place, a 39-story luxury apartment tower in downtown Chicago. The borrowers, Strategic Properties of North America and Mirae Asset Securities, acquired the 480-unit property in 2020 and implemented a renovation plan, modernizing unit interiors and common areas while maintaining occupancy above 95 percent throughout the improvement period. The renovations contributed to a more than 60 percent increase in net operating income. Positioned along the Chicago River in the Streeterville neighborhood, Cityfront Place offers studio, one- and two-bedroom units. Amenities include a fitness center, indoor pool, rooftop terrace, resident lounge, indoor parking and direct access to the Riverwalk. Charles Han, Henry Stimler, Bill Weber, Matt Mense, Dan Sarsfield and Ricky Warner of Newmark arranged the financing.

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AcquisitionsBuild-to-RentIndianaMidwestSingle-Family Rental

Thompson Thrift Sells 242-Unit Slate at Fishers District Build-to-Rent Community in Indiana

by Kristin Harlow

FISHERS, IND. — Thompson Thrift has sold Slate at Fishers District, a 242-unit luxury build-to-rent community in the Indianapolis suburb of Fishers. Bonaventure Holding Co. purchased the property for an undisclosed price. George Tikijian, Hannah Ott, Ted Abramson, Cam Benz, Claire Hassfurther, Ryan Stockamp and Sean Pingel of CBRE brokered the sale. Slate at Fishers District features one-, two- and three-bedroom villas as well as three- and four-bedroom townhomes. Amenities include a clubhouse, fitness center, pool, bark park and dog spa. Construction wrapped in May 2024, and the property’s occupancy now exceeds 90 percent. Slate at Fishers District is one of five developments within the larger Fishers District. Once completed, the $750 million project will span 123 acres and include multifamily, hotel, office, dining, shopping and entertainment options.

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AcquisitionsIllinoisMidwestMultifamily

Interra, Triton Broker $16.1M Sale of Multifamily Portfolio on Chicago’s North Side

by Kristin Harlow

CHICAGO — Interra Realty and Triton Realty Group have brokered the sale of a three-building multifamily portfolio totaling 115 units in Chicago’s Rogers Park neighborhood. The properties sold for $16.1 million in an off-market deal. All of the buildings were fully occupied at the time of sale and are located on North Damen Avenue. Brad Feldman of Interra and Harrison Cohen of Triton represented the seller, George Triff. The duo also represented the buyer, a private individual investor.

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DevelopmentKansasMidwestMultifamilySeniors Housing

Brinkmann Constructors Breaks Ground on 89-Unit Senior Living Building in Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — Brinkmann Constructors has broken ground on a five-story building at the Tallgrass Creek Senior Living campus in the Kansas City suburb of Overland Park. Maryland-based Erickson Senior Living is the developer. The 173,000-square-foot property marks Brinkmann’s fifth residential building in Neighborhood Two at the Tallgrass Creek campus. As the final residential addition to the campus, the new building will feature 89 units built over a podium deck with below-grade parking. Lantz-Boggio Architects PC is the architect.

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AcquisitionsIndustrialMidwestOhio

Marcus & Millichap Negotiates $3.8M Sale of Industrial Property in Sidney, Ohio

by Kristin Harlow

SIDNEY, OHIO — Marcus & Millichap has arranged the $3.8 million sale of a 165,230-square-foot industrial property in Sidney, about 40 miles north of Dayton. Located at 1521 Michigan St., the facility sits on more than 33 acres at the intersection of I-75 and Michigan Street. Formerly home to Reliable Castings Corp., the property includes heavy manufacturing capacity, a machine shop, warehouse, distribution spaces and offices. Nathan Pealer of Marcus & Millichap represented the seller, Reliable Castings, and procured the buyers, Moxie Equities and Lido Realty. The complex sale involved a bankruptcy, a business winding down its operations and active equipment auctions taking place during the selling process, according to Pealer. The buyers plan to improve and lease the property, and marketing efforts are underway.

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