The Omaha apartment market remains a strong performer. According to MPF Research, Omaha’s apartment occupancy stood at 95.5 percent at the end of 2012, up a modest 80 basis points from the end of 2011 and in line with Omaha’s average occupancy rate of 95.9 percent since 2000. Coupling the strong occupancy rate with a continued favorable financing environment, it is no surprise that developers are eager to bring new units on line and move quickly to lock in permanent financing. As a result, 2012 saw 1,225 multifamily housing building permits issued, which was very much in line with my predicted total of 1,300 permits for the year, and up 25 percent when compared to 2011. The addition of 1,225 units will increase the apartment housing stock in Omaha by 1.4 percent on an overall inventory of approximately 88,000 units. My expectation is that permit activity will again be around 1,200 units for all of 2013, with a small chance that it could possibly increase to as many as 1,400 units. There are a number of local and regional developers who are actively seeking multifamily land, and the lack of top sites is likely to be the biggest development constraint …
INDIANAPOLIS — Kite Realty Group Trust has acquired Castleton Crossing, a 280,000-square-foot shopping center in Indianapolis, for $39 million. The center is fully leased and is anchored by by TJ Maxx, HomeGoods, Burlington Coat Factory and Shoe Carnival. The shopping center is located near the intersection of I-465 and Allisonville Road. The property draws from a five-mile trade area with average household incomes of $87,600 and a population of 168,400.
LAKE BLUFF, ILL. —Prime Property Investors (PPI) has sold Deer Valley Luxury Apartment Homes in Lake Bluff to Steadfast Income REIT for $28.6 million. PPI purchased the Class A, 224-unit apartment community in June 2011 for $21.9 million. The property was fully leased at the time of sale. Deer Valley Luxury Apartment Homes includes 13 buildings on a 13.5-acre site with 297 surface parking spaces and 52 enclosed private parking garages. Susan Lawson and Todd Stofflet of Apartment Realty Advisors’ Chicago office represented PPI in the transaction.
INDIANAPOLIS — Construction is set to begin on the $26 million Chatham-Arch, a mixed-use development in Indianapolis this summer. Milhaus Development has received design approval and site rezoning from the Indianapolis Historic Preservation Commission to redevelop the former Mitchel & Scott Machine Co. site into the Chatham-Arch historic district. The development will include 236 studio, one-, two- and three-bedroom apartments in five buildings and office space. The apartments will include one parking space per unit and will rent between $900 and $2,000 per month. Apartments will become available in the spring of 2014. The project’s design was the result of a collaboration by Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering. Construction will be managed by Milhaus Construction LLC and leasing will be handled by The Gene B. Glick Co.
FREMONT, OHIO — Marcus & Millichap Real Estate has arranged the sale of a 165,000-square-foot, net-leased property in Fremont for $4.1 million. Kmart, which has five years left on its lease, fully occupies the building. Chris Thomson of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer, also a private investor, was secured and represented by Rick O'Connor of Marcus & Millichap. Built in 1990, Kmart is located at 1825 Oak Harbor Road.
WADSWORTH, OHIO — SenQuest Senior Living has acquired Liberty Residence I and II, a 137-unit senior residential community in Wadsworth, for $12 million. The independent and assisted living property, which is situated in an Akron suburb, was 91 percent occupied at the time of sale. SenQuest is the seniors housing division of Los Angeles-based Titan Real Estate Investment Group Inc. Jacob Gehl of Marcus & Millichap represented the buyer and seller in the transaction.
PLYMOUTH, MINN. — Harrison Street Real Estate Capital has acquired the leasehold interest in the Abbott Northwestern – WestHealth medical campus through the Harrison Street Core Property Fund, the firm’s core open-ended vehicle. The three-building, 200,000-square-foot, Class A medical campus is located in Plymouth, a western suburb of Minneapolis. Allina Health, the largest healthcare provider in the Twin Cities, leases a majority of the building. The campus is located at 2855 Campus Drive. Cushman & Wakefield/NorthMarq marketed the campus for sale.
ZIONSVILLE, IND. — Meridian Design Build’s National Projects Group has broken ground on a 303,000-square-foot package sorting and distribution center in Zionsville for Scannell Properties. The build-to-suit facility will be the first development in the new Ripberger Business Park, which is located about 20 miles north of Indianapolis. The main building will include 291,000 square feet of package sorting/distribution space and 12,000 square feet of office space. Three separate out-building structures will be constructed on the 43-acre site to accommodate security, vehicle maintenance and seasonal storage requirements. Michael Winger of Meridian Design Build is leading the project team. Bob Kolcz and Fred Jennings, also of Meridian Design Build will coordinate work at the project site. Precept Design LLC is the architect, and American Structurepoint Inc is completing civil engineering work.
NAPERVILLE, ILL. — Boombah, a sports apparel store, has opened a 6,435-square-foot location at Westridge Court in Naperville. The property is located on the northeast corner of Route 59 and Aurora Avenue, about 30 miles west of Chicago. Robert Schroedter of Yorkville, Ill.-based Site Solution Real Estate Advisors represented Boombah in the transaction. Brixmor is the owner of Westridge Court and was self-represented by Brad Ratajczak.
INDIANOLA AND GRINNEL IOWA — CNL Healthcare Properties has acquired two seniors housing communities in Iowa for $12.1 million through a joint venture with GCI Development LLC. CNL Healthcare Properties owns a 75 percent interest in the joint venture, which includes Windsor Manor of Indianola, a 42-unit assisted living and memory care community, and Windsor Manor of Grinnell, a 30-unit assisted living and 10-unit memory care community. Provision Living LLC will manage both properties under a long-term management agreement.