RIVERVIEW, MICH. — Friedman Real Estate has brokered the $10.5 million sale of Huntington House Apartments in Riverview, a southwest suburb of Detroit. The 129-unit multifamily property is located at 17400 Fort St. Peter Jankowski and Rich Deptula of Friedman represented the undisclosed seller. The buyer was also undisclosed.
WICHITA, KAN. — Choice Hotels International Inc. (NYSE: CHH) and Highside Cos. have broken ground on Everhome Suites Wichita, a 123-room hotel. The extended-stay property is located at 3880 N. Rock Road about three miles west of Wichita State University. Completion is slated for fall 2025. Everhome Suites amenities include weekly housekeeping, free WiFi, an outdoor amenity area, Homebase Market, fitness center and guest laundry facilities. The hotel marks Choice’s first Everhome Suites in Kansas.
NEW HOPE, MINN. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Saint Therese of New Hope, a continuing care retirement community in New Hope, a northwest suburb of Minneapolis. The seller was Saint Therese, a Minnesota-based nonprofit that originally built the community. The campus first opened in 1967. Starting in 1979, the property underwent extensive senior living expansion and renovation projects over the years. The community features 221 independent and assisted living units and 168 licensed skilled nursing beds. Compass Healthcare acquired the asset for an undisclosed price and will rebrand it as Woodlake Healthcare and Rehabilitation Center and Woodlake Residences. Saint Therese will continue to provide spiritual and pastoral care for the residents.
CHICAGO AND NEW YORK CITY — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire the brands and most of the affiliates of lifestyle hospitality company Standard International, parent company of The Standard and Bunkhouse Hotels brands. The transaction is anticipated to close later this year. The acquired portfolio will be 100 percent asset-light and includes management, franchise and license contracts for 11 open hotels with approximately 2,000 rooms, including The Standard, London; The Standard, High Line in New York City; The Standard, Bangkok Mahanakhon; and boutique properties like Hotel Saint Cecilia in Austin, Texas; and Hotel San Cristóbal in Baja California, Mexico. Upon closing, Hyatt will pay a base purchase price of $150 million, with up to an additional $185 million over time as additional properties enter the portfolio. The Standard hotels have attracted a loyal following among the most discerning lifestyle guests, says Mark Hoplamazian, president and CEO of Chicago-based Hyatt. “These properties truly drive the zeitgeist, creating destinations unto themselves with celebrated and talked-about programming and events, such as the Met Gala afterparty.” With this acquisition, Hyatt will form a new dedicated lifestyle group that will be headquartered in New York City and led by Amar Lalvani, …
OMAHA, NEB. — Northmarq has provided a $75.5 million Fannie Mae loan for the refinancing of Brickline at The Mercantile in Omaha. Completed in 2023, the luxury apartment complex features 379 units along with commercial space leased to three restaurant/entertainment concepts. Amenities include a resort-style pool, golf simulator, fitness center, yoga studio, electric vehicle charging stations and coworking spaces. Kevin McCarthy, Jeff Frankel, Alex Czachor and Jason Kinnison of Northmarq originated the loan on behalf of the borrower, a joint venture between Hines and Cresset Real Estate Partners. The eight-year, fixed-rate loan features interest-only payments and a flexible prepayment option starting after the sixth year.
CHICAGO — Sterling Bay and Wheelock Street Capital have sold the Hyatt House Chicago/West Loop-Fulton Market hotel for an undisclosed price. Located at 105 N. May St. in the Fulton Market district, the 200-room extended-stay property includes 5,224 square feet of retail space on the ground floor that is now fully leased to The Original Pancake House. The breakfast restaurant plans to open in late spring or early summer 2025. Sterling Bay and Wheelock completed development of the hotel in 2019. Amenities at the property, designed by Eckenhoff Saunders Architects, include an indoor rooftop pool, sky deck, fitness center and full-service lobby bar. Columbus, Ohio-based Rockbridge Capital was the buyer, according to Crain’s Chicago Business.
OLATHE, KAN. — StorTropolis Self-Storage has opened a new facility in Olathe at 601 N. Millridge St. The property features 113,010 square feet of leasable storage space divided into 867 units. Alongside indoor units with temperature control, the facility also offers indoor drive-up units. The property utilizes StorageDefender, a motion-sensing technology that alerts tenants by text of any activity in their storage unit. Additional security features include a gated and fenced property with keypad access, 24/7 recording cameras and onsite management. Storage Asset Management will oversee daily operations. StorTropolis is a Hunt Midwest self-storage platform.
NEWFOLDEN AND VIKING, MINN. — Kraus-Anderson has completed construction on additions at three Marshall County Central school buildings in Newfolden and Viking within northwest Minnesota. In August 2022, the Marshall County Central community voted and passed an $18.9 million building referendum to add needed space to support students and programs. A 93,559-square-foot project at Marshall County Central High School featured five new classrooms, a cafeteria, secondary gym, weight room, support spaces, commons and bus loop. Newfolden Elementary received a new library, music room, outdoor basketball court and staff/visitor parking lot. A 17,842-square-foot project at Viking Elementary involved a new secure entrance, front office, music room, kitchen office and storage. Remodeling created a school nurse office, library, larger staff lunchroom and additional space for preschool. Widseth Architects designed all three projects.
AURORA, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.6 million loan for the acquisition of a 34-unit multifamily property located at 1 S. View St. in Aurora. Michael Hughes of MMCC arranged the loan through a local credit union on behalf of the borrower, a real estate development company. The five-year loan features a 7.39 percent interest rate with a 30-year amortization schedule. The property features a mix of studio to two-bedroom units and is located four blocks from downtown.
— By Lynn Peisner — Developers and owners are optimistic a slowdown in construction over the next two years will help boost occupancies and rents by cutting into the market-rate supply overhang. This may be good news for owners of existing assets, but it’s less than ideal for those who make a living in the construction business. Or so it would seem. Most construction leaders are unfazed by an impending drought in new development. Some firms say they will rely on other sectors of commercial building to sustain them through the lull in apartment projects. Overall, the consensus among builders is that multifamily remains a secure line of business due to the high cost of owning a single-family home and a shortage of affordable housing. Construction Companies Adapt The National Association of Home Builders (NAHB) expects multifamily starts this year to total 342,000, down 28 percent from 2023. The recent peak was in 2022 when construction starts totaled 547,000. In its U.S. Real Estate Market Outlook 2024, CBRE concluded that this decline in construction starts means that new deliveries annually will be reduced to less than half the current level by 2026. “The pace of multifamily construction starts has slowed this …
