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AcquisitionsIllinoisMidwestWisconsin

TopSide Marinas Acquires Two Marina Properties Along Lake Michigan

by Kristin Harlow

WAUKEGAN, ILL. AND STURGEON BAY, WIS. — TopSide Marinas has acquired two marinas on the shores of Lake Michigan — Bay Marine of Sturgeon Bay and Bay Marine of Chicago. Previous owners, Matt and Mark Felhofer, will continue to own and operate Bay Marine Yacht Sales, which will lease back showroom and office space at both locations. With this acquisition, TopSide Marinas now owns and operates 10 marinas across six states. Purchase prices were not disclosed. Bay Marine of Sturgeon Bay, located in eastern Wisconsin, was built in 1965. The property totals 16 acres with 100 wet slips, 115,000 square feet of inside storage, a service shop and captain’s lounge. Bay Marine of Chicago was built in 2016 and is located in Waukegan. The property features 40,000 square feet of inside storage, 7,000 square feet of office space and a comprehensive service operation.

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MidwestMinnesotaNAI

NAI North Star Joins NAI Global to Serve Southern Minnesota Commercial Real Estate Market

by Kristin Harlow

MANKATO, MINN. — Newly organized firm NAI North Star has joined NAI Global to serve the Mankato and southern Minnesota commercial real estate market. Cate DeBates and other principals David Schooff, Eric Harriman and Joey Lund manage NAI North Star operations. Including brokers and staff, the company is comprised of 12 professionals having a combined 50 years of experience in commercial transactions. The group’s property management business operates under the brand Plaid Hat Management, while its development arm does business as Compass North Development. NAI North Star’s services include investment sales, leasing, asset management, development, property management and advisory services involving office, land, investment, industrial and multifamily. The firm especially focuses on turnkey development projects. The office also provides broker-opinion-of-value services, management consulting and 1031 exchange services. DeBates and Schooff were formerly agents at Coldwell Banker Commercial.

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Eran Dor Pavlov Spaces Multifamily Amenities quote
Content PartnerDevelopmentFeaturesLeasing ActivityMidwestMultifamilyNortheastPavlov MediaSoutheastTexasWestern

How Developers Use Mix of Technology, Amenities to Attract Residents

by Sarah Daniels

The multifamily industry faces a major challenge. Final construction costs have grown 33 percent since 2019 interest rates and operational expenses are sky high; and rents may need to increase, where possible, to make deals feasible — an off-putting reality for residents. One developer solution is smaller apartments, which make units cheaper. There is also a push to add more common-space amenities that are both valuable and less costly to include. These features include rooftop spaces, green areas and decks. However, to make these spaces truly usable for today’s multifamily residents, it is important to make them technologically flexible and to offer easy internet connection. “The floor plans of most new-construction multi-dwelling units (MDUs) today are shrinking, and their amenities are expanding,” says Bryan Rader, president of MDU at networking and internet service company Pavlov Media. According to RentCafe, the average size of newly constructed apartment units fell by almost 6 percent in a decade, with half of that change occurring in the last year. Rader likens it to the “resort-style community” approach, where hotel rooms are small, and guests are encouraged to spend time everywhere else on the property. Similarly, multifamily developers create shared amenities such as comprehensive fitness …

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AcquisitionsIllinoisMidwestMultifamily

MLG Capital Acquires 272-Unit Orchard Village Multifamily Property in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — MLG Capital has acquired Orchard Village, a 272-unit multifamily property in the western Chicago suburb of Aurora. The purchase price was undisclosed. Built in 2000, the community is located at 1240 W. Indian Trail. Amenities include a heated pool, clubhouse, fitness center and dog park. MLG acquired an interest in the property using 1031 exchange proceeds from its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. Orchard Village marks MLG’s ninth acquisition in metro Chicago. The firm owns more than 1,700 units in Illinois.

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Affordable HousingDevelopmentMidwestMultifamilyWisconsin

McShane to Build 203-Unit Affordable Housing Community in Brookfield, Wisconsin

by Kristin Harlow

BROOKFIELD, WIS. — McShane Construction Co. will serve as the general contractor for Bishops Woods, a 203-unit affordable housing community in the Milwaukee suburb of Brookfield. Located on nearly four acres at 350 Bishops Way, the development will feature a podium-style building rising four stories atop a two-story, underground parking garage. Units will come in one- to three-bedroom floor plans and will be reserved for residents who earn 40 to 80 percent of the area median income. Eight live-work units will be available for renters who wish to have an office suite or studio with a separate exterior entrance. Amenities will include a clubroom, fitness center, outdoor grill area and playground. The project was designed to meet Wisconsin Green Built Home Standards and will feature a solar array on the rooftop along with high-efficiency electric heat pump systems. Completion is slated for December 2025. Knothe & Bruce Architects is the project architect.

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IndianaLoansMidwestMultifamilySeniors Housing

Ziegler Arranges $32M in Financing for Hoosier Village Seniors Housing Campus Expansion in Indiana

by Kristin Harlow

ZIONSVILLE, FORT WAYNE AND COLUMBUS, IND. — Ziegler has arranged $32 million in bank financing for BHI Senior Living, a faith-based nonprofit organization established in 1904 that owns and operates 10 market-rate continuing care retirement communities (CCRCs) across the states of Indiana, Ohio and Michigan. The financing is secured by three of BHI’s communities in Indiana: Hoosier Village in Zionsville, The Towne House in Fort Wayne and Four Seasons in Columbus. The portfolio comprises 384 independent living units, 524 assisted living units and 225 skilled nursing units. BHI will finance two phases of new construction at its flagship Hoosier Village campus. The project consists of a new type of independent living unit for BHI: three-story, 3,200-square-foot townhomes with elevators and upscale finishes.  BHI intends to construct 20 independent living townhomes in each of the two phases, beginning in spring 2024 and another in spring 2025, for a total of 40 units. BHI currently has a significant waitlist with over 400 households seeking an independent living unit at Hoosier Village. The financing is structured to leverage proceeds from initial entrance fees to the new independent living units. BHI elected to make use of the Phase I initial entrance fee pool to …

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DevelopmentIllinoisLeasing ActivityMidwestMultifamily

The Apartment Source Begins Leasing Efforts for 30-Unit Lodge Evanston Project in Illinois

by Kristin Harlow

EVANSTON, ILL. — The Apartment Source (TAS) has begun leasing efforts for Lodge Evanston, a 30-unit apartment project located at 1700 Oak Ave. in downtown Evanston. The 30-unit development is the adaptive reuse of a century-old sanctuary. The community offers one-, two- and three-bedroom layouts with several luxury penthouses. Development partners included Campbell Coyle, Ranquist Development and Jodi Development. ISA was the project architect. Monthly rents start at $2,400, according to the property’s website.

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AcquisitionsMichiganMidwestRetail

Gerdom Realty & Investment Brokers Sale of 12,000 SF Commercial Building in Suburban Detroit

by Kristin Harlow

DEARBORN HEIGHTS, MICH. — Gerdom Realty & Investment has brokered the sale of a 12,000-square-foot commercial building in the western Detroit suburb of Dearborn Heights. The sales price was undisclosed. The property is located on Van Born Road just east of Telegraph Road. Jack Melton and Michael Murphy of Gerdom represented the undisclosed seller. Ali Elkhalil of Own It Realty represented the buyer, which plans to convert the building into use for a towing company.

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DevelopmentMichiganMidwestOfficeTop Stories

Ford to Reopen Michigan Central Station in Detroit After Six-Year Renovation Totaling $950M

by John Nelson

DETROIT — Following a six-year renovation by Ford Motor Co. (NYSE: F), Michigan Central Station is scheduled to officially open on Thursday, June 6. Ford embarked on the preservation project after acquiring the abandoned train station in 2018 to serve as the centerpiece of Michigan Central, a 30-acre technology and cultural hub in Detroit’s Corktown neighborhood. According to multiple media outlets, the rehabilitation of Michigan Central Station totaled $950 million and included the restoration of the 18-story train station, which is now dubbed The Station. The rehabilitation also included an adjacent 270,000-square-foot former book depository building and other supporting facilities. CNBC reports the project’s funding includes $300 million in state, local and historic rehabilitation tax incentives. Christman-Brinker, a joint venture between Detroit-based firms The Christman Co. and L.S. Brinker, A Brinker Co., led the restoration work of The Station along with Ford. Key collaborators in Michigan Central include Ford, Google, the State of Michigan, the City of Detroit and Newlab, which operates the former book depository building. The Station will provide 640,000 square feet of cultural, technology, community and convening spaces designed for use by established companies such as Ford, as well as universities, growing startups, youth initiatives and students. …

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DevelopmentMichiganMidwestMultifamily

Thompson Thrift Completes 344-Unit Apartment Community in Suburban Grand Rapids

by Kristin Harlow

WYOMING, MICH. — Thompson Thrift has completed The BLVD at Wilson Crossings, a 344-unit apartment community in the Grand Rapids suburb of Wyoming. The property, which is 45 percent leased, offers townhome-style units with up to four bedrooms. Amenities include a clubhouse, fitness center, pool, pickleball courts, turf game lawn and dog park. The project marks the third Michigan development for Indianapolis-based Thompson Thrift.

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