CHICAGO — JLL Income Property Trust has sold 180 North Jefferson, a 28-story apartment tower in Chicago’s West Loop neighborhood. The sales price was roughly $76 million, according to Crain’s Chicago Business. The property features 274 renovated units along with upgraded amenities. John Jaeger, Justin Puppi and Jason Zyck of CBRE represented the seller, which held the asset for nearly eight years. JLL says the disposition frees up capital for the strategy of pursuing suburban, garden-style apartment communities in highly rated school districts.
HARTLAND, WIS. — Associated Bank has structured a $59.8 million construction financing package for Westrock Residences, a 267-unit multifamily project in Hartland, about 25 miles west of Milwaukee. Three Leaf Partners and Continental Properties are the developers. Plans call for 27 townhouse-style units and 240 units in two-story stacked flats. There will be a mix of one-, two- and three-bedroom floor plans. Amenities will include a fitness center, golf simulator, pool, playgrounds, walking paths and a dog run. JLA Architects is the project architect. Site work is underway, and the project will be completed in phases. The first units are slated for occupancy in summer 2025. Continental Properties will manage the community. Ryan Krombach of Associated Bank originated the financing. Associated Bank, administrative agent and co-lead arranger, was joined by co-lead arranger Johnson Bank and Greenwoods State Bank to complete the construction loan syndication. The Village of Hartland is supporting the project with tax-increment financing that will reimburse the developers up to $15.9 million over 27 years using taxes the new development generates. The project site is a 45-acre former quarry that has been slated for redevelopment for decades.
GREENWOOD, IND. — CBRE has brokered the sale of Westminster, a 438-unit multifamily property in the Indianapolis suburb of Greenwood. The sales price was undisclosed. Built in 1971, the community has undergone extensive renovations totaling nearly $20 million since 2014. Residences come in one-, two- and three-bedroom layouts averaging 918 square feet. George Tikijian, Hannah Ott, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Van Rooy Properties, which acquired the asset in 2010. Monarch was the buyer.
LAKEVILLE AND SAVAGE, MINN. — Inland Real Estate Acquisitions LLC has acquired two luxury senior living communities in metro Twin Cities for an undisclosed price. Kingsley Shores Independent Senior Living in Lakeville features 101 units. Amenities include a dining room, library, wellness center, warm-water pool, salon, rooftop veranda, theater room, scheduled transportation and onsite social activities. Kingsley Place, an active adult community with 55 units, was also acquired as part of Kingsley Shores. Savage Senior Living at Fen Pointe in Savage features 122 units. Amenities include a dining room, library, fitness center, clinic space, community gardens, salon, theater room, chapel, art studio, coffee bar and walking paths. Both properties were 95 percent occupied at the time of sale. Matthew Tice and David Neboyskey of Inland completed the transaction on behalf of an Inland affiliate.
ST. LOUIS — Northmarq has negotiated the sale of Westpark Apartment & Townhomes, a 212-unit garden-style multifamily property in St. Louis. Located at 11409 Tivoli Lane, the community was largely built between 1996 and 2006 with a portion developed in 1969. Units range from 800 to more than 2,000 square feet. Amenities include a pool, fitness center, playground and basketball court. Dominic Martinez, Parker Stewart, Charlie McKee and Alex Malzone of Northmarq represented the seller, a locally based private investor, and the buyer, a national owner/operator of multifamily properties.
DECORAH, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.4 million loan for the acquisition of Briar Grove Apartments in Decorah, a city in northeast Iowa. The newly constructed, 92-unit apartment complex is located at 2342 Sweet Parkway Road. The luxury property features a mix of studio to two-bedroom layouts and is situated adjacent to the new Toppling Goliath Brewery & Taproom. Robert Bhat of MMCC arranged the five-year loan, which features an interest rate of 5.48 percent, three years of interest-only payments and a loan-to-value ratio of 65 percent. The lender and borrower were undisclosed.
CHICAGO — Interra Realty has brokered the sale of a 31-unit apartment building in Chicago’s Kenwood neighborhood for $4 million. Located at 4915 S. Drexel Blvd. and originally built in 1926, the property features 10 one-bedroom, 15 two-bedroom and six three-bedroom layouts. The building has undergone several improvements in recent years, including plumbing upgrades, a new reflective roof coating, tuckpointing and window replacements. Brad Feldman of Interra represented the seller, a local operator, and the buyer, a local private partnership that completed a 1031 exchange. The buyer plans to transition operations of the building from market-rate to affordable housing. The transaction marks the first time the property has traded hands in over 20 years.
CHICAGO — Quantum Real Estate Advisors Inc. has negotiated the $3.4 million sale of a timber loft building located at 1415 N. Dayton St. in Chicago’s Lincoln Park neighborhood. The 60,000-square-foot property was 80 percent vacant at the time of sale. The building sold to a local developer. The seller was undisclosed.
BLOOMINGTON, ILL. — SVN Core 3 has arranged the sale of an 11,060-square-foot industrial building located at 4 Currency Drive in Bloomington for $1.2 million. The property features overhead doors, office spaces, three restrooms, a retail front, warehouse in the back and ample parking on three sides. The transaction involved local buyers and sellers. Jill Spratt of SVN Core 3 represented the seller, while Patrick and Dan Kniery of Re/Max Rising represented the buyer.
INDIANAPOLIS — Rubenstein Partners LP has completed a new equity investment that fully recapitalizes the Parkwood Crossing office campus in Indianapolis. Rubenstein acquired the eight-building, 1.2 million-square-foot office park in 2016. The company has implemented a comprehensive renovation of the Class A property since taking ownership. The new recapitalization enables Rubenstein to continue to modernize the campus with further amenities and the addition of two large greenspaces. Rubenstein has spent $36 million upgrading building lobbies, restrooms, entry facades and building systems as well as adding a number of indoor and outdoor amenities. The improvements are expected to coincide with two new roundabouts and roadway beautification projects through the center of the campus.