Midwest

Flux City Development Breaks Ground on $8.2M Affordable Housing Community in Detroit

by Kristin Harlow June 23, 2023

DETROIT — Flux City Development has broken ground on The Ribbon, an $8.2 million affordable housing community located in Detroit’s East English Village neighborhood. Of the 18 total units, 14 will be reserved for those earning at or below 80 percent of the area median income (AMI), and four of the units will be designated for at or below 60 percent of AMI. Affordability of the apartments is guaranteed for the next 25 years. The project will also feature retail space to be occupied by local favorite Gajiza Dumplings, which will make The Ribbon its first permanent home. Demolition of a former bank building at the project site was recently completed. Completion of The Ribbon is slated for fall 2024. Project partners for The Ribbon include LISC Detroit, a local organization founded in 1990 within the Local Initiatives Support Corporation network, and Invest Detroit, a nonprofit lender, investor and partner. The project received $600,000 in loans from the Detroit Housing for the Future Fund (DHFF) as well as $338,199 in preferred equity from DHFF. The Strategic Neighborhood Fund provided a $1.4 million grant. The development also received $2.2 million from Capital Impact Partners (CIP), a CIP equitable development initiative grant …

June 23, 2023

Indiana Leasing Activity Midwest Office

Milhaus Opens New Headquarters in Downtown Indianapolis

by Kristin Harlow June 23, 2023

INDIANAPOLIS — Milhaus, an Indianapolis-based multifamily developer, owner and operator, has opened a new headquarters in downtown Indianapolis. The 48,000-square-foot building along Washington Street is situated in the historic Cole-Noble neighborhood. Milhaus will operate out of 28,000 square feet on two of the three floors. The building is located next to the firm’s first Qualified Opportunity Zone development, Grid. Housing 175 apartment units, Grid is home to a fraction of the 3,000 units that Milhaus has developed in central Indiana. More than half of those units are located downtown. To date, Milhaus has developed 48 projects with $1.9 billion in assets under management. The firm also maintains regional offices in Kansas City and Austin, Texas, with additional boots on the ground in Florida and Denver.

June 23, 2023

Acquisitions Industrial Midwest Wisconsin

MAG Capital Partners Acquires Four-Building Industrial Property in Wisconsin Via Sale-Leaseback

by Kristin Harlow June 23, 2023

DRESSER, WIS. — MAG Capital Partners LLC has acquired a four-building industrial property in a sale-leaseback transaction with CORE Industrial Partners. Located at 700 Kelly Ave. in Dresser, a city in Northwest Wisconsin, the property totals 107,660 square feet. The facility will continue to be fully occupied by Cadrex Manufacturing Solutions, a mechanical solutions provider. Cadrex consists of 11 complementary acquisitions that CORE has integrated into a precision manufacturing platform. The property at 700 Kelly Ave. is the longtime home of sheet metal fabricator Tenere Inc., which was acquired by Cadrex in July 2022. JC Asensio, Briggs Goldberg and Andrew Sandquist of Newmark represented CORE.

June 23, 2023

Illinois Industrial Loans Midwest Wisconsin

BWE Arranges $5.2M Acquisition Loan for Industrial Portfolio in Illinois, Wisconsin

by Kristin Harlow June 23, 2023

ILLINOIS AND WISCONSIN — BWE has arranged a $5.2 million acquisition loan for a three-property industrial portfolio in Illinois and Wisconsin. Likewise Partners acquired the portfolio. Christopher Carroll and Max Miller of BWE arranged the loan through a Minnesota-based credit union. The three infill properties are located in Menomonee Falls, Wis., Appleton Wis.; and Machesney Park, Ill. The portfolio totals 79,152 square feet and is fully leased, with 92 percent of the space occupied by the Engman-Taylor Co., an industrial distributor.

June 23, 2023

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $3.6M Sale of Historic Apartment Building in Duluth, Minnesota

by Kristin Harlow June 23, 2023

DULUTH, MINN. — JLL Capital Markets has brokered the $3.6 million sale of Irving School Apartments in Duluth, a city located along Lake Superior. The property was originally built in 1895 as a school and was placed on Minnesota’s National Register of Historic Places and converted into apartments in 1978. The building features 44 units that average 980 square feet. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Sherman Associates. The buyer was High Point Holdings LLC.

June 23, 2023

Acquisitions Illinois Midwest Multifamily Top Stories

Crescent Heights Buys North Water Apartments in Downtown Chicago for $173M

by Jeff Shaw June 23, 2023

CHICAGO — Crescent Heights has acquired North Water Apartments, a 398-unit multifamily property in downtown Chicago’s Streeterville neighborhood. Invesco Real Estate sold the asset for $173 million, according to real estate data firm CoStar. North Water Apartments is the multifamily portion of a 50-story building located at 340 E. North Water St. Built in 2015, the community offers studio, one-, two- and three-bedroom floor plans. According to the property website, amenities include electric vehicle charging stations, a rooftop lounge with a pool, outdoor plaza, fitness center, business center with a conference room, onsite dry cleaning, pet spa, package lockers and bike storage. Monthly rents range from $2,705 for a studio up to $8,379 for a three-bedroom, according to Apartments.com. North Water Apartments is situated atop the Loews Chicago Hotel, which was not included in the sale. The Loews Chicago hotel offers 400 rooms and suites, and includes a restaurant, rooftop bar, lobby lounge and coffee shop, as well as 31,000 square feet of indoor and outdoor meeting space. The building is located less than a mile from Chicago’s Magnificent Mile commercial district, the lakefront Navy Pier and the Museum of Contemporary Art Chicago. Grand Avenue Station on Chicago’s Red Line is located …

June 23, 2023

Affordable Housing Development Midwest Minnesota Multifamily

Woda Cooper Breaks Ground on Shelby Commons Affordable Housing Community in Downtown Minneapolis

by Kristin Harlow June 22, 2023

MINNEAPOLIS — Woda Cooper Cos. Inc. has broken ground on Shelby Commons in the North Loop neighborhood of downtown Minneapolis. The development will offer 46 affordable and supportive housing units, with 12 units dedicated to those experiencing housing insecurity. Woda Cooper is co-developing the project with Project for Pride in Living. Shelby Commons marks the first community that Woda Cooper has developed in Minnesota. Amenities at the property will include a community room, underground parking, second-floor rooftop terrace, playground and community gardens. There will also be more than 2,000 square feet of public art across two large-scale exterior murals commissioned by Juxtaposition Arts. All of the units will be designated for households earning 30 to 80 percent of the area median income. The Minnesota Public Housing Authority is providing 12 project-based vouchers for rental assistance, and Hennepin County is providing five Housing Supports for subsidizing rents and supportive services. Primary financing for Shelby Commons comes from Low-Income Housing Tax Credits allocated by the Minnesota Housing Finance Agency and the City of Minneapolis. Merchants Capital is providing equity financing. Security Bank & Trust is providing a first mortgage, and Hennepin County Accelerator is providing a second soft mortgage. Huntington National Bank …

June 22, 2023

Development Industrial Midwest Wisconsin

Peak Construction Underway on Building 8 at Bristol Business Park in Wisconsin

by Kristin Harlow June 22, 2023

BRISTOL, WIS. — Peak Construction Corp. is underway on Building 8 at Bristol Business Park in Bristol, a city in Southeast Wisconsin. Janko Group is the developer. Peak previously completed Buildings 2 and 3 in 2022 and is continuing with site work and construction for Building 4. The 225-acre business park is fully entitled for up to 3 million square feet of industrial space, of which 2.4 million square feet has already been completed or is under construction. Of the 2.4 million square feet, 1.7 million square feet is currently leased. Building 8 is a 323,970-square-foot speculative facility featuring a clear height of 36 feet, 38 docks, four drive-in doors, 242 car spaces, 55 trailer spaces and build-to-suit office space. Kelly P. Harris is the architect, Manhard Consulting is the civil engineer and Cushman & Wakefield is the leasing agent. Completion of Building 8 is slated for the fourth quarter.

June 22, 2023

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $8M Sale of Highland Chateau Multifamily Property in Duluth, Minnesota

by Kristin Harlow June 22, 2023

DULUTH, MINN. — JLL Capital Markets has brokered the $8 million sale of Highland Chateau in Duluth, a Minnesota city located along Lake Superior. The 60-unit multifamily property was built in 1972. Floor plans average 814 square feet. Amenities include garage parking, onsite laundry facilities, a 24-hour fitness center and a courtyard with a grilling and picnic area. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Sherman Associates. Encompass Real Estate Investment Services represented the buyer, PLB Highland Chateau LLC.

June 22, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $5.4M Sale of Apartment Building in Chicago’s Lakeview Neighborhood

by Kristin Harlow June 22, 2023

CHICAGO — Interra Realty has negotiated the $5.4 million sale of a 10-unit apartment building in Chicago’s Lakeview neighborhood near Wrigley Field. The boutique property features nine three-bedroom units and one commercial space that is currently leased to Jennivee’s Bakery. Located at 3301 N. Sheffield Ave., the building was constructed in 2014 and was fully occupied at the time of sale. Joe Smazal of Interra represented the buyer, Chicago-based HP Ventures Group. Smazal also represented the seller, a local private developer.

June 22, 2023

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