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AcquisitionsAffordable HousingMidwestMultifamilyWisconsin

CPP Acquires Woodside Terrace Affordable Housing Community in Beloit, Wisconsin, for $8M

by Kristin Harlow

BELOIT, WIS. — Community Preservation Partners (CPP) has acquired Woodside Terrace, an affordable housing community in Beloit, a city in southern Wisconsin. The development consists of 120 units, 116 of which are Section 8. The transaction marks CPP’s first investment in Wisconsin. The community will receive extensive renovations, estimated at $72,912.03 per unit. CPP’s total investment is roughly $27.4 million, which includes the purchase price of $8 million. Built in 1972, the property consists of three buildings on three contiguous parcels. There are 90 one-bedroom units averaging 540 square feet and 30 two-bedroom units averaging 835 square feet. In addition to the individual unit upgrades, the community will receive a new playground, gazebo, dog park, barbecue grills and bike racks. The property’s Section 8 contract was set to expire in 2030. With CPP’s acquisition and upgrades, the community will have renewed affordability status for 20 years. Renovations are slated for completion in December 2025. Project partners include the Wisconsin Housing and Economic Development Authority, R4 Capital, general contractor Renu, Wisconsin Management Co. and architect C&S Engineering.

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DevelopmentMidwestMissouriOffice

Keystone Construction Completes 45,000 SF Production Studio for St. Louis CBS Affiliate

by Kristin Harlow

ST. LOUIS — Keystone Construction Co. has completed a new production studio and headquarters for St. Louis CBS affiliate First Alert 4. The general contractor transformed an existing three-story, 45,000-square-foot office building through a major exterior and interior renovation project. The new space is 26 percent larger than First Alert 4’s previous space. The facility at 77 Progress Parkway features two broadcast studios with 14 presentation areas, a newsroom, two dressing rooms, two control rooms, a data center, seven satellites, LED-screen backgrounds and a fitness center. The design and engineering team included Partners by Design, Cole & Associates and Barrett, Woodyard & Associates. NAI Desco served as the real estate broker for the purchase of the building and two-acre lot.

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IndianaLoansMidwestMultifamily

Greystone Provides $40.3M Loan for Refinancing of Hidden Creek Apartments in Crown Point, Indiana

by Kristin Harlow

CROWN POINT, IND. — Greystone has provided a $40.3 million Freddie Mac loan for the refinancing of Hidden Creek Apartments in Crown Point, a city in Northwest Indiana. Eric Rosenstock and Dan Sacks of Greystone originated the nonrecourse loan, which features a 10-year term and a fixed interest rate. Originally constructed in 1976, the 432-unit property features one- and two-bedroom units spread across 12 buildings. Amenities include a pool, fitness room, playground, disc golf course and clubhouse. The borrower, Bayshore Properties, purchased the community in 2021 with bridge financing and completed $725,000 in capital improvements to more than 25 percent of the units as well as exterior renovations totaling $659,000.

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DevelopmentMidwestMinnesotaMultifamily

Continental Properties Opens 280-Unit Apartment Community in Chaska, Minnesota

by Kristin Harlow

CHASKA, MINN. — Continental Properties has opened Springs at McKnight Lake, a 280-unit apartment community in Chaska, a southwest suburb of Minneapolis. The property is located at 3 Oakridge Drive near a new Costco store. Springs at McKnight Lake offers studio, one-, two- and three-bedroom units. Amenities include a pool, clubhouse, outdoor grill area, fitness center, car care area and two dog parks. Situated on the slopes overlooking McKnight Lake, the property provides residents with a direct path to trails and water activities. Springs at McKnight Lake marks the ninth community in Continental’s Minnesota portfolio.

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AcquisitionsIndustrialLoansMidwestOhio

Brennan Investment Group Acquires 263,000 SF Industrial Building in Cincinnati

by Kristin Harlow

CINCINNATI — Brennan Investment Group has acquired a 263,000-square-foot industrial building located at 10045 International Blvd. in Cincinnati. The purchase price was undisclosed. The property was acquired from Intelligrated under a consolidation plan to dispose of the building by the end of 2023. The property is situated on a 17.5-acre site in the World Park industrial park in Cincinnati’s northwest submarket. Upon closing, Brennan secured a new lease for the building with Trew, a provider of automated material handling solutions. Trew will use the facility for manufacturing and distribution of material handling equipment throughout the United States and Canada. Constructed in 1986, the property was expanded and renovated in 2000. The building features 390 auto parking stalls, a 130-foot-deep truck court with trailer parking stalls, a clear height of 25 feet, three five-ton cranes and an outdoor storage area. Byline Bank’s Commercial Real Estate Group provided a $10.4 million loan for the acquisition.

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IllinoisLeasing ActivityMidwestOffice

AmTrust RE Secures Two Lease Renewals Totaling 20,000 SF at Chicago Office Tower

by Kristin Harlow

CHICAGO — AmTrust RE has secured two lease renewals totaling more than 20,000 square feet at its 33 North Dearborn office property in Chicago. The building totals 330,000 square feet. Regional law firm Heyl, Royster, Voelker & Allen PC renewed its lease for 13,383 square feet. KIPP Foundation, a nonprofit that trains and develops educators to lead KIPP schools, signed a lease for its 6,617-square-foot office. David Knight, Ethan Braham and Luke Wuchenich of Advocate Commercial Real Estate Advisors represented both tenants. In September 2023, AmTrust unveiled plans for a $50 million capital improvements programs at two of its Chicago properties, including 33 North Dearborn. Construction is underway, and the initiative marks the initial stage of the company’s $100 million commitment to upgrading its Chicago portfolio.

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KansasLeasing ActivityMidwestOffice

Heartland Soccer Moves Corporate Office to Aspiria Campus in Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — The Heartland Soccer Association, a nonprofit that supports the development of youth soccer players in metro Kansas City, has moved its corporate office to the Aspiria campus in Overland Park. The move took place in November. Heartland Soccer hosts more than 3,450 league teams annually and 14 tournaments each year that attract more than 3,700 teams from 16 states. Established in 1977, the organization has 74,000 youth soccer players, 4,000 coaches and 2,000 referees. Wichita-based Occidental Management owns and manages Aspiria, which is the redevelopment of the former Sprint campus.

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400-Lake-Shore
Affordable HousingDevelopmentIllinoisMidwestMultifamilyTop Stories

Related Midwest Breaks Ground on 72-Story Multifamily Development in Chicago’s Streeterville Neighborhood

by Katie Sloan

CHICAGO — Related Midwest has broken ground on 400 Lake Shore, a two-tower multifamily development located along the Chicago River in the city’s Streeterville neighborhood. Related is building the project on a site left vacant after plans to build the Chicago Spire skyscraper were abandoned nearly two decades ago. Phase I of the project will include the construction of the development’s 72-story North Tower.  The 1.1 million-square-foot North Tower will offer 635 multifamily units, 20 percent of which will be affordable housing. The development will also include 4.5 acres of open and green space, including the construction of DuSable Park in partnership with the Chicago Park District. The development will also include an expansion of the Chicago Riverwalk Founder’s Way walking path.  Construction on Phase One is scheduled for completion in early 2027. The Chicago Office of Skidmore, Owings & Merrill designed both towers, which include nods to the city’s architectural history and geography. March and White designed the building interiors, with locally based Stantec serving as the architect of record for the project. The development team for Phase I includes LR Contracting and BOWA Construction. A collaboration between The Illinois Housing Development Authority, Wells Fargo and other undisclosed financial institutions …

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KansasMarket ReportsMidwestMidwest Market ReportsMissouriMultifamily

Kansas City Demand Generators Beckon Multifamily Capital

by Kristin Harlow

By Max Helgeson, CBRE As the national real estate landscape undergoes transformative shifts, Kansas City has emerged as one of the region’s most attractive multifamily markets. There are a myriad of attributes making Kansas City an unrivaled destination to deploy capital in the heart of the Midwest. Here are six key areas that propel the market to the forefront of real estate investors’ considerations.  Economic anchors, diversification Kansas City has one of the nation’s most diverse economies with no sector comprising more than 15 percent of overall employment. A national leader of several durable industries provides unmatched economic stability and significant risk mitigation for investors. Moreover, the metro’s strategic location in the heart of the U.S. and strong transportation infrastructure make it a favored logistical hub for corporations across the world. Finally, the market is a base for startups and entrepreneurs drawn to the area’s abundant talent pool and competitive office space rates.  Strategic infrastructure, connectivity Infrastructure is a cornerstone of Kansas City’s rise to prominence. The city’s strategic network of highways, interstates, railways, fiber networks and a major airport not only facilitates connectivity but positions it as a hub for commerce. This strategic infrastructure acts as a magnet, pulling …

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Dominium Completes Final Phase of $160M Affordable Housing Adaptive Reuse Project in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Dominium has completed the final phase of Upper Post Flats, a 192-unit affordable housing development that repurposed buildings at the historic Fort Snelling site in St. Paul. Minneapolis-based BKV Group served as the architect. Preference is given to residents who are military members, veterans, first responders and their families. The 42-acre site included 26 buildings, including barracks, an administration building, gymnasium, morgue and hospital, all of which have been transformed into a residential community. Floor plans range from 285 to 2,676 square feet. The individual buildings were in poor condition, as some had stood vacant since the 1970s. But the project team was able to salvage original walls, doors and windows, entryways and staircases in many of them. Buildings requiring a more extensive structural overhaul were rebuilt to historical standards. Getting the project off the ground took years and the combined efforts of a public-private partnership that included the site’s owner, the Minnesota Department of Natural Resources, the National Park Service, Hennepin County, Minneapolis Park and Recreation Board and the Minnesota Historical Society, which operated the historic fort. Low-Income Housing Tax Credits contributed $70 million of the project’s $160 million total cost, making the below-market-rate rents …

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