INVER GROVE HEIGHTS, MINN. — Marcus & Millichap has brokered the $7.5 million sale of The Commons, a four-building multifamily property in Inver Grove Heights, a southern suburb of St. Paul. Located at 8213 College Trail and constructed in 1987, the community features 60 units. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the undisclosed buyer and seller. The property has undergone renovations for new countertops, appliances and cabinetry.
BRIGHTON, MICH. — Dollar Tree, X-Golf and Patient Centered Family Medicine & OMT have joined the tenant lineup at Green Oak Village Place, a retail lifestyle center in Brighton, which is located about midway between Detroit and Lansing. Dollar Tree and X-Golf, an indoor golf simulator, opened at the property on Saturday, Nov. 25. Patient Centered Family Medicine & OMT is slated to open before the end of the year. Dollar Tree occupies 9,853 square feet, X-Golf occupies 7,230 square feet and Patient Centered Family Medicine & OMT leases 1,349 square feet. REDICO owns the property.
CHICAGO — The NHP Foundation (NHPF) has opened Covent Apartments, a project that involved the redevelopment of Covent Hotel, a single-room occupancy (SRO) property in Chicago’s Lincoln Park neighborhood. The 30-unit affordable housing property marks NHPF’s second SRO property in Chicago. SRO housing is defined as a residential property that includes multiple single-room dwelling units, according to HUD. Each unit is for occupancy by a single eligible individual. The total development cost was $21.6 million, including $7.9 million in federal Low-Income Housing Tax Credits and historic tax credits, $5 million of City Home and Affordable Housing Opportunity Funds, $3.1 million in Illinois Housing Development Authority Permanent Supportive Housing Funds and $4.9 million from a HUD/FHA loan. The project also received a $698,910 Affordable Housing Program General Fund grant from FHLBank Chicago. The Chicago Housing Authority contributed 30 project-based vouchers for the property. In addition to the 30 units, Covent features onsite laundry facilities, a community room and an outdoor space. The property also includes three retail spaces totaling 4,700 square feet. Linn-Mathes was the general contractor, and Weese, Langley, Weese served as architect. R4 Capital was the tax credit investor and Merchants Capital was the lender.
VALLEY PARK, MO. — Developer Mia Rose Holdings has opened 44 West Luxury Living, a new apartment complex in the St. Louis suburb of Valley Park. The project features five buildings with one- and two-bedroom units along with a clubhouse. Three of the five buildings totaling 120 units are complete. The remaining two buildings totaling 84 units are slated for completion in January. The two-bedroom units average 1,020 square feet while the one-bedroom floor plans are approximately 780 square feet. The 3,800-square-foot clubhouse features a conference center, package concierge, specialty coffee bar, great room and fitness center. The outdoor amenities, which include a pool, sun deck and lounge with fire pits and grills, will open this spring. Additionally, a two-acre parcel of the 10-acre project site is slated for future commercial and retail space. Wright Construction is the general contractor, Rosemann & Associates PC is the architect, Engenuity is the mechanical, electrical and plumbing engineer, and Premier Design Group is the civil engineer. The property manager is 2B Residential.
CHAMPAIGN, ILL. — BWE has arranged a $10 million preferred equity investment to finance the acquisition of a portfolio of student housing properties near the University of Illinois Urbana-Champaign. The portfolio includes 616 beds across 170 units. Mike Guterman of BWE arranged the financing on behalf of an East Coast-based student housing owner and operator. The capital stack includes a five-year senior loan with a loan-to-cost ratio of 60 percent from a Midwest regional bank. The seller was a multigenerational ownership group that had held the properties for 100 years. The buyer plans to renovate and redevelop some of the properties.
ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of Superior Self Storage of Rockford, a 31,210-square-foot self-storage facility in Rockford. The sales price was undisclosed. Located at 1711 York Ave., the property features 204 non-climate-controlled units, an onsite manager’s office, four rental apartments and one-single family residence. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a limited liability company.
CLAYTON, MO. — CBRE has opened a new 13,611-square-foot office on the sixth floor of The Plaza in Clayton, a western suburb of St. Louis. The firm relocated from the 14th floor of the same building, which it has occupied since 2012. The new office is part of CBRE’s Workplace360 program, which showcases the company’s “Future of Work” space standards, including innovative technology and a wider variety of collaborative spaces designed to support hybrid working. There are two conference rooms, one living room, a library, a large communal gathering space and a café. A cornerstone of the Workplace360 model is its free-address approach of unassigned seating. Teams get access to various work areas where they can use any unoccupied seat. Amenities at The Plaza include an outdoor terrace, two tenant lounges, a fitness center, training room, golf simulator and game room.
TINLEY PARK, ILL. — Cannabis Facility Construction (CFC) has completed the Ascend Tinley Park recreational cannabis dispensary for Ascend Wellness Holdings Inc. in the Chicago suburb of Tinley Park. The 4,900-square-foot property at 16200 S. Harlem Ave. was formerly home to Chili’s and the Dugout sports bar. The project build-out included new lighting, custom-milled wood walls, multimedia display screens, illuminated product display cases and flexible point-of-sale stations. The building now features a state-of-the-art security system, custom mural by a local artist and expanded parking. The project marks the seventh Illinois dispensary that CFC has built for Ascend.
Would-be commercial real estate investors and sellers for the last several months have been waiting for a sign that the Federal Reserve has tamed inflation, therefore giving the central bank reason to officially end its tightening program. October’s better-than-expected consumer price index increase of 3.2 percent — versus the 3.3 percent consensus — may have delivered that signal. The futures markets immediately reduced the probability of a Fed interest rate hike in December to zero, with many capital markets analysts suggesting that it would begin to cut rates midway through 2024. But just an end to rate hikes could fuel investment sales activity, says Jeff Rinkov, CEO of Lee & Associates Commercial Real Estate Services. “Once investors see some positive sentiment from the Fed, I think they’ll start to get interested in deploying what we believe is an enormous amount of capital that has been waiting on the sidelines,” he explains. “I also think that’s when investors will be met by more accommodating sellers. At the moment, price discovery continues to be very challenging and is driving a sluggish transaction environment.” Crashing Sales Indeed, investment sales volume through three quarters of 2023 totaled $276.3 billion, a year-over-year decline of 55 …
FORT WAYNE, IND. — Merchants Capital has provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Reserve on Park Place, an affordable seniors housing community in Fort Wayne. Brown Capital Group, Leo Brown Group and Rogers Development Group are developing the 187-unit property. Restricted to seniors age 55 and older, the three-story community will feature 15 studios, 136 one-bedroom units and 36 two-bedroom units for residents earning up to 80 percent of the area median income. The units are designed to support senior and special needs with features such as handrails, grab bars, intercoms, limited access and video surveillance. Completion is slated for April 2025.
