DICKINSON, N.D. — Friedman Real Estate has arranged the sale of West River Apartments in Dickinson, a city in western North Dakota. The sales price was undisclosed. The multifamily property features 234 units. Rich Deptula and Steven Silverman of Friedman brokered the transaction, further details of which were not provided.
ROUND LAKE, ILL. — Lee & Associates has brokered the $1.5 million sale of an 18,600-square-foot retail center in Round Lake, a far north suburb of Chicago. The renovated property, located across from Round Lake METRA station, is fully occupied by five tenants, including a banquet hall, barber shop, café, toddler indoor playground and martial arts studio. Rick Scardino of Lee & Associates represented the buyer, La Luz Bakery. Tyler Dechter of Baum Realty represented the seller, Mon Ami Realty LLC.
Day-to day life as a property manager in both a conventional multifamily building and student housing can be unpredictable. Hiring and staffing issues can plague many operators, resulting in the need to wear many different hats. These different hats can make it difficult for staff to fully address all of the residents’ needs. Managing a Wi-Fi system — perhaps the most crucial technology platform at any community — is one duty that the onsite team can happily offload to a third-party provider. Reliable Managed Wi-Fi Systems Roxann Campbell, vice president of regional sales at Pavlov Media, says today’s Internet-connected culture has increased the need for residents to have an absolutely reliable managed Wi-Fi system. Pavlov Media (which provides Wi-Fi & fiber services to multifamily and student properties) is an Internet service provider (ISP) that can establish connectivity throughout entire buildings while managing Internet for all of a property’s residents. This managed Wi-Fi approach benefits the buildings’ owner-operators because it offers a planned strategy for wiring and Wi-Fi signals. Routers aren’t competing against each other, as they can in communities that give their residents the option to sign up with any number of competing Internet providers. “Bulk managed Wi-Fi provides residents …
CHICAGO — McHugh Construction has topped off 1000M, a 73-story luxury apartment tower located at 1000 S. Michigan Ave. in Chicago’s Grant Park. McHugh Concrete poured the final concrete floor and completed the roof this month. Upon completion in 2024, 1000M will be one of the city’s tallest apartment buildings. The next phase of construction includes managing the glass façade installation and interior build-out. Apartments will be delivered in phases throughout 2024. There will be 738 units, ranging in size from studios to four-bedroom penthouses. Residents will have access to more than 80,000 square feet of indoor and outdoor amenity spaces, including Chicago’s highest rooftop observation deck to be located on the 73rd floor. Time Equities Inc., JK Equities and Oak Capitals are the developers, and the late Helmut Jahn designed the property. Chicago-based interior designer Kara Mann designed the unit and amenity area interiors. Cullen Construction Management is the owner’s representative.
CHICAGO — Wells Fargo’s Multifamily Capital group has arranged $145 million in construction take-out financing for Porte Apartments, a 586-unit apartment complex in Chicago’s West Loop. Intercontinental Real Estate Corp. was the borrower. The five-year loan features a fixed interest rate. Situated at 845 W. Madison St., Porte Apartments was built in 2020. Units range from 557 to 1,396 square feet. Amenities include a pool, resident lounge, fitness center, work-from-home stations, dog wash areas and private gaming areas. Ten percent of the units are designated as affordable and are set aside for residents making less than 60 percent of the area median income.
SHEBOYGAN, WIS. — Charter Senior Living has partnered with DMK Development Group and American Cos. to build a new senior living community in Sheboygan, about 57 miles north of Milwaukee. Charter Senior Living of Sheboygan, in conjunction with Van Horn Real Estate, will be located within the North Town master-planned development. It will offer a total of 175 senior apartments in a variety of floor plans, including 108 independent living units, 46 assisted living units and 21 memory care suites. Development costs are estimated at $50 million. Construction is expected to begin in spring 2024.
COLUMBIA, MO. — A joint venture between Reinhardt Construction LLC and S. M. Wilson & Co. will serve as the construction manager at risk for Columbia Pacific Schools’ bond program aimed to improve and expand the district’s facilities. Over the coming year, Reinhardt/Wilson and the architect team, DLR Group and SOA, will provide pre-construction and design services, respectively. The firms will work to maximize the budget, establish plans for various projects and hire project teams. Plans call for renovations and new construction at the Columbia Area Career Center, an addition at Battle Elementary School and construction of a new elementary school next to the John Warner Middle School. Construction is expected to begin in late 2023 or early 2024. Funding for these projects comes from a no-tax-rate-increase bond referendum, which was approved by voters in April 2022. Columbia is located about 30 miles north of Jefferson City.
KANSAS CITY, MO. — Marcus & Millichap has brokered the sale of The Gabriel, a 13-unit apartment property in Kansas City. The sales price was undisclosed. The asset consists of one building at 535 Gladstone Blvd. and a vacant building at 531 Gladstone Blvd. Aaron Kuroiwa, Jack Beckett and Jacob Carroll of Marcus & Millichap represented the seller, a private investor. The team also secured and represented the buyer, an individual trust. The buyer was interested in the opportunity to renovate the vacant building, according to the brokerage.
CHICAGO — Global financial services firm Raymond James has signed an office lease for nearly two full floors at 120 South Riverside Plaza in Chicago’s West Loop. Ivanhoé Cambridge owns the building, and Hines is the property manager. Raymond James will relocate its regional office operations to the building, which is part of a two-building office complex totaling 1.4 million square feet, in April 2024. Floor plates at the property average 37,000 square feet. Both buildings are currently being repositioned, completion of which is slated for next summer. Renovations include expanded lobbies, a tenant lounge, private outdoor areas and enhanced indoor and outdoor exercise options such as a personal training offering and a pickleball court. The public plazas overlooking the river area also being repositioned with new seating areas and landscaping. Todd Brandon, Steve Schneider, Chip Evans and Presley Norby of Cushman & Wakefield represented Raymond James in the lease. Kelsey Scheive and Kelsey Morgan of CBRE represented ownership.
WESTERVILLE, OHIO — Ziegler has arranged $59.9 million in bond financing for Ohio Living, a Westerville-based nonprofit operator of 12 seniors housing communities in Ohio. Proceeds of the bonds will be used to refund existing bank debt, terminate an interest rate swap agreement, fund a debt-service reserve fund equal to approximately one year of debt service, fund approximately $3 million of capital expenditures and pay certain costs of issuance associated with the financing. The bonds consist of tax-exempt, fixed-rate serial and term bonds with an 18-year final maturity. The financing includes a three-year interest-only period with annual principal amortization starting in 2026. Ohio Living decided to utilize fixed-rate bonds to refund a portion of its bank capital following the turbulence experienced in early 2023 in the bank credit markets.