Midwest

Multifamily Markets Navigate Challenges Alex Virtue

Multifamily Owners Navigate Challenges, Opportunities Arising from Capital Markets

by Sarah Daniels August 24, 2023

When Zelman & Associates’ 2023 Virtual Housing Summit opens in September, Alex Virtue will take the stage as a newly appointed managing director who has been charged with expanding the firm’s investment banking coverage of multifamily and other commercial real estate property sectors. Virtue joined the institutional research advisory and investment firm in May with over two decades of experience in mergers and acquisition transactions and capital raising across real estate sectors in both the public and private capital markets. His resume includes senior positions with Merrill Lynch, Eastdil Secured/Wells Fargo Securities, CBRE Capital Advisors and Xebec, an industrial developer and asset manager. Zelman & Associates, founded in 2007, was acquired by Bethesda, Md.-based commercial real estate finance and advisory firm Walker & Dunlop in 2021. “My focus at Zelman and Walker & Dunlop is broadening the firm’s reach on entity-level transactions in multifamily and related housing sectors such as single-family rentals, built-for-rent, student housing, affordable housing and manufactured housing communities, as well as other commercial real estate sectors,” says Virtue “I would characterize my concentration as bringing traditional banking investment expertise, knowledge and services across the Walker & Dunlop platform and working with my colleagues to bring these advisory …

August 24, 2023

Development Midwest Missouri Restaurant Retail

Chicken N Pickle Plans to Open Seven New Locations by Early 2025

by Kristin Harlow August 23, 2023

KANSAS CITY, MO. — Kansas City-based Chicken N Pickle, an entertainment concept that features a restaurant, sports bar, pickleball courts and a variety of yard games, is expanding nationwide and plans to nearly double its footprint by the first quarter of 2025. Chicken N Pickle has opened eight locations since 2017, with seven more slated for completion by early 2025. The company says this is its fastest period of growth to date. The first Chicken N Pickle opened in Kansas City in 2017. The other currently operating locations are in Wichita, Kan.; San Antonio, Texas; Oklahoma City, Okla.; Overland Park, Kan.; Grand Prairie, Texas; Grapevine, Texas; and Glendale, Ariz. This year, Chicken N Pickle will open a new location in St. Charles, Mo. Then in 2024, the company will debut its locations in Allen, Texas; Fishers, Ind.; Henderson, Nev.; and Webster, Texas. The remaining two planned locations are slated to open in early 2025 in Thornton, Colo.; and Parker, Colo. The average Chicken N Pickle facility is situated on 1.5 acres and totals 32,000 square feet. Menu offerings include rotisserie chicken dishes in four different seasonings, pork and beef sandwiches, hand-cut fries and tater tots.

August 23, 2023

Development Michigan Midwest Retail

Bedrock to Restore Historic National Theatre in Detroit

by Kristin Harlow August 23, 2023

DETROIT — As part of its Development at Cadillac Square, Bedrock plans to restore and re-introduce the National Theatre as a music and performance venue. Plans call for the preservation and relocation of the Theatre’s historic façade. The venue originally opened in 1911, but has fallen into disrepair since its closure in 1975. Bedrock is working to restore the National Theatre in consultation with tvg Hospitality, a venue operator based in both the U.S. and U.K. In partnership with locally based promoters, tvg will operate the venue. Development at Cadillac Square is a 1.5 million-square-foot mixed-use project adjacent to Campus Martius Park and Cadillac Square. Construction of Phase I is slated to begin following the 2024 NFL Draft.

August 23, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

ESI Arranges Sale of 213-Bed Skilled Nursing Facility in Savoy, Illinois

by Kristin Harlow August 23, 2023

SAVOY, ILL. — Evans Senior Investments (ESI) has arranged the sale of Champaign Urbana Nursing & Rehab in Savoy, located about midway between Chicago and St. Louis. A regional owner-operator sold the asset to Mozart Healthcare, which plans to install Accolade Healthcare as the operator. The sales price was undisclosed. Initially built in 1975, the facility is licensed for 213 skilled nursing beds, and at the time of marketing was 49 percent occupied. The current operator restored the occupancy rate to 67 percent by the time of closing.

August 23, 2023

Development Midwest Office Ohio Restaurant Retail

Community of Zanesville Opens The Downtown Exchange in Ohio

by Kristin Harlow August 23, 2023

ZANESVILLE, OHIO — The Downtown Exchange, a revitalization project designed to foster small business growth and economic development, has opened in downtown Zanesville, about 55 miles east of Columbus. The Downtown Exchange business owners, in partnership with JobsOhio, Ohio Southeast Economic Development, the Zanesville-Muskingum County Port Authority and the Zanesville-Muskingum County Chamber of Commerce, hosted a ribbon-cutting ceremony Monday, Aug. 14. Over $1.1 million was invested to redevelop the historic building into a mixed-use marketplace and coworking space. A first-floor food hall features a variety of local eating, drinking and social gathering space, along with a bar and patio at the rear of the building. The second and third floors are coworking spaces featuring small and large conference rooms along with collaborative areas and open desk coworking. Formerly known as The Black-Elliot Block, The Downtown Exchange is a historic commercial building consisting of three contiguous structures on Main Street. The building dates back to 1876. The project was supported by a JobsOhio Vibrant Community grant of over $400,000.

August 23, 2023

Acquisitions Midwest Retail Wisconsin

Marcus & Millichap Brokers $1.2M Sale of Exxon-Occupied Property in Fond du Lac, Wisconsin

by Kristin Harlow August 23, 2023

FOND DU LAC, WIS. — Marcus & Millichap has brokered the $1.2 million sale of a 2,070-square-foot gas station occupied by Exxon in Fond du Lac, a city in eastern Wisconsin along Lake Winnebago. The net-leased property is located at 362 N. Peters Ave. Austin Weisenbeck, Sean Sharko, Nicholas Kanich and Timothy Nichols of Marcus & Millichap represented the seller, a limited liability company. Weisenbeck, Sharko and Nichols secured and represented the buyer, a private investor.

August 23, 2023

Affordable Housing Development Illinois Iowa Michigan Midwest Multifamily

Woda Cooper Receives LIHTC Financing for Five New Affordable Housing Communities

by Kristin Harlow August 22, 2023

COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. Inc. has received Low-Income Housing Tax Credit (LIHTC) financing for the development of five new affordable housing communities in North Carolina, Michigan, Iowa, Virginia and Illinois. The North Carolina Housing Finance Agency allocated $1.2 million for Pender Crossing, a 48-unit community to be built in Wilson, N.C. Plans call for three walkup buildings with amenities such as a fitness center, computer room, playground and covered pavilion. Raleigh-based TightLines Designs is the architect. In Marquette, Mich., Woda Cooper will partner with the Keweenaw Bay Indian Community to develop Black Rock Crossing, a 50-unit general occupancy multifamily development. The Michigan State Housing Development Authority allocated $1.4 million in tax credits for the project. Grand Rapids-based PCI Design Group is the architect. Construction is expected to begin in April. The Iowa Finance Authority awarded $1.1 million in LIHTC financing for Alley Landing, a 40-unit project in Des Moines. The community will include eight Permanent Supportive Housing homes for veteran households experiencing homelessness. Hooker DeJong is the architect. Virginia Housing allocated $1.4 million in tax credits for Bains Pointe, a 50-unit development in Portsmouth, Va., named after Eliza Bains who was instrumental in helping slaves gain freedom …

August 22, 2023

Acquisitions Midwest Multifamily Ohio Seniors Housing

Blueprint Arranges Sale of St. Theresa Care Center in Cincinnati

by Kristin Harlow August 22, 2023

CINCINNATI — Blueprint Healthcare Real Estate Advisors has arranged the sale of St. Theresa Care Center in Cincinnati for an undisclosed price. A public REIT elected to execute the strategic sale of the facility following an operator transition earlier this year. St. Theresa Care Center is licensed for 92 assisted living beds and 99 skilled nursing beds. Designated as a National Historic Landmark, the property was originally built as an acute care hospital in the mid-1920s and was later expanded in the late 1950s. The building was ultimately converted to its current use, also featuring units available for independent living residents. However, the independent living and assisted living floors were most recently underutilized. The buyer was an owner-operator with a growing presence in the area. The facility has been renamed The Mariemont Care Center. Michael Segal, Connor Doherty, Ben Firestone and Ryan Kelly of Blueprint brokered the sale.

August 22, 2023

Development Kansas Midwest Office

Occidental Management Expands Aspiria NOW Coworking Facility in Overland Park, Kansas

by Kristin Harlow August 22, 2023

OVERLAND PARK, KAN. — Occidental Management has expanded Aspiria NOW, its coworking facility on the Aspiria campus in Overland Park. The expansion extended the coworking space to the third floor of its existing building with an additional 30,000 square feet that includes 11 new private offices, 60 dedicated workstations and increased collaboration areas. The firm has also hired Kathy Todtenhausen to serve as community manager, supporting General Manager Robert Curland in a variety of functions. Aspiria NOW first opened in August 2022 and is now home to more than 28 member companies. Aspiria NOW memberships are available in a variety of flexible plans, including daily, month-to-month and long-term packages. The more than 80,000-square-foot space can accommodate corporations that need temporary spaces for special projects or hybrid workspace options.

August 22, 2023

Development Indiana Midwest Multifamily

The Life Properties Nears Completion of $2.7M Renovation of Indianapolis Apartment Complex

by Kristin Harlow August 22, 2023

INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is nearing completion of a $2.7 million capital improvement program at The Life at Arden Landing, a 131-unit apartment complex in Indianapolis. Completion is slated for the fourth quarter. Interior upgrades are being made to 105 of the community’s residences as well as window replacements, new exterior paint, repairs to the exterior façade, sidewalk and parking lot upgrades, improvements to the children’s playground, replacement of the gutter system, security camera system enhancements and landscaping improvements. There are also several sustainable upgrades such as low-flow plumbing retrofits and the installation of LED lighting. The property was originally built in 1999.

August 22, 2023

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