By Arbor Realty Trust Inflationary environments set many investors’ minds to thinking about multifamily properties, which have tended to perform as well or better than other property types in the face of economic headwinds. Product type is no guarantee of success, however, and careful site selection is essential to ensure a project will have the renter demand and pricing power the owner needs to succeed. Arbor Realty Trust, in partnership with Chandan Economics, developed the opportunity matrix featured in Arbor’s Top Opportunities in Large Multifamily Investment Report 2022. The opportunity matrix helps clients navigate the nation’s apartment markets, enabling them to compare relative strengths from one metro to the next and identify those offering the greatest potential for development or investment. Its ranking system, which analyzes eight key categories, found the top three U.S. metro markets for large multifamily investment in 2022 are San Antonio, Kansas City and Las Vegas. “Reviewing what made these communities rise to the top of our 50-metro ranking will demonstrate how investors can use the matrix to compare the climates of opportunity in the markets in which they operate, or to suggest new fields of opportunity for their next venture,” said Matt Maison, vice president …
Midwest
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CHICAGO — Mansueto Office Inc. is reimagining the 100-year-old building at 2300 N. Lincoln Park West in Chicago into a luxury apartment community. Named the Belden-Stratford, the renovated 16-story property will be home to 209 units with floor plans that range from studios to three-bedroom penthouses. Pre-leasing is underway, with first move-ins anticipated in winter 2023. Amenities will include onsite restaurant Mon Ami Gabi, a rooftop deck, fitness center, yoga studio, pet spa, wine storage, resident lounge, Luxer package service and valet and concierge services. The building first opened in 1923 as a hotel. Solomon Cordwell Buenz is the project architect, Vinci Hamp Architects Inc. is the historic architect, Bulley & Andrews is the general contractor and Waterton is the property manager.
ROSEMONT, ILL. — Colliers has brokered the $13 million sale of Rosemont Corporate Center in the Chicago suburb of Rosemont. Jon Connor and Francis Prock of Colliers represented the seller, KORE Investments. The Village of Rosemont purchased the 121,000-square-foot office building with plans to renovate it before moving municipal employees to the property in 2023. KORE acquired the building in 2021 from the original developer, Ryan Cos., for $6.5 million. Mark Offit of Braden Real Estate represented the Village of Rosemont.
CHICAGO — CBRE has negotiated the sale of a 14,378-square-foot development site at 863 N. Orleans St. in Chicago’s River North neighborhood for $4.2 million. Tom Svoboda of CBRE represented the seller, BlitzLake. The buyer, Draper and Kramer Inc., plans to build a multifamily project at the transit-oriented development site.
ZANESVILLE, OHIO — Fairfield Homes Inc., in partnership with Muskingum Behavioral Health, has opened Pearl House Zanesville in Zanesville, about 50 miles east of Columbus. The property features 34 units for individuals and families recovering from drug or alcohol addiction. Residents receive support services, treatment and a full-time case worker provided through Muskingum Behavioral Health. Amenities include outdoor recreational spaces and a community room. Rent is based on income. Gorsuch Construction was the general contractor.
CHICAGO — Kiser Group has arranged the sale of an 18-unit multifamily property at 7224 N. Rockwell St. in Chicago’s Rogers Park neighborhood for $2.7 million. The property has been partially renovated and houses four dorm units for the Hebrew Theological College. The building comprises a mix of one-, two- and three-bedroom units. Danny Logarakis of Kiser brokered the sale. The buyer, a local investor, also recently purchased another building nearby with 40 units.
MELROSE PARK, ILL. — McShane Construction Co. has completed a three-building speculative industrial development in suburban Chicago known as Industry Center at Melrose Park. The project totals 651,617 square feet. McShane also completed three interior buildouts for a transportation, trucking and railroad company, as well as a logistics and package delivery company and a portable storage and moving firm. Each of the buildings features a clear height of 36 feet. LBA Logistics was the developer and Harris Architects served as architect.
DAVENPORT, IOWA — Newmark has brokered the sale of a 251,100-square-foot industrial building in Davenport for an undisclosed price. The property at 8740 Zenith Ave. is fully leased to Ryder Logistics. Michael VanBuskirk, Chris Robertson, Andy Gallas, Andrew Sandquist, Ben Greazel and Raegen Root of Newmark represented the sellers, Blue Vista Capital Management LLC and Russell Development. Minneapolis-based Founders Properties acquired the asset. The property is the first of six buildings within the Russell Industrial Park, which will span nearly 1.5 million square feet upon full buildout.
INDIANAPOLIS — FW Logistics has signed a 128,000-square-foot industrial lease at 221 S. Franklin Road in Indianapolis. The third-party logistics firm provides flex space and trucking to help businesses with e-commerce, fulfillment and manufacturing. The company maintains 18 temperature-controlled warehouses with more than 8 million square feet nationwide, along with its trucking fleet. Conrad Jacobs of Avison Young represented the tenant. Colliers represented the landlord, CP Franklin MT LLC, a Delaware-based limited liability company. FW Logistics expects to take occupancy Tuesday, Nov. 1.
WAUCONDA, ILL. — Mid-America Real Estate Corp. has arranged the sale of Liberty Square in the Chicago suburb of Wauconda for an undisclosed price. Anchored by Jewel-Osco, the 107,431-square-foot shopping center is 97 percent leased. Other tenants include Pet Supplies Plus, USPS, Athletico, Subway, Great Clips and T-Mobile. Ben Wineman of Mid-America represented the seller, Maryland-based Broad Reach Retail Partners LLC. Connecticut-based AmCap purchased the asset.