EVANSVILLE, IND. — The NRP Group has opened Homes of Evansville II, a 100-unit affordable housing community in the southwest Indiana town of Evansville. The project consists of 20 single-family homes, five duplexes and a 30-unit apartment building. The units are reserved for residents earning between 30 and 80 percent of the area median income. Twelve of the units are permanent supportive housing with services provided by ECHO Housing. HOPE of Evansville served as the joint venture partner. Additional project partners included the City of Evansville, which contributed HOME funds; Boston Financial, which provided the tax credit equity; BMO Financial Group, which provided the construction and permanent loans; and the Indiana Housing & Community Development Authority, which provided a development fund loan. Phase I of the project, completed in 2013, consisted of 40 single-family homes.
HOFFMAN ESTATES, ILL. — Marcus & Millichap has brokered the sale of a 61,047-square-foot retail property net leased to grocer Valli Produce in Hoffman Estates for $8 million. The building is located about 30 miles northwest of Chicago at 850 N. Roselle Road. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a local private investor. The Florida-based buyer completed a 1031 exchange. Brian Stulak of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. Valli Produce recently signed a 10-year lease to remain at the property through 2031.
CHAMPAIGN, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 24,454-square-foot retail center in Champaign for $4.3 million. Located at 2012-2032 N. Prospect Ave., the property is home to David’s Bridal, America’s Best Eyewear, Little Caesar’s Pizza, Sally Beauty and a few local tenants. Chad Firsel and Jason Lenhoff of Quantum represented the seller, Chicago-based Core Acquisitions LLC. A Milwaukee-based private real estate investor was the buyer.
When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a year-long national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord. Multifamily-property values have increased 13 percent since before the pandemic and more money is being invested now in apartment buildings than in any other type of commercial real estate. How did this happen and what explains this? Lee & Associates’ research will delve into why the multifamily sector, contrary to past predictions and present-day misperceptions, is flourishing as never before. 1. Measured on an annual basis, national asking rents rose 10.3 percent in August. That marked the first double-digit increase in the more than 20 years the data of 13 million professionally managed apartments has been collected, and in several cities, the rent increases were much more significant than the national figure.[1] August rents rose more than 20 percent year-over-year in Phoenix, Las Vegas and Tampa. Similarly, monthly rents were up more than 20 percent in comparable markets such as Boise, Idaho and Naples, Florida. 2. Multiple factors explain this …
CHICAGO — Structured Development has broken ground on the first two residential buildings at The Shops at Big Deahl, a mixed-use development in Chicago’s Lincoln Park neighborhood. The Seng is a four-story, 34-unit affordable condo building whose income-restricted buyers will be selected by the Chicago Community Land Trust, a nonprofit corporation administered and staffed by the Chicago Department of Housing. Completion of The Seng is slated for December 2022. Common Lincoln Park is a 10-story, 400-bed co-living community that will be operated by New York-based co-living provider Common. Completion of Common Lincoln Park is slated for March 2023. Each unit will feature one to four bedrooms that will be furnished along with a communal kitchen and living area. Co-living refers to a type of communal living where residents have their own private bedrooms but share common areas with others. Both buildings will join the newly completed Movement Lincoln Park, a 40,000-square-foot climbing, yoga and fitness gym. Structured also plans to build an additional 327-unit market-rate apartment tower on the western end of the property. The groundbreaking for the 27-story project is scheduled for March 2022. The Shops at Big Deahl is named after the former Big Deahl Productions studio that …
GLEN ELLYN, ILL. — JLL Capital Markets has brokered the sale of Market Plaza in the Chicago suburb of Glen Ellyn for $30.2 million. Jewel-Osco anchors the 166,572-square-foot retail center. Built in 1965 and renovated in 2009, Market Plaza is home to tenants such as Ross Dress for Less, Dollar Tree, Staples, Sherwin-Williams, Sweet Basil, H&R Block, Royal Nail and Spa and Goldfish Swim School. The property sits on 12 acres along Roosevelt Road. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, RPT Realty. North American Real Estate Group was the buyer.
INDIANA — The Glick Housing Foundation has purchased seven affordable housing properties, including six purchased from Community Reinvestment Foundation. The purchase price was undisclosed. The newly acquired assets are located in New Albany, Bedford, Shelbyville, Bloomington, Lebanon and Indianapolis. Each property is designated as affordable housing under Section 8, a federally funded rental assistance program, or another recognized program. Glick Philanthropies will commit additional funds as part of the transaction to ensure that the properties are well maintained. Glick will employ a service coordinator at each property who will assist residents in navigating community services. According to Glick, the acquisition is the largest in the history of the foundation and one of the largest in the state of Indiana for 2021. Glick’s portfolio now includes 42 not-for-profit affordable housing properties with nearly 7,000 units, including more than 3,700 units in Indiana.
WOODBURY, MINN. — A joint venture between PCCP and Watermark Cos. has unveiled plans to develop Canvas at Woodbury North, an 89-unit build-for-rent (BFR) community in Woodbury near St. Paul. The development team plans to deliver the first homes in fall 2022, with final completion slated for fall 2023. The project marks the joint venture’s second BFR community on the east side of the Twin Cities. The unit mix will consist of two-, three-, four and five-bedroom floorplans ranging from 1,200 to 2,966 square feet. All homes will feature washers and dryers, two-car garages, backyards, smart home technology, pet retreats and package drop-off boxes. Residents will have access to a clubhouse, fitness center, pool and dog park.
EVANSTON, ILL. — Interra Realty has arranged the sale of 828 Lofts in Evanston for $17.1 million. The property, located at 828 Noyes St. near Northwestern University, consists of 44 apartment units and one retail space that is occupied by local restaurant Stacked & Folded. Residents have access to a dog wash, bicycle storage and covered parking. The building was fully leased at the time of sale. Colin O’Malley of Interra represented the private buyer. Paul Waterloo and Patrick Kennelly of Interra represented the seller, Evanston-based GDS Development, which built the property in 2018.
DETROIT — Lightstone has purchased a multifamily portfolio in suburban Detroit totaling 7,810 units across 27 properties in 19 different submarkets. The purchase price and seller were not disclosed. The portfolio also includes an 11,000-square-foot office building. Lightstone plans to add amenities, improve common areas and renovate unit interiors. The transaction increases Lightstone’s multifamily holdings in the Detroit market to more than 13,000 units. Lightstone operates its assets through its management company, Beacon Management.