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Midwest

AcquisitionsIllinoisMidwestMultifamily

Turner Impact Capital Purchases 448-Unit Apartment Complex in Palatine, Illinois

by Kristin Harlow

PALATINE, ILL. — Turner Impact Capital has purchased The Clayson, a 448-unit apartment complex in Palatine formerly known as Village Park of Palatine, for an undisclosed price. A partnership between Origin Investments, Draper and Kramer and LEM Capital was the seller, which acquired the asset in December 2016 and embarked on a $9 million capital improvement program. The partnership upgraded the amenities, landscaping and common areas, and addressed deferred maintenance issues such as roof replacements, parking lot resurfacing and balcony replacements. Roughly half of the units were upgraded with new appliances, cabinets, countertops, flooring, carpeting and paint. The Clayson is spread across 15 buildings. Units range from 706 to 1,225 square feet. Marty O’Connell and Kevin Girard of JLL represented the sellers.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamilySeniors Housing

Ecumen Breaks Ground on 100-Unit Affordable Seniors Housing Community in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Nonprofit developer Ecumen has broken ground on The Hillock, a 100-unit affordable seniors housing community in the Longfellow neighborhood of Minneapolis. The development will include 11 units designated for veterans who are experiencing homelessness. The rest of the units will be reserved for residents age 55 and older who earn up to 60 percent of the area median income. Monthly rents are expected to range from $816 to $1,339. Amenities will include a community garden and onsite clinic. Project costs are estimated at $24 million, and completion is slated for fall 2022. Phase II calls for an 89-unit affordable housing building with 13 units for veterans experiencing homelessness. Ecumen and Snelling Yards Development, a joint venture between Lupe Development Partners and Wall Cos., are co-developing the overall campus. The two communities will sit on a three-acre site that formerly housed the City of Minneapolis Public Works maintenance yard.

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IllinoisIndustrialLeasing ActivityMidwest

Lithotype Signs 81,079 SF Industrial Lease in Bolingbrook, Illinois

by Kristin Harlow

BOLINGBROOK, ILL. — Lithotype, a commercial printing company, has signed an 81,079-square-foot industrial lease at 2 Territorial Drive in Bolingbrook. Lithotype is moving to the 101,844-square-foot building from a nearby location in Bolingbrook and is more than doubling its space. Trinity Scurto of Brown Commercial Group represented the tenant in the lease transaction. Cushman & Wakefield represented the undisclosed landlord.

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AcquisitionsIllinoisMidwestRetail

Brookline Real Estate Acquires 6,400 SF Retail Building in Elmhurst, Illinois

by Kristin Harlow

ELMHURST, ILL. — Chicago-based Brookline Real Estate has acquired a 6,400-square-foot retail building in Elmhurst for $1.1 million. Located at 1035 S. York St., the multi-tenant property is known as Legacy Shops of Elmhurst. Jimmy John’s is the anchor tenant. Mark Heidecke of Horvath & Tremblay represented the out-of-state seller.

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DevelopmentIndianaMidwestMultifamily

TWG to Build $58M Apartment Complex in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Developer TWG has unveiled plans to build Rise on Meridian, a $58 million apartment complex on the southside of Indianapolis. Located at 915 S. Meridian St., the project will rise six stories with 269 units and 3,500 square feet of retail space. Amenities will include a pool, lounge, courtyard, dog park, second-floor balcony, coworking space, bicycle storage and garage parking. Construction is expected to begin this month, with the first units becoming available in winter 2023. The units will vary from 562 to 954 square feet, and monthly rents will range between $1,200 and $2,100. The City of Indianapolis contributed tax-increment financing bonds, enabling 5 percent of the units to be reserved for residents who earn at or below 30 percent of the area median income.

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IllinoisIndustrialLoansMidwest

JLL Arranges $13.2M Acquisition Loan for Industrial Property in Suburban Chicago

by Kristin Harlow

WOODRIDGE, ILL. — JLL Capital Markets has arranged a $13.2 million loan for the acquisition of Woodridge Commerce Center in the Chicago suburb of Woodridge. The three-building industrial property spans 148,012 square feet and was 97 percent leased at the time of sale to 21 tenants. Situated on nearly 12 acres along Werch Avenue, Woodridge Commerce Center is situated within the master-planned International Centre Business Park. Jeff Sause and Brian Walsh of JLL represented the borrower, a joint venture between Unilev Capital and real estate investor Nitin Chexal, who is the co-founder and CEO of Palladius Capital Management. JLL placed the three-year, floating-rate loan with Wells Fargo Bank. Unilev’s investment team of Raymond Levy, Ian Konowitch and Peter Berges led acquisition efforts.

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IllinoisLeasing ActivityMidwestOffice

Datassential Leases 13,806 SF in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Datassential has leased 13,806 square feet of office space at 1201 W. Lake St. in Chicago’s Fulton Market district. The company helps food and beverage users develop, launch and sell new concepts by leveraging data. Datassential will move from 18 S. Michigan Ave. when the new lease commences in January. McCaffery and New York Life owns the 135,000-square-foot building, which was constructed in 2019. Dougal Jeppe of Colliers Chicago represented the tenant in the lease transaction. JLL’s Craig Coupe, Brad Despot and Mike Curran represented building ownership.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $5.2M Sale of Chicago Apartment Building

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $5.2 million sale of 3546 N. Southport Ave., a property in the Southport Corridor of Chicago’s Lakeview neighborhood that includes 21 apartment units and two commercial spaces. Built in 1930, the building includes 12 studios and nine one-bedroom units that were 97 percent leased at the time of sale. Real Good Juice Co. and The Denim Lounge fully lease the commercial space. Brad Feldman of Interra represented the seller, a family trust that had owned the building for nearly 50 years. Feldman also represented the buyer, which plans to renovate the units, update hallways and add a bike room.

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AcquisitionsHospitalityIowaMidwest

Mumford Co. Brokers Sale of Relax Inn Hotel in Osceola, Iowa

by Kristin Harlow

OSCEOLA, IOWA — Mumford Co. has brokered the sale of the 35-room Relax Inn hotel property in Osceola, about 45 miles south of Des Moines. The sales price was undisclosed. The hotel was formerly branded as Americas Best Value Inn until May of this year. David Mumford and George Arvanitis of Mumford represented the seller, Rikita LLC. Iowa-based Silverado Farms LLC was the buyer.

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IllinoisMarket ReportsMidwestMidwest Market ReportsMultifamily

Condo Deconversions Will Continue in Chicagoland Area

by Kristin Harlow

If we consider that 2017 was the year that deconversion sales in Chicago began in earnest, we are now four years into the cycle. I’m frequently asked my opinion of how much longer this cycle will last, and what it will look like going forward. To me, that comes down mainly to supply and demand, with an eye on change in the relevant state and city statutes governing these sales. The supply of condominiums in Chicago is still plentiful, especially condominiums that were converted from apartment buildings. While there was a bit of a condo-buying frenzy in the early part of 2021 as the world opened back up, that frenzy has dissipated. Condominiums that would typically take a couple of months to sell sold in days, and often at asking price. With that said, there was little meaningful price appreciation. The factors that hinder appreciation of these condominiums did not change: high amounts of rental units in the association; lack of amenities; and aging buildings that are either behind on maintenance or expensive to keep up. Those factors are unlikely to ever change. The current demand for multifamily properties is quite strong. Most investors sat on the sidelines in 2020, …

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