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Midwest

Build-to-RentDevelopmentMidwestMinnesota

PCCP, Watermark to Develop 89-Unit Build-for-Rent Community in Woodbury, Minnesota

by Kristin Harlow

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.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Arranges $17.1M Sale of Apartment Building in Evanston, Illinois

by Kristin Harlow

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.

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AcquisitionsMichiganMidwestMultifamily

Lightstone Purchases 7,810-Unit Multifamily Portfolio in Suburban Detroit

by Kristin Harlow

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.

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IllinoisMidwestOffice

AmTrust Realty to Invest $100M in Chicago Office Portfolio

by Kristin Harlow

CHICAGO — AmTrust Realty Corp. plans to invest approximately $100 million in its Chicago office portfolio over the next two years. The portfolio consists of 6 million square feet across seven buildings located in the Central and East Loop. AmTrust has selected JLL as the leasing agent for the properties. Newly appointed AmTrust President Jonathan Bennett will lead capital improvements efforts and oversee leasing for the portfolio, along with Anne Holker, who was recently promoted to AmTrust’s managing director of leasing and acquisitions. Citing the rise in downtown office vacancy rates and an increasingly competitive talent market, AmTrust says it has recognized the need to upgrade and reposition several of its Chicago properties to attract new tenants and bring employees back into the office. The first asset to receive improvements will be the nearly 1 million-square-foot building at 30 N. LaSalle St., which was built in 1975. Melissa Rubenstein, Joseph Gordon, Craig Coupe, Ellen Trager and Anna Panici of JLL are leading leasing efforts. AmTrust’s portfolio spans 12 million square feet across New York, Illinois and Ohio.

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AcquisitionsKansasMidwestMultifamily

Avanti Residential Buys Village West Apartments in Kansas City for $65M

by Kristin Harlow

KANSAS CITY, KAN. — Avanti Residential has acquired Village West Apartments in Kansas City for $65 million. The 306-unit Class A apartment community is located at 8343 Leavenworth Road near Village West, a retail, dining and entertainment destination. Built in 2014, the property features amenities such as a clubhouse, media lounge, coworking lounge, fitness center and pool. Village West Apartments was 96 percent leased at the time of sale. Mac Crowther and Whittaker Potts of Newmark represented the seller, JVN Realty Corp. Avanti now owns four properties in the greater Kansas City area.

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AcquisitionsMichiganMidwestMultifamilyStudent Housing

Champion Real Estate Acquires 524-Bed Student Housing Portfolio Near Michigan State for $42M

by Kristin Harlow

EAST LANSING, MICH. — Champion Real Estate Co. has acquired a portfolio of six student housing properties near Michigan State University for $42 million. The communities offer a total of 524 beds and are located at 635 Abbot Road, 129 Burcham Drive and 731-787 Burcham Drive in East Lansing. Champion MSU, a subsidiary of Champion, is set to begin a complete rebrand and gut renovation of the communities. Stewart Hayes, Scott Clifton and Dave MacDonald of JLL represented the seller, DTN Management Co.

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IllinoisLeasing ActivityMidwestOffice

The Motion Agency Signs 19,681 SF Office Lease in Chicago

by Kristin Harlow

CHICAGO — The Motion Agency has signed a 19,681-square-foot office lease at the Reid Murdoch Building located at 325 N. LaSalle Drive in Chicago’s River North neighborhood. The creative communications agency had been a subtenant in the space since summer 2018. Built in 1913, the property spans 325,000 square feet. Dougal Jeppe of Colliers Chicago represented the tenant in the lease transaction. Landlord information was not provided.

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AcquisitionsMidwestMultifamilyNebraskaNorthmarq

Northmarq Brokers Sale of 613-Unit Multifamily Property in Lincoln, Nebraska

by Kristin Harlow

LINCOLN, NEB. — Northmarq has brokered the sale of Fairways at Lincoln for an undisclosed price. The 613-unit multifamily property, built in 2007, is located at 375 Fletcher Ave. in Lincoln. Fairways at Lincoln is situated on a nine-hole golf course. Parker Stewart and Dominic Martinez of Northmarq represented the seller, Kansas City-based Cohen-Esrey. John Reed of Northmarq secured acquisition financing on behalf of the buyer, Connecticut-based Hamilton Point Investments. Northmarq provided the loan through its status as a Freddie Mac Optigo lender. The five-year loan features one year of interest-only payments, a 30-year amortization schedule and a fixed interest rate of 2.75 percent.

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IndianaLoansMidwestMultifamily

JLL Arranges $26.9M Loan for Refinancing of Indianapolis Apartment Community

by Kristin Harlow

INDIANAPOLIS — JLL Capital Markets has arranged a $26.9 million loan for the refinancing of The Lakes Apartments in Indianapolis. The 232-unit apartment community consists of 15 buildings. Units average 998 square feet. Amenities include a clubhouse, pool, outdoor kitchen, fitness studio, business center, pickleball courts, pet walking area and car care center. Matthew Schoenfeldt of JLL arranged the loan on behalf of the borrower, NTS Development Co. JLL will service the Freddie Mac loan through its status as a Freddie Mac Optigo lender. The loan features a seven-year term and a fixed interest rate.

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AcquisitionsIndustrialMidwestOhio

Plymouth Industrial REIT Purchases Ohio Industrial Portfolio for $22.5M

by Kristin Harlow

TROY, OHIO — Plymouth Industrial REIT has purchased a three-building industrial portfolio totaling 396,800 square feet in Troy, about 20 miles north of Dayton. The purchase price was $22.5 million. The portfolio includes: a 160,000-square-foot building at 2180 Corporate Drive that is leased to F&P America; a 160,000-square-foot building at 1520 Experiment Farm Road that is leased to F&P America; and a 76,800-square-foot property at 952 Dorset Road that is home to Remedi SeniorCare and Cox Media Group. Steve Timmel, Jeff Johnston, Will Roberts, Chris Prosser and Doug Whitten of CBRE represented the seller, Culmen Real Estate Services.

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