INDIANAPOLIS — Indianapolis-based homebuilder Onyx+East has formed a joint venture with investment management firm Pretium to invest approximately $600 million to develop, build and operate new single-family build-to-rent communities. The joint venture plans to build over 2,000 homes across the Midwest and Florida’s West Coast. In 2022, the partnership intends to develop six communities totaling more than 700 homes in Indiana, Ohio and Florida. Progress Residential, Pretium’s single-family rental platform, will operate and manage the communities.
CHICAGO — ML Realty Partners has acquired a 1 million-square-foot industrial portfolio in metro Chicago for an undisclosed price. The portfolio consists of 15 buildings within the I-55 corridor, Central DuPage, Lake County and O’Hare submarkets. The transaction also includes five shovel-ready land sites totaling 40 acres in the I-55 corridor and an additional five acres in Lake County. Jeff Devine, Steve Disse and Mike Senner of Colliers represented the undisclosed seller.
CHICAGO — Development firm Optima Inc. has begun pre-leasing Optima Lakeview, a 198-unit luxury apartment community in Chicago’s Lakeview neighborhood. Located at 3478 N. Broadway St., the project includes 14,000 square feet of street-level retail space. First move-ins are scheduled for April. David Hovey Sr., Optima’s CEO and founder, designed the project, while Optima’s in-house construction team served as general contractor. Units average 1,053 square feet, and monthly rents start at $2,400. Optima Lakeview features 40,000 square feet of amenities, including a rooftop sky deck, heated pool, grilling stations, basketball court, sports lounge, golf simulator, fitness center, yoga room, sauna, dog park, children’s play area, game room and chef’s kitchen. Work-from-home amenities include two conference spaces, a business center and several indoor and outdoor seating areas. Each residence comes with smart home technology, including keyless unit entry and smart thermostats.
MUNCIE, IND. — Developer TWG has broken ground on River Bend Flats, a $12 million affordable housing community in Muncie, about 50 miles northeast of Indianapolis. The three-story, 60-unit project will be located at 1800 Burlington Drive. Units will be reserved for renters earning up to 60 percent of the area median income. Amenities will include a clubhouse and playground. Completion is slated for spring 2023. The project was made possible with support from the City of Muncie and low-income housing tax (LIHTC)credits from the Indiana Housing and Community Development Authority.
CINCINNATI — Cooper Commercial Investment Group has brokered the sale of Meadows Plaza in Cincinnati for an undisclosed price. The 11,746-square-foot retail center is fully leased to tenants such as Harper’s Point Eye Associates, Allstate Insurance, Reliable Staffing and AnyLabTestNow. Dan Cooper of Cooper Group represented the seller, a metro Cincinnati-based private investor. A West Coast-based buyer purchased the property for the full price, representing a cap rate of 7.6 percent.
NEW ALBANY, OHIO — Santa Clara, Calif.-based Intel has unveiled plans to invest more than $20 billion to build two new computer chip factories. The campus will be located in New Albany, approximately 18 miles northeast of Columbus. Construction is scheduled to begin at the end of 2022 for the start of production in 2025. The two semiconductor fabrication plants, or “fabs,” will be situated on nearly 1,000 acres in Licking County. The project site can accommodate a total of eight chip factories. At full buildout, the total investment in the site could increase to as much as $100 billion over the next 10 years. The project is the largest single private-sector investment in Ohio’s history, according to Intel. Ohio will be home to Intel’s first new manufacturing site location in 40 years. Additionally, Air Products, Applied Materials, LAM Research and Ultra Clean Technology have announced plans to establish a physical presence in the region to support the buildout of the site, with more companies expected to join the project in the future. “Building this semiconductor mega-site is akin to building a small city, which brings forth a vibrant community of supporting services and suppliers,” says Keyvan Esfarjani, Intel senior …
ITASCA, ILL. — JVM Realty Corp. has acquired The Residences at Hamilton Lakes in Itasca, a northwest suburb of Chicago. The purchase price and seller were not released. The 297-unit luxury apartment community is located at 1133 N. Arlington Heights Road. Built in 2017, the property rises four stories with studio, one-, two- and three-bedroom floorplans. Amenities include a fitness center, pool, gourmet kitchen, outdoor patio space, theater and a rejuvenation center complete with a hot tub, steam room and sauna. This is the sixth acquisition for JVM Realty in the Chicagoland area. The company’s portfolio consists of 19 communities across four states.
CHICAGO — ACRES Capital Corp. has provided a $30.5 million loan for the acquisition of a 19-acre parcel located at 1200 Fulton St. in Chicago’s Fulton Market. The borrower, Fulton Street Cos., plans to develop the site into two office and retail buildings totaling 749,250 square feet as well as a 380-unit apartment tower. Steve Skok of Berkadia arranged the loan, while Justin Seitenbach of ACRES originated the loan.
ST. PAUL, MINN. — CBRE has brokered the sale of University Crossing in St. Paul for $14.8 million. The 84,150-square-foot medical office and industrial technology building is located at 2200 University Ave. The fully leased property was built in 1990. Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith and Tom Holtz of CBRE represented the seller, Essjay Investments Co. LLC. Capital Partners LLP was the buyer.
ANN ARBOR, MICH. — Oxford Cos. has launched the Oxford Instant Office Simple Agreement for Future Equity (OXIO SAFE) program aimed at helping Ann Arbor startups utilize office space with minimal upfront costs. Oxford says the program will provide a pathway for startups to lease office space without the significant financial risk that comes with entering a traditional commercial real estate lease. Qualified startups can receive up to one year of rent in exchange for a simple agreement for future equity. Open to startups that are currently working with a local incubator or economic development organization in the area, OXIO SAFE leases are available for six to 12 months for move-in ready office suites. Ann Arbor is home to one of the fastest growing startup hubs in the nation, according to Desai Accelerator, a professional business accelerator created in partnership with the University of Michigan. Oxford Cos. is a fully integrated real estate company offering services in property management, commercial and residential leasing, commercial construction and investments.