CLINTON TOWNSHIP, MICH. — Bernard Financial Group (BFG) has arranged a $3.6 million loan for the acquisition of an 80,160-square-foot industrial property in Clinton Township, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, BKG Dominion Capital Blvd LLC. A life insurance company provided the loan.
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Morgan Properties Acquires 11-Property Midwest Multifamily Portfolio for $501M
CONSHOHOCKEN, PA. — Morgan Properties has acquired a portfolio of 3,054 apartment units across 11 communities in eight states. Chicago-based Trilogy Real Estate Group was the seller in the deal, which was valued at $501 million. The communities — which are located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma and Tennessee — were built between 1989 and 2018. Adam Doneger and Josh King of Newmark brokered the sale of 10 of the communities in the portfolio, while Walker & Dunlop brokered the sale of one property. Morgan Properties states that the firm plans to implement a value-add strategy to increase the marketability and comfort of the properties. Interior upgrades will include the installation of new flooring, appliances, cabinets and countertops, as well as smart home features. The new owner will also expand and refresh the onsite amenities. The acquisition expands Morgan Properties’ apartment holdings to more than 100,000 units across the nation. The Conshohocken-based development and investment firm now owns and operates roughly 360 communities in 22 states. “As we continue to strategically expand our national portfolio, we remain selective and opportunistic in this environment,” said Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties. “Morgan Properties has a proven …
SPRINGDALE, OHIO — Milhaus has partnered with Parse Capital to break ground on Slate, a 306-unit multifamily property in Springdale near Cincinnati. Located at 505 W. Crescentville Road, Slate will feature 216 garden-style apartment units and 90 townhomes across 22 buildings. Amenities will include a resident lounge, pool, coffee bar, fitness center and bark park. First Financial Bank is providing financing for the development, which marks Milhaus’ second project in Springdale following Array in 2023. Construction of Slate is slated for completion in spring 2026.
INDIANAPOLIS — PRP has acquired Cosmopolitan on the Canal, a 218-unit Class A apartment complex located along the Central Canal in downtown Indianapolis. The purchase price was undisclosed. Constructed in 2010, the community’s interiors remain in their original condition and will undergo a comprehensive renovation. The property is situated in the Canal Walk District and features a waterfront setting.
ST. PETERS, MO. — Marcus & Millichap has arranged the sale of Cave Springs Shopping Center in the St. Louis suburb of St. Peters for $22.1 million. The retail power center totals 176,804 square feet. Anchor tenant Hobby Lobby has operated at the property since 2003. The Edge Fitness Club serves as a co-anchor at the property, which was fully leased at the time of sale. Additional tenants include Office Depot, Cycle Gear and LongHorn Steakhouse. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap’s Institutional Properties Advisors division procured a local buyer completing a 1031 exchange. The sale included four outparcel buildings that the buyer can spin off during the hold period if desired, according to Wiles.
AVON, OHIO — Laurel Real Estate Co. has negotiated the sale of the Fairfield Inn & Suites hotel in Avon near Cleveland for an undisclosed price. The 82-room property is located at 39050 Colorado Ave. Amenities include an indoor pool, fitness center and meeting space. Laurel represented the undisclosed seller and was the sole brokerage involved in the transaction, which was considered an off-market deal.
JUSTICE, ILL. — Network Commercial Real Estate has brokered the $4.4 million sale of a 5-acre retail development site located at 8650 W. 79th St. in Justice, a southwest suburb of Chicago. Neil Haleem of Network represented the seller, Emaar Enterprise LLC. Jeremy Forman of Shai Town Realty Group represented the buyer, Quick Trip Corp. The site will be developed into a QT gas station and convenience store.
By Trina Sandschafer, AIA, Project Management Advisors Adaptation and reinvention are core parts of what makes American cities great, and Chicago is a prime example. Whether rebuilding, reimagining space for modern usage or creating new neighborhoods from formerly empty lots, the city has become known for its unique ability to bring new energy and life to formerly underutilized areas. Chicago knows how to reimagine the built environment and is leading the way with several transformative development strategies. Adaptive reuse: A well-tested Chicago tactic Chicago’s long history of adaptive reuse began with the pioneering residential loft developers. In the wake of nationwide manufacturing declines, these enterprising developers saw opportunity in the city’s largely vacant warehouses and manufacturing buildings. The success of these early loft conversions encouraged further reimagining of Chicago’s aging industrial and office stock into condominiums, apartments, offices, entertainment venues and hospitality spaces, which continue to this day. Now, adaptive reuse strategies are helping to increase the supply of housing and restore economic viability to communities dealing with the lingering impact of the pandemic on local businesses. Converting legacy structures to new and better uses is more environmentally sustainable and can be more cost-effective than demolishing older buildings and starting …
WEST LAFAYETTE, IND. — Landmark Properties, in partnership with Manulife Investment Management, has broken ground on The Standard at West Lafayette, a 678-bed student housing project located adjacent to Purdue University in West Lafayette. Peninsula Investments also partnered on the project. Landmark Urban Construction, the in-house general contractor for Landmark Properties, is building the development. The 253-unit community is slated to deliver in time for the 2027 academic year. The Standard at West Lafayette will offer fully furnished residences with floor plans ranging from studios to four-bedroom units. Spanning 18,234 square feet, amenities will include a rooftop clubhouse with an outdoor heated pool and fitness center as well as a fourth-floor amenity level with seating, a gaming lounge and interior courtyard. The property will feature more study spaces than any other student housing community in West Lafayette, according to Landmark. The garage will feature parking for 207 vehicles. BKV Group is the architect. The project marks Landmark’s second student housing development in Indiana, following The Standard at Bloomington, which opened in fall 2023.
MAPLE GROVE, MINN. — JLL Capital Markets has provided a $33.2 million Fannie Mae loan for the refinancing of Risor of Maple Grove, a luxury 55+ community in the Minneapolis suburb of Maple Grove. The 169-unit property, completed in June 2023, rises four stories with a mix of studios, one- and two-bedroom units averaging 1,002 square feet. Amenities include a clubroom, golf simulator, wine bar, indoor pool and spa, pickleball court and top-floor sky lounge. Scott Loving, Scott Streiff, Gary Marchiori and Will Hintz of JLL originated the five-year, fixed-rate loan on behalf of the borrower, Roers Cos.