CHICAGO — Summit Design + Build has broken ground on 537 W. Drummond, a seven-story apartment building with 84 market-rate units in Chicago’s Lincoln Park neighborhood. The 80-foot-tall development will feature a fitness room, conference and coworking spaces, 84 bike parking spaces and 52 car parking spaces. The project site is the historic Covent Theater, which was situated behind the Covent Hotel. Moyer Properties is the developer, ParkFowler Plus is the architect, Catapult Real Estate Solutions is the owner’s representative, Cross Street is the broker and Principal Asset Management provided construction financing. A timeline for completion was not provided.
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InterFace: Multifamily Investors Are Bullish on 2025 Sales Market, Though Many Hurdles Will Carry Over into New Year
Speakers on the investment sales panel at the annual InterFace Multifamily Southeast conference were overall bullish on the sector’s investment prospects in the new year. The event, now in its 15th year, was held on Wednesday, Dec. 4 at the Cobb Galleria Centre in Atlanta. To kick off the panel, moderator Paul Berry, president and COO of Mesa Capital Partners, discussed what a recovery could look like in terms of investment sales volume. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Berry said that in the six years leading up to the onset of the COVID-19 pandemic, annual U.S. multifamily investment sales volume hovered between $155 billion to $195 billion per year. He noted that due to robust inventory growth during that time, a “normal” yearly sales total would average out to $180 billion to $190 billion. “2021 saw ‘double normal’ — it was $350.7 billion,” said Berry. “The first three quarters of 2022 were at that same level before it slowed down by the end of the year, but it still eclipsed $300 billion.” He …
UNION CITY, GA. — Woodfield Development has delivered Union Green, a 295-unit apartment community located at 4980 Stonewall Tell Road in Union City, a southwest suburb of Atlanta. The property features a mix of one-, two- and three-bedroom apartments averaging 741 to 1,573 square feet in size. Monthly rental rates range from $1,498 to $4,175, according to Apartments.com. Amenities include a swimming pool with a sun lounge area, club lounge, demonstration kitchen for events, outdoor social commons with a grilling area, wellness and fitness studio and a sky lounge that offers views of downtown Atlanta’s skyline. The project team for Union Green included general contractor CBG Building Co., architect of record Fifth Dimension Architecture and interior designer Shelton Taylor + Associates.
FARMERS BRANCH, TEXAS — Texas-based developer Presidium has begun leasing Presidium Valley View, a 348-unit multifamily project located in the northern Dallas metro of Farmers Branch. Units come in studio, one-, two- and three-bedroom floor plans and range in size from 573 to 1,631 square feet. Residences are furnished with stainless steel appliances, quartz countertops, kitchen islands, built-in desks, private balconies, keyless entry mechanisms and individual washers and dryers. Indoors, the property houses a fitness center, clubroom area, coffee bar, theater lounge with a golf simulator and coworking spaces. Outdoor amenities include a pool, yoga lawns, grilling areas and a pet park/spa. Dallas-based O’Brien Architects served as the project architect. Rents start at $1,585 per month for a studio apartment.
LOS ANGELES — A joint venture between Lendlease and Aware Super has topped out the six-story office building and 12-story multifamily building at Habitat, the joint venture’s mixed-use development in Los Angeles. Located at 3401 S. La Cienega Blvd., Habitat will feature a 253,000-square-foot office building, a 260-unit multifamily building and 2,900 square feet of retail and restaurant space, along with an integrated acre of open space. The project is slated for completion in early 2026. Designed by SHoP Architects, with commercial interiors by A+I and Steinberg Hart as executive architect, Habitat’s 50,000-square-foot floor plates feature 14-foot floor-to-floor heights and terraces. Office amenities include a lobby with niches for gathering, fitness center, hospitality-inspired locker rooms with showers and end-of-trip facilities for cyclist commuters. The residential building will offer 260 studio, one- and two-bedroom layouts with access to outdoor space along with hospitality- and wellness-inspired amenities. Expected to be net zero carbon in construction and operations, Habitat will include an integrated 125kW solar array, 64 dedicated electric vehicle parking spots, 222 secured bike parking spots, natural ventilation and lower-carbon concrete. Los Angeles-based RELM designed Habitat’s network of parks and walking paths, which offer a mix of secluded seating clusters and communal gathering …
LOS ANGELES — Berkadia has arranged the sale of Marquee, a garden-style multifamily community in the North Hollywood neighborhood of Los Angeles. Post Investment Group and Walker & Dunlop Investment Partners acquired the asset for $44 million in an off-market transaction from an undisclosed seller. Located at 12300 Sherman Way, Marquee offers 236 apartments, a swimming pool with sundeck, large on-site leasing center with leasing offices, a 24-hour fitness center and landscaped fountains and walkways. Built in 1965 and subject to Los Angeles City Rent Control, the community offers 194 studios, 36 one-bedroom units and six two-bedroom units. Adrienne Barr and Nancy Badzey of Berkadia Los Angeles led the transaction. Tim Leonhard and Jeremy Kanter of Berkadia secured $32.9 million in acquisition financing on behalf of the buyer.
BOSTON — Marcus & Millichap has brokered the $4.6 million sale of a six-unit apartment building in the Brighton area of Boston. The newly renovated building at14 Mt. Hood Road was originally constructed in 1910 and offers a mix of one-, two-, three- and four-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
COLUMBIA, MO.— CBRE has arranged the sale of The Den, a 552-bed student housing community located near the University of Missouri campus in Columbia. A joint venture between The Michaels Organization and Capital Solutions Inc. purchased the property from Hamilton Point Investments for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer with CBRE National Student Housing represented the seller in partnership with Matt Bukhshtaber of CBRE’s St. Louis office. The Den offers two- and four-bedroom units with bed-to-bath parity. Shared amenities include a swimming pool and sundeck, fitness center, clubhouse, community lounge, game room, tanning booth, dog park, conference rooms, basketball courts, fire pits and an outdoor kitchen and grilling station.
AURORA AND GURNEE, ILL. — The Laramar Group has sold two multifamily properties in metro Chicago totaling 414 units. The sales prices and buyers were undisclosed. Laramar completed comprehensive renovation programs on each property, including a condo deconversion of one. Covey at Fox Valley in Aurora is a 216-unit asset adjacent to Rush Copley Medical Center. Laramar completed an extensive renovation program to improve the common areas and exterior, along with unit upgrades. The property includes an expanded fitness center, a dog park and an exterior seating and grilling area. Laramar also installed professional management and leasing staff to oversee the property. Luna Park Apartments is a three-building, 198-unit development in Gurnee that Laramar purchased in 2019 as a condo deconversion project. Laramar’s property repositioning plan included significant interior and exterior renovations, including adding an expansive barbecue and outdoor amenity area, updating the fitness center and improving the garage and mechanical systems. Laramar also completed common area improvements and unit renovations.
FARGO, N.D. — WNC & Associates and BlueLine Development, along with partner Fargo Housing Redevelopment Authority, have closed a deal to commence construction on Lashkowitz Riverfront Apartments, a 110-unit affordable housing development in Fargo. The new project will replace an older affordable housing community on the same lot. Once the tallest building in Fargo, the previous 22-story property lost its efficiency, was vacated and demolished by implosion in September 2023. The new development will feature four upper levels of affordable housing and a ground floor with commercial space. Amenities will include community rooms, lounges, a rooftop patio, exercise room and free laundry. As a fully Section 8 community, Lashkowitz Riverfront Apartments will serve families earning between 30 and 50 percent of the area median income. The unit breakdown includes 52 one-bedroom units, 36 two-bedroom units and 22 three-bedroom residences. The property will overlook the Red River in the middle of downtown Fargo, bordering the Minnesota state line. The deal was structured with 4 percent and 9 percent Low-Income Housing Tax Credits, with financing from the North Dakota Housing Finance Agency Housing Trust Fund and Fargo Housing Capital Fund. Completion is slated for December 2025.