PLAINFIELD, N.J. — JMF Properties has opened Quin Sleepy Hollow, a 212-unit multifamily community in Plainfield, located approximately 25 miles west of New York City. The property at 1400 South Ave. offers one- and two-bedroom units with rents ranging from the low $1,800s to the high $2,900s. Amenities include a fitness center, theater, dog park and outdoor lounge.
LA GRANGE, ILL. — JVM Realty Corp. has acquired Uptown La Grange, a 254-unit luxury apartment community in La Grange, about 17 miles west of downtown Chicago. The purchase price and seller were not disclosed. JVM Management Inc. will manage the property, which was built in 2017. Uptown La Grange has a high walk score of 90, as it sits next to a 17-acre public park and is one block away from the LaGrange Road Metra train station. Community amenities at the property include a rooftop terrace, heated pool, bocce ball court, fitness center, yoga studio and clubroom. JVM now owns and operates five multifamily properties in the area.
CHICAGO — Marcus & Millichap has brokered the sales of two multifamily properties on Chicago’s North Side for a combined $7.5 million. Kyle Stengle of Marcus & Millichap marketed the properties on behalf of the sellers. The first property, 1044 W. Newport Ave., is a two-story, nine-unit building in the Lakeview neighborhood. It sold for $4 million. Both the buyer and seller were local partnerships. The second property, 3507-3511 N. Elston Ave. in the Avondale neighborhood, is a four-story, 12-unit building. It sold for $3.5 million. Chicago-based Brennan Investments purchased the building from a California-based seller.
Chicago real estate has been the subject of considerable pessimism from local and national investors due to a variety of factors. Much of this can be blamed on our unfunded pension liability, which is expected to significantly increase real estate taxes across the area in the coming years. Many institutional multifamily investors claim that their data says to avoid Chicago. Instead, they seek multifamily properties at far lower returns and cap rates in places such as Nashville, Austin and Denver. While I believe those cities offer phenomenal investments, investors across the country are missing an amazing opportunity to invest in Chicago apartment properties. Real estate taxes Everyone seems to agree that real estate taxes will rise significantly in Chicago in the coming years. Who pays real estate taxes? Homeowners, commercial landlords and some businesses. Noticeably absent from this list are apartment renters who are generally unaffected by an increase in real estate taxes. In fact, a significant rise in residential real estate taxes should create even more demand for rental apartments in the Chicagoland area as would-be homeowners shift into the rental pool. Effect of high tax rates Do Chicagoans leave the city because of high tax rates? The data …
SACRAMENTO — California Gov. Gavin Newsom has signed a statewide rent control bill into law that aims to protect renters against price gouging and provide eviction protections. More specifically, Assembly Bill 1482 bars landlords from raising rents more than 5 percent plus the local inflation rate in one year. The annual inflation rate varies by region, but averages about 2.5 percent across the state.
QUINCY, MASS. — Callahan Construction Managers has broken ground on a 610-unit multifamily redevelopment project in Quincy, a southern suburb of Boston. The Bozzuto Group and Atlantic Development are redeveloping the North Quincy Station bus depot and parking lot into a three-building residential property with 45,000 square feet of retail space as well as a 1,500-spot parking garage. The residential portion of the project will be delivered over two phases with the first units expected to be available for occupancy in May 2021. Units delivered in Phase II are slated to come on line in January 2022, with the entire project scheduled to be complete soon thereafter. Amenities will include two outdoor courtyards, a pool deck, club lounge, commercial kitchen and a fitness center with yoga and spin classes.
FRISCO, TEXAS — California-based direct lender Money360 has provided a $21.4 million bridge loan for the refinancing of an undisclosed office property in the northern Dallas suburb of Frisco. The nonrecourse loan carries a 24-month term, floating interest rate and 75 percent loan-to-value ratio. The borrower was not disclosed.
PEMBROKE PINES, FLA. — Cushman & Wakefield has negotiated the $55.6 million sale of Ventura Pointe, a 206-unit multifamily property in Pembroke Pines. The seller, Eastwind Development, built the community in 2018. The apartment complex offers one-, two- and three-bedroom floor plans averaging 958 square feet. Ventura Point comprises two four-story buildings and two five-story buildings. Communal amenities include a swimming pool with lounge area; outdoor kitchen and grills; indoor lounge with community kitchen; billiards; 24-hour fitness center; and a conference room and business center. On the east side of the property, a two-acre park provides lakefront jogging path. Located at 7850 Pasadena Blvd., the property is situated 27 miles north of downtown Miami. Lloyd Jones LLC acquired the asset.
CLARKSTON, GA. — FCP has acquired Portofino Apartments, a 234-unit, garden-style community in Clarkston, for $19 million. The property is located at 1250 Brockett Road, 12 miles east of downtown Atlanta. Portofino Apartments offers one- through three-bedroom floor plans. Communal amenities include two swimming pools, a playground, basketball court and dog park. Wesley Kenney and Tyler Averitt of Cushman & Wakefield represented the undisclosed seller in the transaction.
PARK FOREST AND UNIVERSITY PARK, ILL. — JLL has arranged the sale of Central Park Apartments and Governor’s House Apartments for $25.7 million. David Gaines, Wick Kirby, Mark Barnes and Kevin Girard of JLL represented the seller, a joint venture between Buligo Capital Partners and Ferndale Realty Group. Bender Cos. was the buyer. Jason Bond and Trent Niederberger of JLL originated $20.5 million in acquisition financing through Fannie Mae. The 220-unit Central Park Apartments is located at 11 Fir St. in Park Forest and the 96-unit Governor’s House Apartments is located at 871 Burnham Drive in University Park. Both communities are approximately 30 miles south of downtown Chicago.