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Multifamily

IllinoisMarket ReportsMidwestMidwest Market ReportsMultifamily

Chicago Market Is Steadfast on the Performance Leaderboard

by Kristin Harlow

By Shubhra Jha, Standard Real Estate Investments Chicago was not on many investors’ bingo cards. However, consistently popping up in the top five apartment markets nationwide for rent growth and occupancy outperformance is changing that perception.  Metro Chicago boasts relative affordability compared with its coastal counterparts, a range of job opportunities at all skill levels and the ongoing need for attainable housing. These factors create a multifamily investment landscape poised to deliver steady, long-term returns driven by resilient and stable demand. Economy, affordability Chicago is a diversified and consistent economic powerhouse, counted as the third largest major metro area in the United States and the largest non-coastal city. Its geographic location in America’s heartland combined with its historic strength in a wide array of sectors ranging from agriculture/food processing and finance/commodities trading to manufacturing, transportation/logistics and education play an important role in the metro’s resilience throughout economic cycles. Notably, there is no singular industry dominating the economy.  Looking ahead, sizeable investments in quantum computing, life sciences and fintech will build on Chicago’s historic advantages in finance, trading and education. Despite its diversified and steadily expanding economic base, Chicago remains an affordable city for its residents. Median home prices in the …

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Forty649-North-Hills-El-Paso
AcquisitionsMultifamilyTexas

JLL Negotiates Sale of 342-Unit Apartment Community in El Paso

by Taylor Williams

EL PASO, TEXAS — JLL has negotiated the sale of Forty649 North Hills, a 342-unit apartment community in El Paso. Built on 17.7 acres in 2009 on the city’s northeast side, the property comprises 42 two-story buildings that house one-, two- and three-bedroom units with an average unit size of 897 square feet. Amenities include a pool, fitness center, clubhouse and a dog park. Steven Hahn Jr., Art Barnes and William Jennings of JLL represented the seller, Hamilton Point Investments, in the transaction. The buyer and sales price were not disclosed.

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AcquisitionsIllinoisMidwestMultifamily

Aimco Closes Sale of 1,495-Unit Multifamily Portfolio in Metro Chicago for $455M

by Kristin Harlow

CHICAGO — Aimco (NYSE: AIV) has completed the sale of a seven-property multifamily portfolio in metro Chicago totaling 1,495 units as part of its liquidation plan approved by stockholders in February. LaTerra Capital Management and Respark Residential purchased the portfolio for $455 million. The Aimco Chicago Portfolio consists of the following stabilized properties: Pete Evans and Richard Evans of Berkadia represented the seller in the transaction. 3650 Capital provided approximately $104 million in acquisition financing to the buyers. The transaction was also capitalized with roughly $308 million of Fannie Mae loan assumptions as well as equity capital from LaTerra and Respark. Approximately $20 million of the invested capital will fund improvements to the properties, including both common area and unit upgrades. “In the post-COVID era, the greater Chicago region has emerged as one of the strongest multifamily housing markets in the country,” says Michael Fleischer, deputy CIO at 3650. “While some regions are experiencing oversupply, the Midwest is seeing a sustained period of strong performance and stability driven by limited new supply, robust demand and relative affordability compared to coastal markets.”

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655-Union-Brooklyn
LoansMultifamilyNew YorkNortheast

JLL Arranges $136M in Financing for Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — JLL has arranged $136 million in financing for 655 Union, a 193-unit apartment building in the Gowanus area of Brooklyn. Details on the debt versus equity components of the financing were not disclosed, but the financing includes a Freddie Mac loan, and CenterSquare Investment Management is now part of the capital stack. Completed in 2025, the 15-story building houses 143 market-rate units and 50 affordable housing units, as well as 14,764 square feet of retail space. Amenities include a pool with cabanas, fitness center with yoga and Pilates studios, wellness space, coworking areas, a media room, private dining room, sunset garden and 24/7 doorman and concierge services. Christopher Peck, Peter Rotchford, Michael Shmuely and Nicco Lupo of JLL handled the transaction on behalf of the owner, a partnership between Avery Hall Investments and Gindi Capital.  

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MultifamilyNew YorkNortheast

GH Management Completes 82-Unit Multifamily Project in Brooklyn

by Kristin Harlow

NEW YORK CITY — Local developer GH Management has completed The Carroll, an 82-unit multifamily project in Brooklyn. Designed by IMC Architecture and located at 33 Fourth St. in the Carroll Gardens area, the eight-story building houses studio, one- and two-bedroom units. Amenities include a fitness center with a yoga studio, lobby lounge, pet spa, coworking space, entertainment room and a landscaped terrace. Rents start at roughly $2,800 per month for a studio apartment.

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DevelopmentMichiganMidwestMixed-UseMultifamily

Bedrock Unveils The Residences at The Detroit EDITION in Hudson’s Tower

by Kristin Harlow

DETROIT — Bedrock has launched pre-sales for The Residences at The Detroit EDITION, a collection of 96 high-rise condominiums located atop The Detroit EDITION hotel within the Hudson’s Detroit tower at 1208 Woodward Ave. Slated to open in 2027, the project marks the EDITION brand’s first residential offering in the Midwest. SHoP Architects designed the project, with interiors by Yabu Pushelberg. Floor plans range from one to four bedrooms, spanning 720 to over 4,500 square feet. Pricing for condos start from the $600,000s. Amenities will total 14,000 square feet and include a fitness and aquatic suite, pool, hot tub, sauna, steam rooms, a clubroom, children’s playroom, coworking space, dining and catering kitchen, indoor parking garage with valet, multi-sports simulator and sound studio. Residents will also have full access to the hotel’s amenities, including several culinary and beverage options, a pool, fitness center, in-residence dining, spa services and more than 16,000 square feet of event space. Hudson’s Detroit is a 1.5 million-square-foot mixed-use development on the site of the former J.L. Hudson Department store. Hudson’s also features Class A office space anchored by General Motors’ global headquarters; Pine Hall, a new cocktail bar from Danny Meyer’s Union Square Hospitality Group; The …

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Habitat Begins Leasing for Second Residential Phase at $200M Ogden Commons in Chicago

by Kristin Harlow

CHICAGO — Habitat has begun leasing for The Junction at OC Living in Chicago’s North Lawndale neighborhood. The project is the second of three residential phases within the $200 million Ogden Commons mixed-income community developed by Habitat in partnership with Sinai Chicago. The four-story building represents a $38 million investment and delivers 75 units, with 76 percent of the residences reserved as affordable housing, including 30 units that are designated Chicago Housing Authority (CHA) units. The remaining residences are market rate. Amenities include a lounge, fitness center, onsite laundry facilities, management and social services offices, a package and mail room, bike storage and accessory parking. The first residential building at Ogden Commons, The Boulevard at OC Living, was completed in 2024 and fully leased in 2025. A 45,000-square-foot, three-story commercial building was completed in 2021. The commercial component is home to Sinai Chicago’s One Lawndale Community Care and Surgery Center, a Wintrust Bank branch and La Catedral Café & Restaurant. The third residential phase, The Parkline at OC Living, will include townhome and multi-flat units with larger floor plans designed for families. Upon full build-out, Ogden Commons will encompass more than 350 mixed-income units. Funding for Ogden Commons comes from …

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DevelopmentFloridaMultifamilySoutheast

Ryan Cos. Breaks Ground on 350-Unit Apartment Community in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — Ryan Cos. US Inc. has broken ground on Trailside at Dia Crossing, a 350-unit apartment community in Fort Myers. The eight-building property will be situated at the gateway to the Village of Estero at U.S. Highway 41 and Alico Road. Ryan Cos. expects to deliver Trailside at Dia Crossing in first-quarter 2027. The property will feature a 30-acre nature preserve and a 9,500-square-foot clubhouse with a fitness center, sauna, cold plunge and a yoga deck. Other amenities include a resort-style pool and a kayak launch to Estero Bay. The project team includes architect Ryan A+E Inc. and construction lender U.S. Bank.

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AcquisitionsDevelopmentHospitalityLoansLouisianaMultifamilySoutheast

Red Oak Capital Provides $8.4M Loan for Hotel-to-Multifamily Conversion Project in Covington, Louisiana

by John Nelson

COVINGTON, LA. — Red Oak Capital Holdings LLC has provided an $8.4 million loan for a hotel-to-multifamily conversion project in Covington. The borrower, an investment group represented by Nebo Capital, is using the financing to purchase the former WeStay Suites hotel at 140 Holiday Blvd. and reposition it into an 87-room apartment community. The 12-month bridge loan will fund the $6.9 million acquisition and $1.8 million in planned improvements for the conversion. The five-story, 89,831-square-foot hotel was built on 2.9 acres in 2009 and features an outdoor pool, fitness center and community rooms. The borrower has completed a similar hotel-to-multifamily adaptive reuse project in the Covington area, according to Red Oak Capital. The borrower plans to refinance the bridge loan upon completion of the renovation with permanent or agency debt.

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DevelopmentLoansMultifamilyNew YorkNortheastOffice

Joint Venture Receives $175M Construction Loan for Office-to-Residential Conversion in Lower Manhattan

by Taylor Williams

NEW YORK CITY — A joint venture between  Broad Street Development, Los Angeles-based PCCP and One Investment Management has received a $175 million construction loan for an office-to-residential conversion project in Lower Manhattan. The joint venture will convert the 400,000-square-foot office building at 80 Broad St., which is known locally as The Maritime Building, into a 326-unit apartment complex. Jordan Roeschlaub, Nick Scribani, Holden Witkoff and Niv Shahmoon of Newmark arranged the financing through Derby Lane Partners on behalf of the joint venture. The development team, which includes Rawlings Architects, will utilize New York City’s 467-m office-to-residential tax incentive program as part of the project’s capitalization. A construction timeline was not announced.

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