Multifamily

CHICAGO — Chicago-based M&R Development has broken ground on Parc Huron, a 221-unit apartment tower, which will be located at 469 W. Huron St. in Chicago’s River North neighborhood. The company purchased the site and plans for the 21-story building from Miami-based Lennar Corp. in November. The building, which is slated for completion in mid-2010, was designed to achieve LEED Silver certification. One-, two- and three-bedroom apartments averaging 969 square feet in size will be situated on floors five through 21 of the tower. Floors two through four of the building will feature a parking garage for 233 cars and a small commercial component will be located at street level. Amenities at the property will include a relaxation center, a fitness center, a cyber café, a business center and conference room, and a green roof. Additionally M&R Development is building a 14,000-square-foot park adjacent to the east side of the building. Construction financing for the project is being provided by Charter One Bank and PrivateBank. J.P. Morgan Asset Management and the partners of M&R Development are providing the equity. Walsh Construction Co. is the general contractor; Chicago-based Hartshorne + Plunkard Architecture was the designer for the tower. Chicago-based RMK Management …

GREENFIELD, IND. — Tikijian Associates has brokered the sale of Greenfield Village Apartments, a 256-unit multifamily community located in the Indianapolis suburb of Greenfield. Monsey, N.Y.-based White Eagle Capital has purchased the property from Indianapolis-based Pedcor Cos. The asking price was $12.9 million. Greenfield Village originally operated as an affordable housing property for lower income residents, and now functions as a conventional market-rate community. The community is White Eagle Group’s first purchase in Indiana. Indianapolis-based Barrett & Stokely will manage the property.