Multifamily

NorthPeak Commercial Negotiates $6.2M Sale of Apartment Building in Denver

by Amy Works August 14, 2023

DENVER — NorthPeak Commercial Advisors has arranged the sale of a residential property located at 1115 Logan St. in Denver’s Capitol Hill neighborhood. The property traded for $6.2 million, or $221,428 per unit. Situated in the Capitol Hill neighborhood, the 14,415-square-foot property features 28 multifamily units. Greg Johnson and Conner Piretti of NorthPeak Commercial Advisors represented the undisclosed seller, while Justin Brockman and Chris Student of The Brockman Group represented the buyer in the deal.

August 14, 2023

Development Illinois Midwest Multifamily

McHugh Construction Tops Off 73-Story Luxury Apartment Tower on Chicago’s Michigan Avenue

by Kristin Harlow August 14, 2023

CHICAGO — McHugh Construction has topped off 1000M, a 73-story luxury apartment tower located at 1000 S. Michigan Ave. in Chicago’s Grant Park. McHugh Concrete poured the final concrete floor and completed the roof this month. Upon completion in 2024, 1000M will be one of the city’s tallest apartment buildings. The next phase of construction includes managing the glass façade installation and interior build-out. Apartments will be delivered in phases throughout 2024. There will be 738 units, ranging in size from studios to four-bedroom penthouses. Residents will have access to more than 80,000 square feet of indoor and outdoor amenity spaces, including Chicago’s highest rooftop observation deck to be located on the 73rd floor. Time Equities Inc., JK Equities and Oak Capitals are the developers, and the late Helmut Jahn designed the property. Chicago-based interior designer Kara Mann designed the unit and amenity area interiors. Cullen Construction Management is the owner’s representative.

August 14, 2023

Illinois Loans Midwest Multifamily

Wells Fargo Arranges $145M in Financing for Porte Apartments in Chicago

by Kristin Harlow August 14, 2023

CHICAGO — Wells Fargo’s Multifamily Capital group has arranged $145 million in construction take-out financing for Porte Apartments, a 586-unit apartment complex in Chicago’s West Loop. Intercontinental Real Estate Corp. was the borrower. The five-year loan features a fixed interest rate. Situated at 845 W. Madison St., Porte Apartments was built in 2020. Units range from 557 to 1,396 square feet. Amenities include a pool, resident lounge, fitness center, work-from-home stations, dog wash areas and private gaming areas. Ten percent of the units are designated as affordable and are set aside for residents making less than 60 percent of the area median income.

August 14, 2023

Development Midwest Multifamily Seniors Housing Wisconsin

Charter Senior Living Plans $50M Development in Sheboygan, Wisconsin

by Kristin Harlow August 14, 2023

SHEBOYGAN, WIS. — Charter Senior Living has partnered with DMK Development Group and American Cos. to build a new senior living community in Sheboygan, about 57 miles north of Milwaukee. Charter Senior Living of Sheboygan, in conjunction with Van Horn Real Estate, will be located within the North Town master-planned development. It will offer a total of 175 senior apartments in a variety of floor plans, including 108 independent living units, 46 assisted living units and 21 memory care suites. Development costs are estimated at $50 million. Construction is expected to begin in spring 2024.

August 14, 2023

Acquisitions Midwest Missouri Multifamily

Marcus & Millichap Brokers Sale of The Gabriel Apartments in Kansas City

by Kristin Harlow August 14, 2023

KANSAS CITY, MO. — Marcus & Millichap has brokered the sale of The Gabriel, a 13-unit apartment property in Kansas City. The sales price was undisclosed. The asset consists of one building at 535 Gladstone Blvd. and a vacant building at 531 Gladstone Blvd. Aaron Kuroiwa, Jack Beckett and Jacob Carroll of Marcus & Millichap represented the seller, a private investor. The team also secured and represented the buyer, an individual trust. The buyer was interested in the opportunity to renovate the vacant building, according to the brokerage.

August 14, 2023

Acquisitions Development Florida Multifamily Southeast

Avison Young Brokers $38M Sale of Multifamily Development Site in Miami

by John Nelson August 11, 2023

MIAMI — Avison Young has brokered the $38 million sale of a 7.9-acre multifamily development site located at 1556 110th Ave. in Miami. The site is approved for a 690-unit, 10-story project, dubbed Dolphin Square. David Duckworth, Michael Fay, John Crotty, Brian de la Fé and Wayne Schuchts of Avison Young arranged the transaction on behalf of the seller, Boca Raton, Fla.-based Procacci Development Corp. Leo A Daly designed the current site plan for the project, which is located near Dolphin Mall.

August 11, 2023

Development Multifamily Texas

KWA Construction Tops Out 362-Unit Settler Apartments in Fort Worth

by Taylor Williams August 11, 2023

FORT WORTH, TEXAS — Locally based general contractor KWA Construction has topped out The Settler Apartments, a 362-unit multifamily project in Fort Worth. Designed by Hensley Lamkin Rachel and developed by Toll Brothers, Settler Apartments will be a four-story structure that will wrap around a five-story precast parking garage. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, outdoor grilling and dining stations, clubroom, dog run and a conference center. Full completion is slated for this fall.

August 11, 2023

Development Florida Multifamily Southeast

ANF Completes Construction of 212-Unit Eden West Multifamily Community in Tamarac, Florida

by John Nelson August 11, 2023

TAMARAC, FLA. — ANF Group has completed the construction of Eden West, a 212-unit multifamily community in Tamarac. The firm completed the construction on behalf of the developers, EDEN Multifamily and Sterling Equities. Located at 8601 West McNab Road, the property features apartments in one-, two- and three-bedroom layouts, ranging from 598 to 1,388 square feet. Amenities at the community include a saltwater pool, fitness center, club room, veranda with an outdoor kitchen, game room and coworking spaces. The property also includes 300 parking spaces and electric vehicle charging stations.

August 11, 2023

Acquisitions Multifamily North Carolina Southeast

Connor Group Acquires 314-Unit Apartment Community in Metro Charlotte

by John Nelson August 11, 2023

HUNTERSVILLE, N.C. — The Connor Group has acquired The Alcove at Birkdale Village, a 314-unit apartment community located in Huntersville, roughly 20 miles outside of Charlotte. The property features units in one-, two- and three-bedroom layouts. Monthly rents at the property begin at $1,299, according to the community website. This marks the third property in the Charlotte submarket for the Ohio-based buyer. The seller and sales price were not disclosed.

August 11, 2023

Acquisitions Multifamily Texas

Northmarq Brokers Sale of 109-Unit Coral Cay Apartments in Corpus Christi

by Taylor Williams August 11, 2023

CORPUS CHRISTI, TEXAS — Northmarq has brokered the sale of Coral Cay Apartments, a 109-unit multifamily property in Corpus Christi. Built in 1970, the property features an average unit size of 955 square feet and was 97 percent occupied at the time of sale. Sparkle Asset Management sold the property to an affiliate of SPV Property Management for an undisclosed price. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented both parties in the transaction. Cheryl Higley, also with Northmarq, arranged acquisition financing for the deal.

August 11, 2023

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