TUCSON, ARIZ. — Geronimo Casitas LLC has acquired Geronimo Casitas, a multifamily property in Tucson, from The Ramy Muaddi and Cecilia Muaddi Revocable Trust for $1.4 million. Located at 2514 N. Geronimo Ave., the 8,422-square-foot Geronimo Casitas features 19 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.
CHICAGO — McHugh Construction has commenced the office-to-residential conversion of Wacker Place, a 25-story, 248,000-square-foot art deco tower at 65 E. Wacker Place in downtown Chicago. Mavrek Development and partner ACRES Capital LLC recently closed more than $90 million in financing to launch the project. Pappageorge Haymes Partners is the architect, and Cross Street will oversee residential leasing. Originally built in 1928 as the Millinery Mart Building, the property will be transformed into 252 apartment units across floors 4-24. McHugh is currently overseeing demolition and structural work to prepare for the residential layouts, building systems and amenity spaces. Floors 1-3 will house a reimagined lobby and building services area while maintaining retail tenant Morton’s The Steakhouse, which occupies space at street level and part of the second floor. Upon completion, Wacker Place will offer a mix of 105 studios, 105 one-bedroom and 42 two-bedroom units. In compliance with Chicago’s Affordable Requirements Ordinance, the project will include 51 affordable housing units offered at a weighted average of 60 percent of the area median income. No parking is planned for the building, which has a Walk Score of 100 and is located steps from multiple transit lines. Amenities will include a third-floor …
CAROL STREAM, ILL. — JLL Capital Markets has brokered the sale of Renaissance at Carol Stream, a 293-unit apartment community in the western Chicago suburb of Carol Stream in DuPage County. Built in 1970, the property features a pool, full-size indoor basketball court and fitness center. There are 17 buildings, and units average 883 square feet. Current ownership has renovated 129 units. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the seller, Chicago-based Bender Cos. The buyer was Highlands Vista Group.
NEW YORK CITY — Cammeby’s International Group, in partnership with Rybak Development, has unveiled Sky Three Residences Club, a 1 million-square-foot luxury apartment community located in Brooklyn’s Coney Island neighborhood. Leasing has begun for the development, with move-ins expected to begin on Saturday, Nov. 1. The three-tower community was constructed as part of the two-phase Neptune/Sixth development plan, which joins a new retail strip that was built during Phase I. Sky Three Residences Club now anchors South Brooklyn’s West Brighton district. “Cammeby’s and its partners have consistently maintained and reinvigorated the retail offerings to ensure a walkable and vibrant neighborhood,” says a company spokesperson for Cammeby’s International. “With leasing at Sky Three underway, we’re proud to welcome residents to a reimagined West Brighton and to a community setting exceptional standards.” Sky Three features 499 apartment units in studio, one-, two- and three-bedroom floorplans, ranging in size from 500 to 1,000 square feet, according to Apartments.com. Monthly rental rates begin at $3,100. The project team included Zproekt Architecture and interior designer Durukan Design, as well as Tier 2 Landscape Architecture for the project’s exterior landscaping. The development offers more than 100,000 square feet of indoor and outdoor amenities, including an Olympic-size swimming …
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Lee & Associates’ Report: Q3 Results Shaped by Market Uncertainty, Questions of Legality, Tariffs, AI Considerations
Lee & Associates’ 2025 Q3 North America Market Report examines a commercial real estate landscape experiencing some pauses as the effects of exogenous forces work their way through the market. Economic and legal questions, the second- and third-order effects of tariffs, persistently high costs, unemployment concerns and the new realities of artificial intelligence (AI) have combined to produce mixed results across all property types. Demand for office and retail has increased (and their respective pipelines remain constrained). Of the four property types covered in the report — industrial, office, retail and multifamily — only retail saw transaction momentum in the previous quarter. Meanwhile, the overbuilt industrial and multifamily sectors have witnessed weakening or negative demand in the third quarter. Lee & Associates’ full, detailed market report is available to read here. The overviews for the sectors below reveal a market that seems to be holding its breath, awaiting new information. Industrial Overview: Markets Await Tariff Clarity Net absorption of industrial space increased in the third quarter across North America, but demand was weak and failed again to keep pace with the supply of new buildings, while tenant growth remained hobbled by tariff concerns and interest rates. In the United States, following 8.1 million square feet …
SHENANDOAH, TEXAS — A joint venture between two Houston-based companies, Buckhead Investment Partners Inc. and Juniper Investment Group, will develop a 229-unit multifamily project in Shenandoah, about 35 miles north of Houston. The 3.2-acre site is adjacent to The Woodlands master-planned community, and the development will be known as The WoodLofts. Residences will come in studio, one-, two- and three-bedroom floor plans and will be furnished with stainless steel appliances, granite countertops, in-unit washers and dryers, and private balconies or patios with optional dog yards. Amenities will include a pool, clubhouse and leasing center, fitness center, cybercafé, media room, dog park and an outdoor kitchen. Preleasing is expected to begin in late 2026, with full completion targeted for the third quarter of 2027. Johnson Capital Multifamily, a division of Oak Real Estate Partners, provided FHA-insured construction-to-permanent financing for The WoodLofts.
ATHENS, GA. AND BATON ROUGE, LA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of a two-property student housing portfolio totaling 1,188 beds in Georgia and Louisiana. The transaction included The Lodge of Athens, a 480-bed property serving students attending the University of Georgia; and Wildwood Baton Rouge, a 708-bed community located near Louisiana State University. Peter Katz of IPA — in association with Steve Greer and John Leonard of Marcus & Millichap — represented the seller, a joint venture between Alden Street Capital and an undisclosed institutional partner, and procured the buyer, Pumphouse Residential Group, in the transaction.
TAMPA, FLA. — Related Urban, the affordable housing division of Related Group, has broken ground on Residences at East End, a 174-unit affordable housing community located at 5709 N. 47th St. in Tampa. Public partners City of Tampa and Tampa Housing Authority (THA) joined Related Urban at the groundbreaking ceremony held Wednesday, Oct. 22. Situated on Tampa’s east side, Residences at East End will be funded through Section 8 project-based vouchers and low-income housing tax credits (LIHTC), with funding sources including Fifth Third Bank and Raymond James. The project represents a total capital investment of $68.6 million. The community will offer two-bedroom apartments reserved for households earning 22 percent to 80 percent of the area median income (AMI). Amenities will include a standalone clubhouse, dog park, picnic areas, a pocket park and a fitness center. Construction is expected to be completed by the end of 2026.
ELIZABETH, W.VA. — Cambridge Realty Capital has provided a $4.3 million HUD 223(f) loan for the refinancing of Elizabeth Care Center, a 36-bed skilled nursing facility located at 83 Little Kanawha Parkway in Elizabeth. The lender used HUD’s new Express Lane program, which facilitated the loan to receive its firm commitment to be accepted 18 days after submission. The borrower was not disclosed, but Coplin Health Systems announced that it sold Elizabeth Care Center to the operator, Providence Health Group, in late 2024.
WORCESTER, MASS. — A partnership between affordable housing owner-operator Jonathan Rose Cos. and local developer Schochet Cos. has acquired Plumley Village, a 430-unit community in Worcester. Plumley Village was originally developed in 1970 and rehabilitated in 2005. About 80 percent (342) of the residences are rent-subsidized as project-based Section 8 housing, and the remainder are rent-restricted under a Low-Income Housing Tax Credit land use regulatory agreement with MassDevelopment. Amenities include a community room, business center, convenience store, food pantry, laundry facilities, basketball court, playgrounds and a community garden. The Boys & Girls Club occupies the property’s ground-floor retail space. The seller was The Community Builders.