Wednesday, June 10, 2026
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McHugh Construction Completes Renovation of L7 Chicago Hotel

by Kristin Harlow

CHICAGO — McHugh Construction has completed a multimillion-dollar renovation of a 191-room, 14-story hotel in Chicago. The property opened in June as L7 Chicago and marks the first L7-branded property in North America from South Korea-based Lotte Hotels & Resorts. McHugh also completed the build-out of Perilla Korean American Steakhouse, the hotel’s anchor restaurant on the ground floor, as well as a new lobby. In late August 2023, McHugh began demolition of the restaurant and lobby of the former Kimpton Hotel Monaco at 225 N. Wabash Ave. and erected temporary walls so that the hotel remained in operation throughout the renovation. McHugh started renovating the top floor in November and worked its way down one floor at a time. The project included new carpet, wall coverings, finishes and furniture for hotel rooms, suites and corridors; reupholstered window seats in each room; and new tiles on the wall alongside each guest room door.  The project team included interior designer AvroKo and Grec Architects. Located steps from the Chicago Riverwalk and the Magnificent Mile, the building was originally constructed in 1912 and served as a hat factory and headquarters of D.B. Fisk Co., the largest wholesale millinery in the country until 1932. …

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AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Negotiates Sale of 29,817 SF Shopping Center in Stevenson Ranch, California

by Amy Works

STEVENSON RANCH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of Stevenson Ranch Plaza, a neighborhood shopping center in Stevenson Ranch, approximately 35 miles northwest of Los Angeles. San Francisco-based Catalyst Real Estate sold the asset to a Los Angeles-based private investor for an undisclosed price. Kevin Fryman, Ed Hanley, Sean Cox and Alexander Moore of Hanley Investment Group represented the seller, while Edmond Bina of Beverly Hills-based EMB Properties represented the buyer in the deal. Originally built in 1999 and remodeled in 2023, Stevenson Ranch Plaza offers 29,817 square feet of retail space at 25804-25860 Hemingway Ave. Tutor Time, a subsidiary of Learning Care Group, anchors the retail center and has operated at the property since it was built.

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DevelopmentIllinoisMidwestMultifamily

Ryan Cos. Opens 200-Unit Vyne on Haven Luxury Apartment Community in Suburban Chicago

by Kristin Harlow

ELMHURST, ILL. — Ryan Cos. US Inc. has opened Vyne on Haven, a 200-unit luxury apartment community in the western Chicago suburb of Elmhurst. Located at 100 N. Haven Road, the property is steps away from the Elmhurst Metra station. Monthly rents start at $1,800 for studios. Some of the large penthouse units rent for more than $5,000 per month. Amenities include an outdoor entertainment deck with a pool, cabanas, dining areas, grilling stations and firepits; a secondary tranquil outdoor deck known as the Zen Garden; a fitness center with Peloton bikes and a separate training studio; a clubroom with indoor-outdoor connectivity with the pool deck; and a sky lounge with fireplace, resident games and private dining area. Ryan A+E Inc., the design studio of Ryan, was the architect. MetLife Investment Management and Ryan are the owners of the property. Ryan served as developer and design-builder. Greystar is the operating partner.

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IndustrialIowaLeasing ActivityMidwest

Covetrus Signs 80,000 SF Industrial Lease in Grimes, Iowa

by Kristin Harlow

GRIMES, IOWA — Covetrus has signed a lease to relocate its operations to an 80,000-square-foot distribution center at Prairie Business Park in Grimes, a northwest suburb of Des Moines. The animal health technology and services company is expanding its footprint by 27,000 square feet. From its new location, Covetrus will serve veterinarians and their practices across several states. Austin Barrett of Savills represented Covetrus. R&R Realty Group owns the property.

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3116-2nd-St-Santa-Monica-CA
AcquisitionsCaliforniaRetailWestern

NAI Capital Brokers $2.5M Sale of The Powerhouse Retail Property in Santa Monica, California

by Amy Works

SANTA MONICA, CALIF. — NAI Capital Commercial has arranged the sale of The Powerhouse, a historic retail building located at 3116 2nd St. in Santa Monica, a coastal city west of Los Angeles. Temple Mishkon sold the asset to 2nd Street Santa Monica LLC for $2.5 million, or $1,660 per square foot. Built in 1909 and totaling 1,500 square feet, The Powerhouse is on the California Register of Historical Resources. In 1982, Ry Hay, Paul Linke and Lucinda Zeising converted the building into a playhouse, but by the early 1990s, the theatre fell into disrepair and was abandoned. The Powerhouse Theatre Co. revitalized the space in 1995 and operated until 2011. In 2016, the building underwent an extensive renovation that included an earthquake retrofit, new electrical and plumbing systems, a new roof, updated bathrooms and an exterior dock.

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AcquisitionsMidwestMinnesotaMultifamily

CBRE Arranges Sale of 204-Unit Creekside Apartments in Plymouth, Minnesota

by Kristin Harlow

PLYMOUTH, MINN. — CBRE has arranged the sale of Creekside Apartments, a 204-unit multifamily property in the western Minneapolis suburb of Plymouth. Heartland Realty Investors Inc. purchased the community from Creekside Apartment Homes LLP for an undisclosed amount. CBRE’s Keith Collins, Ted Abramson and Abe Appert represented the seller. Built in 2000, Creekside Apartments underwent significant unit and common area improvements over the past four years. Units average 986 square feet. Amenities include a community room, mezzanine workspaces, a fitness center, virtual bike studio, outdoor grilling areas and underground parking.

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DevelopmentIllinoisMidwestRetail

Cannabis Facility Construction Completes Two Dispensaries for Nature’s Grace and Wellness in Metro Chicago

by Kristin Harlow

CHICAGO AND NILES, ILL. — Cannabis Facility Construction (CFC) has completed two Bud & Rita’s-branded dispensaries in metro Chicago. Nature’s Grace and Wellness, a family-owned and operated Illinois cannabis firm, pursued an operational partnership approach for both locations. The company partnered with Illinois Cannabis Co. for the property at 5960 W. Touhy Ave. in Niles and Green & Randle for the dispensary at 3425 W. Belmont Ave. in Chicago’s Avondale neighborhood. The design of both facilities draws inspiration from 1950s diners. Half of the 6,000-square-foot Avondale location is designated as open space for hosting community event. The Niles location is larger at 7,600 square feet. In addition to Eastlake Architects, the project team included Boulder for engineering work, Quick Electric for security and IT, Bataglia and Parkside for electrical installations, Dunaway for carpentry, Tim’s Glass for the installation of storefront glass and Right Way Signs for the exterior and interior signage as well as painted murals.

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GeorgiaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Population Growth Is Fueling a Bright Future for Atlanta’s Multifamily Market

by John Nelson

By Will Mathews and Mike Kidd of Colliers What is the reason behind Atlanta’s explosive growth over the last 20 to 30 years? Simply put, it’s been the exponential increase in population driven by an influx of new residents from the Northeast, Midwest and Mid-Atlantic. Atlanta is home to 17 Fortune 500 companies (the third-largest market in the nation), numerous high-paying jobs, a culturally diverse population and multiple prestigious universities, laying a strong foundation for incredible net migration. Multifamily investors are drawn to Atlanta, evidenced by the region’s high volume of multifamily transactions. According to MSCI Real Capital Analytics, Atlanta is currently ranked No. 4 in the country behind New York City, Dallas and Los Angeles in transactions. Despite challenges related to new supply and systematic traffic problems, the future of Atlanta’s multifamily market is very bright for a number of reasons. 7.9 Million by 2050 According to the Atlanta Regional Commission, the population of Atlanta will grow to 7.9 million, or an increase of 1.8 million people from 2020 to 2050. One of the direct beneficiaries of population growth is multifamily rent growth. Reflecting recent population trends, rent growth is forecasted to peak in the suburban counties east of …

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Affordable HousingFeaturesLoansMultifamily

Despite Slowdown in Deal Volume, GSEs Remain the ‘Best Game in Town’

by John Nelson

By John Nelson Lending activity in the multifamily divisions of Fannie Mae and Freddie Mac is in the midst of a prolonged slump.  The 2023 multifamily loan volumes for the government-sponsored enterprises (GSEs) were down significantly year-over-year, with Fannie Mae at $52 billion last year (compared to $69 billion in 2022) and Freddie Mac at $48 billion (compared to $73.8 billion in 2022).  And it doesn’t appear that deal volume will return to the frothy levels achieved in 2022 this year. Fannie Mae executed $10.1 billion in loans during the first quarter of 2024, which is almost identical to its first-quarter 2023 production. Freddie Mac generated $9 billion in multifamily loans in the first quarter — up significantly from $6 billion in first-quarter 2023 — but down nearly 45 percent from fourth-quarter 2023. While the GSEs freely acknowledge the slowdown in business, they are more than holding their own when it comes to serving borrowers. The Mortgage Bankers Association (MBA) reports that multifamily loan originations totaled $264 billion in 2023, with the agencies accounting for 38 percent of all multifamily originations. By comparison, the share of overall multifamily originations was closer to 29 percent for Fannie Mae and Freddie Mac …

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Justin-Pattner-Real-Estate-Quote
AcquisitionsMultifamilyTop Stories

KKR Acquires $2.1B National Multifamily Portfolio

by Hayden Spiess

NEW YORK CITY — New York City-based investment firm KKR has acquired a portfolio of multifamily properties for roughly $2.1 billion. Development and operating company Quarterra Multifamily was the seller.  Situated throughout the United States, the portfolio comprises more than 5,200 multifamily units. The properties include a mix of mid- and high-rise buildings, with a concentration in the states of California, Washington, Florida, Texas, Georgia, North Carolina, Colorado and New Jersey. The number of individual properties was not disclosed. According to Daniel Rudin, KKR managing director, the portfolio “serves high-growth metropolitan areas across the country, where new supply will slow down significantly looking out beyond the next couple years.” “We believe this is a great moment to invest in real estate, as transaction activity starts to pick up on the heels of two years of dislocation in commercial real estate markets,” adds Justin Pattner, partner and head of real estate equity in the Americas with KKR.  Gibson Dunn & Crutcher LLP advised KKR in the transaction, and Troutman Pepper Hamilton Sanders LLP and Jones Lang LaSalle advised the seller.  Carter-Haston, MG Properties and Dalan Real Estate will work with KKR to operate the properties moving forward.  — Hayden Spiess

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