Property Type

Urban Edge, MDHCD to Develop 65-Unit Affordable Housing Project in Boston

by Taylor Williams October 31, 2022

BOSTON — Urban Edge, in partnership with the Massachusetts Department of Housing & Community Development (MDHCD), will develop a 65-unit affordable housing project at 1599 Columbus Ave. in Boston. The property will house one-, two- and three-bedroom units that will be reserved for renters earning up to 30 and 60 percent of the area median income, as well as 3,200 square feet of retail space. Utile Inc. is the project architect, and Bald Hill Builders is the general contractor. Completion is slated for spring 2024. MassHousing provided financing for the project.

October 31, 2022

Development Illinois Midwest Multifamily

Mansueto Office to Reimagine Historic Chicago Building into Apartments

by Kristin Harlow October 31, 2022

CHICAGO — Mansueto Office Inc. is reimagining the 100-year-old building at 2300 N. Lincoln Park West in Chicago into a luxury apartment community. Named the Belden-Stratford, the renovated 16-story property will be home to 209 units with floor plans that range from studios to three-bedroom penthouses. Pre-leasing is underway, with first move-ins anticipated in winter 2023. Amenities will include onsite restaurant Mon Ami Gabi, a rooftop deck, fitness center, yoga studio, pet spa, wine storage, resident lounge, Luxer package service and valet and concierge services. The building first opened in 1923 as a hotel. Solomon Cordwell Buenz is the project architect, Vinci Hamp Architects Inc. is the historic architect, Bulley & Andrews is the general contractor and Waterton is the property manager.

October 31, 2022

Acquisitions Illinois Midwest Office

Colliers Brokers $13M Sale of Rosemont Corporate Center in Suburban Chicago

by Kristin Harlow October 31, 2022

ROSEMONT, ILL. — Colliers has brokered the $13 million sale of Rosemont Corporate Center in the Chicago suburb of Rosemont. Jon Connor and Francis Prock of Colliers represented the seller, KORE Investments. The Village of Rosemont purchased the 121,000-square-foot office building with plans to renovate it before moving municipal employees to the property in 2023. KORE acquired the building in 2021 from the original developer, Ryan Cos., for $6.5 million. Mark Offit of Braden Real Estate represented the Village of Rosemont.

October 31, 2022

Acquisitions Illinois Midwest Multifamily

CBRE Negotiates $4.2M Sale of Multifamily Development Site in Chicago’s River North

by Kristin Harlow October 31, 2022

CHICAGO — CBRE has negotiated the sale of a 14,378-square-foot development site at 863 N. Orleans St. in Chicago’s River North neighborhood for $4.2 million. Tom Svoboda of CBRE represented the seller, BlitzLake. The buyer, Draper and Kramer Inc., plans to build a multifamily project at the transit-oriented development site.

October 31, 2022

Affordable Housing Development Midwest Multifamily Ohio

Fairfield Homes Opens 34-Unit Supportive Housing Community in Zanesville, Ohio

by Kristin Harlow October 31, 2022

ZANESVILLE, OHIO — Fairfield Homes Inc., in partnership with Muskingum Behavioral Health, has opened Pearl House Zanesville in Zanesville, about 50 miles east of Columbus. The property features 34 units for individuals and families recovering from drug or alcohol addiction. Residents receive support services, treatment and a full-time case worker provided through Muskingum Behavioral Health. Amenities include outdoor recreational spaces and a community room. Rent is based on income. Gorsuch Construction was the general contractor.

October 31, 2022

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $2.7M Sale of Multifamily Property in Chicago’s Rogers Park

by Kristin Harlow October 31, 2022

CHICAGO — Kiser Group has arranged the sale of an 18-unit multifamily property at 7224 N. Rockwell St. in Chicago’s Rogers Park neighborhood for $2.7 million. The property has been partially renovated and houses four dorm units for the Hebrew Theological College. The building comprises a mix of one-, two- and three-bedroom units. Danny Logarakis of Kiser brokered the sale. The buyer, a local investor, also recently purchased another building nearby with 40 units.

October 31, 2022

Affordable Housing Development District of Columbia Loans Multifamily Southeast

Redbrick Receives $142.5M Construction Loan for Residential Development in D.C.

by John Nelson October 31, 2022

WASHINGTON, D.C. — Redbrick LMD has received a $142.5 million construction loan for the development of The Douglass, a 750-unit residential project in Washington, D.C.’s Bridge District. Brian Gould of Chatham Financial arranged the loan through Citizens Bank on behalf of Redbrick. The Douglass will feature 40,000 square feet of retail space, and about 80 of the apartments will be reserved as affordable housing. The Douglass will be the first building constructed in the Bridge District, which comprises eight acres. Upon completion, the 2.5 million-square-foot project will be developed as a mixed-use neighborhood with a focus on sustainability and wellness. The Douglass is designed to target net zero carbon from operations and to meet or exceed International Future Living Institute (IFLI) and LEED Platinum standards.

October 31, 2022

Acquisitions Development Mixed-Use Southeast Tennessee

Newmark Secures $66M Land Sale in Midtown Nashville, Buyer Plans Mixed-Use Project

by John Nelson October 31, 2022

NASHVILLE, TENN. — Dairy Farmers of America (DFA), represented by Tarek El Gammal and Vincent Lefler of Newmark, has sold a 3.2-acre parcel in Nashville. Bosa Development acquired the land for $66 million. Located at 1401 Church St., the site is part of the Midtown submarket and will be developed as a mixed-use property. John Shaunfield, Kyle Jett and Chris Murphy of Newmark’s Dallas office also provided transactional support. Details about the construction timeline or project design were not disclosed.

October 31, 2022

Alabama Development Multifamily Southeast

Doster Completes 219-Unit Multifamily Development in Downtown Huntsville

by John Nelson October 31, 2022

HUNTSVILLE, ALA. — Doster Construction Co., in partnership with Chicago-based developer Heartland Real Estate Partners, has completed the development of Constellation, an apartment community located in downtown Huntsville. Designed by Chicago-based Built Form Architects, Constellation features 219 luxury units in studio, one-, two- and three-bedroom layouts. Construction on the development, which is now open for leasing, began in late 2020. Rental rates at Constellation range from $1,117 to $3,709 per month, according to Apartments.com.

October 31, 2022

Acquisitions Florida Retail Southeast

JLL Brokers Sale of 142,767 SF Retail Center in Pensacola, Florida

by John Nelson October 31, 2022

PENSACOLA, FLA. — JLL has arranged the sale of Pensacola Square, a 142,767-square-foot shopping center located in Pensacola. Brad Peterson and Whitaker Leonhardt of JLL represented the seller, an affiliate of Atlanta-based RCG Ventures LLC. Pensacola Square, which was 95 percent leased at the time of sale, is anchored by Big Lots and shadow-anchored by Hobby Lobby. Tenants at the property include American Freight Outlet, Beall’s Outlet and Petland. A private Florida-based family office acquired the shopping center for an undisclosed price.

October 31, 2022

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