Tuesday, November 3, 2026
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CivicDevelopmentIllinoisMidwest

Construction Wraps Up on $192M MetroLink Extension to MidAmerica St. Louis Airport

by Kristin Harlow

MASCOUTAH, ILL. — Construction has completed on the MetroLink extension to MidAmerica St. Louis Airport, which is located in Mascoutah. The milestone marks the culmination of a transformative $192 million multimodal investment designed to strengthen regional connectivity, extend transportation options and support long-term economic growth throughout St. Clair County and the bi-state region. The three-part project includes a $154 million, 5.2-mile extension of MetroLink from the Shiloh-Scott Transit Center to MidAmerica St. Louis Airport, $32 million in new roadway infrastructure and a $6 million, 4.5-mile extension of the MetroBikeLink Trail. The MetroLink extension features a new station located directly across from the MidAmerica St. Louis Airport terminal and parking lot and represents the first full MetroLink expansion in roughly 20 years. Upon opening for revenue service in the coming months, the extension will serve as MetroLink’s 39th station. It will position the St. Louis region among the few transit systems in the nation offering a direct rail connection between two airports via MetroLink’s 43-mile light rail system linking MidAmerica St. Louis Airport and St. Louis Lambert International Airport. The project was funded through a partnership between the State of Illinois and the St. Clair County Transit District (SCCTD), including $127 …

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DevelopmentIndianaMidwestMultifamily

Thompson Thrift Breaks Ground on 273-Unit Luxury Multifamily Community in Fishers, Indiana

by Kristin Harlow

FISHERS, IND. — Thompson Thrift has broken ground on The Crossing Lofts at Fishers District, a 273-unit luxury multifamily community in the Indianapolis suburb of Fishers. First residents are expected to move in January 2028. The project is situated within The Crossing at Fishers District, the southern portion of Thompson Thrift’s Fishers District master plan and home to the 7,500-seat Fishers Event Center. The four-story community will include 10,000 square feet of ground-floor commercial space and attached structured parking. The Crossing Lofts will offer studio, one- and two-bedroom units with up to 1,440 square feet of space. Amenities will include a heated pool, fitness center, courtyards, a pet spa, social hub, coffee bar, focus suites, resident conference space and a “Minnow Pod,” a temperature-controlled food delivery station designed to keep restaurant and grocery deliveries fresh for residents. Upon completion, The Crossing at Fishers District will include more than 75,000 square feet of retail, restaurant and entertainment space, a 125-room hotel and nearly 500 multifamily units. Thompson Thrift first began work on Fishers District in 2015. Once complete, the $750 million, 123-acre development will include five distinct projects offering multifamily and townhome residences, hotels, office space, dining, shopping and entertainment, all …

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Affordable HousingDevelopmentMidwestMultifamilyNorth Dakota

Annex Group Unveils Plans to Build 262-Unit Affordable Housing Property in Fargo

by Kristin Harlow

FARGO, N.D. — The Annex Group has unveiled plans to build Central at the Horizon, a 262-unit affordable housing property in Fargo. The units will be designated for households earning up to 60 percent of the area median income. The project will consist of four stories of residential units above a one-story parking garage. Amenities will include a community center, fitness center, business center, play area and picnic area. Partners on the project include BVH Architecture, Summit LIHTC Consulting, MBN Engineering, Braun Intertec and Impact Housing Indiana Corp. The City of Fargo and The State of North Dakota Department of Commerce approved Renaissance Zone tax abatements for the development. The North Dakota Housing Finance Agency (NDHFA) provided $3 million though the state’s Housing Incentive Fund program. WNC provided $38 million in total equity, while Citi Community Capital provided ore than $36 million in permanent debt financing as well as $66 million in construction financing. NDHFA issued 4 percent tax credits and $47.5 million in tax-exempt multifamily housing bonds. The project, slated to open in summer 2028, marks Annex’s first community in North Dakota.

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IndustrialMarket ReportsMidwestMidwest Market ReportsMissouri

Aerospace Momentum Fuels Industrial Growth in St. Louis Region 

by Kristin Harlow

By Mary Lamie, Bi-State Development and St. Louis Regional Freightway The St. Louis region’s workforce, multimodal infrastructure and industrial real estate assets have long attracted manufacturers and logistics operators. Today, new analysis highlights another competitive advantage: its role as the anchor of the emerging I-44 Aerospace Supply Chain Corridor. Stretching approximately 650 miles from the St. Louis region through Tulsa and Oklahoma City and into the Dallas-Fort Worth metro area, the corridor connects one of the nation’s most concentrated networks of aerospace manufacturers, defense contractors, suppliers and maintenance providers.  According to the 2026 St. Louis Regional Industrial Real Estate Market Indicators & Workforce Statistics Report, the corridor supports more than 1.6 million aerospace manufacturing and related jobs and generates more than $250 billion in economic activity. Perhaps most significant, one in five of those jobs is located in the St. Louis region, underscoring the area’s importance as a leading aerospace manufacturing and logistics hub.  “The I-44 Aerospace Supply Chain Corridor is the logistics backbone of America’s aerospace industry,” says Doug Rasmussen, founder and CEO of Steadfast City Economic and Community Partners, which prepared the report for the St. Louis Regional Freightway.  The data support that conclusion. Aerospace manufacturing jobs along …

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AcquisitionsColoradoCompany NewsMultifamilyTop StoriesWestern

Apollo to Purchase Majority Stake in $2B UDR Multifamily Portfolio

by John Nelson

DENVER AND NEW YORK CITY — Global asset manager Apollo (NYSE: APO) and UDR Inc. (NYSE: UDR), a multifamily REIT based in Denver, are forming a new long-term joint venture involving an apartment portfolio valued at approximately $2 billion. The joint venture will own a portfolio of 19 communities totaling 7,059 apartments. The names and addresses of the properties were not released. Under terms of the agreement, Apollo’s affiliates and funds managed by Apollo will invest $1.34 billion of equity capital into the newly established joint venture, representing an approximate two-thirds interest. UDR will retain a one-third interest and consolidate the joint venture, as well as operate and manage the portfolio, for which it will earn an asset management fee. UDR plans to utilize the proceeds from the new equity capital infusion for investment in “higher-growth assets,” general corporate purposes and debt reduction. Tom Toomey, chairman, president and CEO of UDR, says that accessing low-cost, permanent equity capital has been a “strategic priority” for the company. “With this transaction, we believe we will be positioned to take advantage of compelling opportunities in the marketplace while improving the quality of our wholly owned portfolio and strengthening our balance sheet,” says Toomey. “This …

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AcquisitionsMultifamilyTexas

IPA Arranges Sale of 288-Unit Apartment Complex in Red Oak, Texas

by Taylor Williams

RED OAK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Ovilla at Legacy Square, a 288-unit apartment complex in Red Oak, a southern suburb of Dallas. Built on 18 acres in 2023, Ovilla at Legacy Square offers one-, two- and three-bedroom units that range in size from 600 to 1,351 square feet. Amenities include a pool, clubhouse, outdoor grilling and dining stations and a dog park. Michael Ware, Joey Tumminello, Drew Kile and Taylor Hill of IPA represented the seller, a partnership between Thompson Realty Capital and Trez Capital, in the transaction. The quartet also procured the buyer, Fogelman Properties, which plans to make capital improvements to the complex.

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AcquisitionsRestaurantRetailTexas

Marcus & Millichap Brokers $7.5M Sale of Restaurant Building in Katy, Texas

by Taylor Williams

KATY, TEXAS — Marcus & Millichap has brokered the $7.5 million sale of an 8,753-square-foot restaurant building in the western Houston suburb of Katy. The sales price equates to $874.84 per square foot. The building at 222 W. Grand Parkway was constructed on a 1.5-acre site in 2017 and is net-leased to Brazilian restaurant chain Fogo de Chao. Alvin Mansour and David Kern of Marcus & Millichap represented the seller, a developer, in the all-cash transaction. The buyer was a California-based 1031 exchange investor. Both parties requested anonymity.

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IndustrialLeasing ActivityTexas

G&S Fasteners Signs 19,200 SF Industrial Lease in Northwest Houston

by Taylor Williams

HOUSTON — G&S Fasteners has signed a 19,200-square-foot industrial lease in northwest Houston. The supplier of industrial and construction equipment is taking space at the building at 7818 Kempwood Drive, which according to LoopNet Inc. is a 59,718-square-foot structure that was built in 1981. Stephen Golding of locally based brokerage firm Oxford Partners represented the tenant in the lease negotiations. Natalie Gilbert of Stream Realty Partners represented the landlord, a subsidiary of New York City-based private equity firm DRA Advisors.

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Leasing ActivityRestaurantRetailTexas

Baker Katz Negotiates Five Leases for Einstein Bros. Bagels Totaling 9,548 SF in Greater Houston

by Taylor Williams

HOUSTON — Baker Katz has negotiated five leases totaling 9,548 square feet for Einstein Bros. Bagels in the greater Houston area. The spaces are located in the city’s Garden Oaks district and in the suburbs of Tomball, Spring, Baytown and Manvel. Lunden McGill and John Frazier of Baker Katz represented Einstein Bros. in all lease negotiations. Landlord brokers included Lindsey Lee and Rami Khoury of Blue Ox Group (Houston); Kristen Barker of Edge Properties (Tomball); Austen Baldridge and Diandra Breen of NewQuest (Spring); Anna Grace Mako of Fidelis (Baytown); and Kyle Knight of Weitzman (Manvel).

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Truette-Apartments-Dover-New-Hampshire
DevelopmentMultifamilyNew HampshireNortheastRestaurant

Partnership Completes Multifamily Project, Public Park in Dover, New Hampshire

by Taylor Williams

DOVER, N.H. — A partnership between Boston-based developer Cathartes and the City of Dover, located near the Maine-New Hampshire border, has completed a multifamily project and public park in the city’s waterfront district., The Truette is a 220-unit apartment complex that features studio, one-, two- and three-bedroom units, as well as 2,200-square-foot townhomes. Amenities include a rooftop terrace, coworking spaces, fitness areas and pet-friendly facilities, as well as an onsite restaurant. The 3.5-acre Nebi Park features art installations and a 2,300-square-foot pavilion and green space for public events.

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