MINNEAPOLIS — JLL Capital Markets has brokered the sale of Flux Apartments, a 216-unit luxury apartment community in the Uptown neighborhood of Minneapolis. Built in 2012, the property features amenities such as an outdoor pool, fitness center, yoga studio, outdoor courtyard and dog park. There are 27 floor plans averaging 758 square feet each. Josh Talberg and Joseph Peris of JLL represented the seller, Nuveen Real Estate, and procured the undisclosed buyer.
KANSAS CITY, KAN. — L&B Realty Advisors and Block Real Estate have purchased the Kansas City Light Industrial Portfolio, a collection of seven light industrial assets totaling 624,784 square feet across three business parks in Johnson County, Kan. The portfolio’s assets are located in the Switzer, Westbrook and Brookhollow business parks, all positioned directly off I-35. Built between 1979 and 2001, the properties range from 35,901 to 155,213 square feet. The facilities feature an average clear height of 23 feet and offer both multi-tenant and single-tenant formats across 26 total suites. The portfolio is currently 87.3 percent occupied by users such as healthcare providers, manufacturing companies, distribution operations and professional services firms. Notable tenants include Manna Pro Products, HCA Healthcare, University of Kansas Hospital Authority, Siemens Corp. and Temp-Con. Ed Halaburt, Sean Devaney, Kurt Sarbaugh and Ross Bratcher of JLL represented the seller, Clarion Partners.
CHICAGO — CRG has broken ground on The Cubes at Roosevelt & Kostner, a two-building, 364,102-square-foot industrial campus on a 20.8-acre site at the southwest corner of Roosevelt Road and Kostner Avenue in Chicago’s North Lawndale neighborhood. Co-developed in a joint venture with Related Midwest and 548 Development, the project will transform a long-vacant site into modern logistics facilities and community amenities, with the first buildings slated for completion in third-quarter 2026. Plans call for two 182,051-square-foot Class A industrial buildings, each featuring a clear height of 36 feet. Together, the facilities will offer 54 dock-high loading doors, four drive-in doors, 323 car parking spaces and 84 trailer parking stalls. Designed by Lamar Johnson Collaborative (LJC) and Ware Malcomb, the buildings will feature ESFR sprinkler systems and are proximate to I-290. General contractor DSI, in partnership with GMA Construction Group, is leading construction. In addition to the industrial facilities, the development will include two community-focused amenities. The developers are donating two 5,000-square-foot community spaces, also designed by LJC and known as “Innovation Centers.” One building will be operated by Black Men United and the other will house the New Covenant Community Development Corp. The project also includes new public green …
MIDLAND, MICH. — River Caddis Communities (RCC), in partnership with the Capital Area Housing Partnership, has received construction financing for The Dean – Apartments at Eastlawn in Midland. The project will transform a former school site into an affordable and workforce housing community. The Dean will be built on a 6.4-acre site once home to Eastlawn School, which served the community from 1947 to 2017. Upon completion in 2027, the development will feature six three-story residential buildings with 204 units; a clubhouse and leasing center; a community hub with gathering spaces, outdoor amenities and walking/biking connections; and sustainable features such as bike repair stations, energy-efficient design and solar investment supported by federal clean energy tax credits. The Dean will provide housing for families earning up to 40, 60, 80 and 120 percent of the area median income. All utilities will be covered by the landlord. The Michigan State Housing Development Authority awarded $30 million in tax-exempt bonds via the Pass Through Bonds program, utilizing low-income housing tax credits to finance costs of constructing the development. Through a private placement, Huntington Bank will serve as the construction lender. The Sturges Company underwrote the short-term cash-collateralized tax-exempt bonds with institutional lenders. In …
BELVIDERE, ILL. — Jensen-Souders and Associates, a provider of warehousing services for chemicals, rubber products and other miscellaneous products, has signed a 105,000-square-foot industrial lease expansion at 3905-3925 Morreim Drive in the Chicago suburb of Belvidere. Jeff Janda and Jeff Galante of Lee & Associates of Illinois represented the tenant, which renewed and extended its current lease of 60,000 square feet while taking an additional 45,000 square feet to occupy the entire building. Shane Van Sickle of LandMark Real Estate Group represented the landlord, STAG Industrial. Jensen-Souders’ headquarters remains in Itasca.
NEW BRUNSWICK, N.J. — JLL has placed $162 million in construction financing for The Raye by Vermella, a 534-unit multifamily project that will be located in the Central New Jersey community of New Brunswick. The Raye by Vermella will consist of two five-story buildings with studio, one-, two- and three-bedroom units that will be developed across two phases. Amenities will include a pool area with a courtyard and grilling stations, a fitness center, package lockers, clubroom, gaming/bar room, podcast rooms, children’s playroom and a pet spa. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Michael Mataras of JLL arranged the three-year, floating-rate loan through Wells Fargo on behalf of the borrower, Russo Development.
BOSTON — An affiliate of locally based firm Berkeley Investments has sold a 73-unit apartment complex located at 3200 Washington St. in the Jamaica Plain area of Boston for $37.8 million. Built in 2019, the property comprises a five- and six-story building that house studio, one-, two- and three-bedroom units with an average size of 809 square feet, as well as two commercial spaces. Amenities include a landscaped courtyard, roof deck, resident lounge and a fitness center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented Berkeley Investments in the transaction and procured the undisclosed buyer.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $8.9 million sale of a 55,000-square-foot multifamily development site in Harlem. The site at 7-11 E. 115th St. features 135 feet of frontage and can support 68,000 buildable square feet of residential product under the ‘City of Yes’ initiative, as well as an 88,000-square-foot community facility. Shimon Shkury, Victor Sozio, Alexander Taic, Michael Tortorici and Erik Moloney of Ariel represented the seller, Global Asset Management Inc., in the deal. Hillstone Properties NY represented the buyer, Kodra Construction.
NEW YORK CITY — HKS Real Estate Advisors has arranged $6.9 million in acquisition financing across two loans for a trio of apartment buildings totaling 22 units in Brooklyn. The buildings at 104 and 112 Fort Greene Place offer a combined 16 units, while the building at 1094 Dean St. has six units. Derby Copeland Capital provided both loans, which totaled $4.5 million and $2.4 million, respectively. Michael Lee and Jacob Kaufman of HKS arranged the loans on behalf of the borrower, Lloyd Properties.
PHILADELPHIA — Locally based developer Odin Properties has broken ground on Sepviva Lofts, a 51-unit affordable housing project that will be located in Philadelphia’s Kensington neighborhood. Sepviva Lofts will be located on the site of a former industrial facility and will offer one-, two- and three-bedroom units. Amenities will include a community room, computer lab, onsite laundry facilities and a playground. Information on specific income restrictions, as well as a tentative completion date, was not announced. Odin is developing the property in partnership with RB Development and Liberty Housing Development Corp.
