Property Type

FCP Acquires Six Multifamily Properties in Metro Atlanta for $287M

by Taylor Williams November 1, 2021

CHEVY CHASE, MD. — Maryland-based investment firm FCP has acquired six multifamily properties totaling 1,975 units in the metro Atlanta area. The private investor purchased the assets across three separate transactions for a combined total of $287 million. The sellers in each of the transactions were not disclosed. In the first deal, FCP acquired ReNew Parc Shores, a 520-unit community in the northeastern suburb of Duluth, for $94.7 million. The company partnered with local operator Zevulon Capital on the purchase. The new ownership plans to implement a value-add program and rebrand the property as Summit Station at Duluth. In the second transaction, FCP bought a portfolio of three communities that are located south of Atlanta and total 1,075 units for $107.3 million. The portfolio consists of Laurel Point, a 593-unit complex in Morrow; Bradford Ridge, a 262-unit community in Forest Park; and Ashwood Ridge, a 220-unit community in Jonesboro. In the final deal, the company purchased a two-property portfolio totaling 380 units in Peachtree City, also located on the southern outskirts of the state capital. ReNew Peachtree City and ReNew Braelinn total 198 and 182 units and will be rebranded as The Greens at Peachtree City and The Greens at …

November 1, 2021

Market Reports Restaurant Retail Southeast Southeast Market Reports Virginia

Redevelopments and Backfills Drive New Retail Activity All Around Richmond

by John Nelson November 1, 2021

“Infill, redevelopment and reuse” are the mantras in the city of Richmond and even in some suburbs, where new construction continues to follow residential growth in nearly all the surrounding counties, with Chesterfield and Henrico being the most active. The municipalities themselves play key roles as well. Costs for land and construction continue to escalate, so creativity is key no matter what avenue pursued in the retail world. And like most of the United States, Richmond’s developers and property owners are getting creative to keep their centers relevant. Short Pump Town Center, Richmond’s darling mall that is owned by a partnership of Brookfield Properties, QIC and local developer Pruitt Cos., is not immune to closures and felt the pain when Nordstrom announced it was not reopening after shuttering the store during the height of the COVID-19 pandemic. However, with the strength of the retail market in Short Pump, the mall and the surrounding market continue to perform. The Container Store and an expanded Arhaus backfilled a vacant hhgregg, and the mall has recently announced deals with Fabletics and Warby Parker. ShopCore Properties, which owns West Broad Village anchored by Whole Foods Market, REI and HomeGoods, struggled for years with vacancy …

November 1, 2021

Acquisitions Illinois Midwest Multifamily

CBRE Arranges Sales of Four Multifamily Properties in Metro Chicago for $370M

by Kristin Harlow October 29, 2021

CHICAGO — CBRE has arranged the sales of four multifamily properties totaling 1,033 units in metro Chicago for a combined $370 million. CBRE’s John Jaeger, Dan Cohen and Justin Puppi represented the seller in each transaction. Redwood Capital Group sold Dwell at Naperville, a 400-unit property in Naperville. An institutional advisor sold The Retreat, a 295-unit townhome property in Wheaton, to an East Coast-based pension fund advisor. An East Coast-based institutional pension fund sold The Bernardin, a 171-unit asset in Chicago. Lastly, The Opus Group purchased a development site in Downers Grove. Plans call for a 167-unit luxury apartment complex that is slated to open in early 2023. CBRE’s Pete Marino and John Parrett assisted in securing the joint venture equity capitalization for Opus.

October 29, 2021

Acquisitions Illinois Midwest Multifamily

Turner Impact Capital Purchases 448-Unit Apartment Complex in Palatine, Illinois

by Kristin Harlow October 29, 2021

PALATINE, ILL. — Turner Impact Capital has purchased The Clayson, a 448-unit apartment complex in Palatine formerly known as Village Park of Palatine, for an undisclosed price. A partnership between Origin Investments, Draper and Kramer and LEM Capital was the seller, which acquired the asset in December 2016 and embarked on a $9 million capital improvement program. The partnership upgraded the amenities, landscaping and common areas, and addressed deferred maintenance issues such as roof replacements, parking lot resurfacing and balcony replacements. Roughly half of the units were upgraded with new appliances, cabinets, countertops, flooring, carpeting and paint. The Clayson is spread across 15 buildings. Units range from 706 to 1,225 square feet. Marty O’Connell and Kevin Girard of JLL represented the sellers.

October 29, 2021

Acquisitions Multifamily Texas

Velocis Acquires 208-Unit Highline Apartments in San Antonio

by Taylor Williams October 29, 2021

SAN ANTONIO — Dallas-based investment firm Velocis has acquired Highline, a 208-unit apartment community in San Antonio. Built in 2000, the property is located near the University of Texas at San Antonio. Units come in one-, two- and three-bedroom formats, and amenities include a pool, fitness center, outdoor grilling stations, a pet park and package lockers. The seller and sales price were not disclosed.

October 29, 2021

Affordable Housing Development Midwest Minnesota Multifamily Seniors Housing

Ecumen Breaks Ground on 100-Unit Affordable Seniors Housing Community in Minneapolis

by Kristin Harlow October 29, 2021

MINNEAPOLIS — Nonprofit developer Ecumen has broken ground on The Hillock, a 100-unit affordable seniors housing community in the Longfellow neighborhood of Minneapolis. The development will include 11 units designated for veterans who are experiencing homelessness. The rest of the units will be reserved for residents age 55 and older who earn up to 60 percent of the area median income. Monthly rents are expected to range from $816 to $1,339. Amenities will include a community garden and onsite clinic. Project costs are estimated at $24 million, and completion is slated for fall 2022. Phase II calls for an 89-unit affordable housing building with 13 units for veterans experiencing homelessness. Ecumen and Snelling Yards Development, a joint venture between Lupe Development Partners and Wall Cos., are co-developing the overall campus. The two communities will sit on a three-acre site that formerly housed the City of Minneapolis Public Works maintenance yard.

October 29, 2021

Illinois Industrial Leasing Activity Midwest

Lithotype Signs 81,079 SF Industrial Lease in Bolingbrook, Illinois

by Kristin Harlow October 29, 2021

BOLINGBROOK, ILL. — Lithotype, a commercial printing company, has signed an 81,079-square-foot industrial lease at 2 Territorial Drive in Bolingbrook. Lithotype is moving to the 101,844-square-foot building from a nearby location in Bolingbrook and is more than doubling its space. Trinity Scurto of Brown Commercial Group represented the tenant in the lease transaction. Cushman & Wakefield represented the undisclosed landlord.

October 29, 2021

Acquisitions Illinois Midwest Retail

Brookline Real Estate Acquires 6,400 SF Retail Building in Elmhurst, Illinois

by Kristin Harlow October 29, 2021

ELMHURST, ILL. — Chicago-based Brookline Real Estate has acquired a 6,400-square-foot retail building in Elmhurst for $1.1 million. Located at 1035 S. York St., the multi-tenant property is known as Legacy Shops of Elmhurst. Jimmy John’s is the anchor tenant. Mark Heidecke of Horvath & Tremblay represented the out-of-state seller.

October 29, 2021

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 108,154 SF Walnut Hill Business Center in Dallas

by Taylor Williams October 29, 2021

DALLAS — Marcus & Millichap has brokered the sale of Walnut Hill Business Center, a 108,154-square-foot industrial property in Dallas. The multi-tenant facility was built on 7.1 acres in 1979. Adam Abushagur and Tyler Ranft of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured an out-of-state institutional investor as the buyer. Both parties involved in the deal requested anonymity.

October 29, 2021

Acquisitions Multifamily Texas

TMG Arranges Sale of 126-Unit Multifamily Property in Houston

by Taylor Williams October 29, 2021

HOUSTON — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Ludington Apartments, a 126-unit multifamily property in Houston that was built in 1980. According to Apartments.com, the property offers one- and two-bedroom units, as well as a pool. Zach Weik of TMG represented the seller and procured the locally based buyer, both of which requested anonymity, in the deal.

October 29, 2021

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