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DevelopmentIllinoisMidwestMultifamily

Continental Properties Begins Development of 336-Unit Apartment Community in South Elgin, Illinois

by Kristin Harlow

SOUTH ELGIN, ILL. — Continental Properties has begun development of Authentix South Elgin, a garden-style apartment community with 336 units in South Elgin. Located at the northwest corner of Lancaster Road and McLean Boulevard, the property will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, clubhouse, outdoor grill area, fitness center and dog park. Pre-leasing will begin in spring 2025, with move-ins expected in late summer 2025. Authentix Apartments, owned and operated by Continental Properties, is a national brand of residential communities offering garden-style apartments.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Brokers $6.9M Sale of Chicago Retail Property

by Kristin Harlow

CHICAGO — Greenstone Partners has brokered the sale of a retail property located at 4066-4080 N. Milwaukee Ave. in Chicago’s Portage Park neighborhood for $6.9 million. The two-building asset is home to medical-related tenants, including Athletico Physical Therapy, DentalWorks, America’s Best Contacts and Eyeglasses and Midwest Express Clinic. The center features 16,063 square feet of gross leasable area on 35,185 square feet of land and includes 41 off-street surface parking spaces. The property was fully leased at the time of sale. Danny Spitz and Brewster Hague of Greenstone represented the seller, a private investment fund, and procured the buyer, a private partnership based in Illinois.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Pennrose Opens Phase I of Thatcher Flats Mixed-Income Housing Community in Cincinnati

by Kristin Harlow

CINCINNATI — Pennrose and Walnut Hills Redevelopment Foundation have opened Phase I of Thatcher Flats, a $27 million redevelopment project to transform a full city block in Cincinnati’s Walnut Hills neighborhood into 86 mixed-income rental units. The development team has also commenced construction on Phase II. The first phase consists of 50 affordable housing units across two buildings utilizing 9 percent Low-Income Housing Tax Credits (LIHTC). The $15.2 million development offers a mix of one-, two- and three-bedroom units for residents who earn 30 to 60 percent of the area median income — roughly $20,070 to $40,140 for a one-person household. Residents of both phases will have access to the community amenities in Phase I, including a community room, laundry facilities, fitness center and parking. The name Thatcher Flats was inspired by the history of the Lincoln Avenue Business district, which in the late-1800s and through the mid-1900s was a thriving African American business district. In 1933, Ernest and Georgia Thatcher, an entrepreneurial African American couple, moved to Cincinnati and created Thatcher’s Fish and Poultry on what is now Thatcher Flats. In addition to the LIHTC financing for Phase I, the project received funding from the City of Cincinnati and …

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AcquisitionsFloridaIndustrialSoutheast

Cushman & Wakefield Brokers $54.6M Sale of Osceola Logistics Center in Kissimmee, Florida

by John Nelson

KISSIMMEE, FLA. — Cushman & Wakefield has brokered the $54.6 million sale of Osceola Logistics Center, an industrial property located at 5010 and 5030 Industrial Lane in Kissimmee. InLight Real Estate Partners and Black Salmon developed and sold the property to Principal Asset Management. Developed earlier this year, the Central Florida facility comprises two distribution facilities totaling 280,800 square feet: Building 200 (147,420 square feet) and Building 100 (133,380 square feet). Osceola Logistics Center was fully leased to a grocery and food service supply chain services company at the time of sale. Mike Davis, Rick Colon, Rick Brugge, Dominic Montazemi, Jared Bonshire and David Perez of Cushman & Wakefield represented the sellers in the transaction.

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AcquisitionsFloridaMultifamilySoutheast

Resia Sells New 390-Unit Apartment Community in Metro Miami

by John Nelson

GOULDS, FLA. — Resia has sold Resia Old Cutler, a 390-unit apartment community located at 22555 S.W. 107th Ave. in Goulds, roughly 30 miles southwest of Miami. Kayne Anderson Real Estate acquired the property — which was completed in 2023 and offers one-, two- and three-bedroom residences — for an undisclosed price. Amenities at Resia Old Cutler include a multipurpose room, fitness center, children’s play area and a swimming pool. Resia will continue to serve as property manager for the community, overseeing day-to-day operations.

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DevelopmentFloridaMultifamilySoutheast

Alliance Residential to Develop 360-Unit Prose Carmina Multifamily Community in Plant City, Florida

by John Nelson

PLANT CITY, FLA. — Alliance Residential Co. has acquired a 15-acre parcel in Plant City, approximately 25 miles northeast of Tampa, with plans to develop a new multifamily project at the site. Dubbed Prose Carmina, the development will total 360 one- and two-bedroom apartments ranging in size from 746 to 1,078 square feet. Amenities at the community will include a swimming pool with sun-shelf seating, a playground, dog park, clubroom with a catering kitchen and entertainment lounge, fitness center and a business center with coworking spaces.  Move-ins are scheduled to begin in early 2026. The project team includes architect Hensley Lamkin Rachel and civil engineer Halff Associates.  Mark Eilers and John Ruscigno of Colliers brokered the land sale.

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FloridaLoansMultifamilySoutheast

Berkadia Provides $54.7M Agency Refinancing for Advenir at the Oaks Apartments Near Orlando

by John Nelson

OCOEE, FLA. — Berkadia has provided a $54.7 million Freddie Mac loan for the refinancing of Advenir at the Oaks, a multifamily community located in Ocoee, roughly 10 miles outside Orlando. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia originated the five-year, fixed-rate loan on behalf of the borrower, an entity doing business as Advenir@The Oaks LLC. Built in two phases between 1989 and 1991, Advenir at the Oaks offers one-, two- and three-bedroom apartments. Amenities at the community include swimming pools, a clubhouse with a 24-hour fitness center and business center, a dog park, two laundry facilities, a playground and tennis/pickleball and basketball courts.

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AcquisitionsKentuckyMultifamilySoutheast

Kirkland Co. Arranges Sale of New 216-Unit Reserve at Cool Springs Apartment Community in Elizabethtown, Kentucky

by John Nelson

ELIZABETHTOWN, KY. — The Kirkland Co.  has arranged the sale of The Reserve at Cool Springs, a 216-unit apartment community located in Elizabethtown, roughly 45 miles south of Louisville. Amenities at the property, which features a mix of two- and three-bedroom units, include a clubhouse, swimming pool, fitness center, grilling and outdoor entertainment areas and garage parking. The Reserve at Cool Springs was completed in 2023. Brandon Wilson, Brian Devlin and John Seale of Kirkland Co. brokered the transaction. An entity doing business as The Reserve at Cool Springs Property LLC acquired the community from an entity doing business as Reserve at Cool Springs LLC for an undisclosed price. Monthly rental rates at Reserve at Cool Springs range from $1,275 to $1,975, according to Apartments.com. The Elizabethtown-Fort Knox market in Kentucky has seen a 5.8 percent growth in multifamily rents over the past year, according to Kirkland Co.

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AcquisitionsDevelopmentKansasMidwestMinnesotaSelf-StorageTop Stories

U-Haul Acquires 3,345-Unit Self-Storage Portfolio in Midwest, Plans New 1,150-Unit Project in Twin Cities

by John Nelson

PHOENIX — U-Haul (NYSE:UHAL.B), a national provider of moving and storage services, has acquired a four-property portfolio of self-storage facilities in the Midwest totaling 3,345 units. NexPoint Storage Partners, the self-storage arm of Dallas-based NexPoint, sold the portfolio for an undisclosed price. Three of the facilities are concentrated in the Twin Cities region of Minnesota, and the fourth is located in Kansas City, Kan. The properties include 101 American Blvd. W and 3216 Winnetka Ave N in Minneapolis; 631 Transfer Road in St. Paul, Minn.; and 500 Southwest Blvd. in Kansas City. U-Haul has begun operating the assets under its own brand of self-storage and moving services. Extra Space Storage formerly operated the facilities. The portfolio totals 327,791 net rentable square feet of climate-controlled space. Overall, the portfolio was 88 percent occupied at the time of sale. JLL represented NexPoint Storage Partners in the transaction. In addition to the acquisition, U-Haul is growing its footprint in the Twin Cities area via a new U-Haul Moving & Storage location in Ramsey, located northwest of Minneapolis. The facility represents U-Haul Co. of Northern Minnesota’s first ground-up build. U-Haul acquired the 8.7-acre property at Highway 10 and Riverdale Drive last week. The lot was …

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