CHICAGO — Associated Bank has partnered with National Equity Fund Inc. to provide $13 million of Low Income Housing Tax Credit (LIHTC) equity for the rehabilitation of West Town Crossing Preservation. The apartment community spans 318 units and 68 buildings in several Chicago neighborhoods. The buildings scheduled for rehabilitation include 60 townhomes constructed between 1982 and 1991, and eight three-story buildings constructed between 1889 and 1948. The project, expected to take 24 months, will help preserve quality affordable housing. Bickerdike Redevelopment Corp. was the borrower.
CHICAGO — Tucker Development has completed the lease-up of the Offices at 900 West in Chicago. The property, which includes 45,000 square feet of retail space, is located in the heart of the Fulton Market neighborhood. Spaces, an Amsterdam-based co-working space provider, signed a 40,000-square-foot lease. Bill Rogers and Kerry Gilar of JLL represented Spaces in the deal. The firm will occupy its space in early 2018. In a separate transaction, private investment firm ParkerGale leased 6,146 square feet. Jud Henry of EnTrust Realty Advisors represented the firm in the lease transaction. Ron Lakin, Jessica O’Hara and Ellen Zalatoris of CBRE represented Tucker Development in both leases.
LAKEVIEW, ILL. — Marcus & Millichap has brokered the sale of 3244 N. Clifton Ave. in Chicago’s Lakeview neighborhood for $9 million. The condominium building features 32 units. Kyle Stengle of Marcus & Millichap marketed the property on behalf of the condo owners. Stengle also secured the buyer, Beal Properties. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or to lease back the property from the new owner.
ST. LOUIS — Hilliker Corp. has arranged the sale of a 28,840-square-foot retail property in St. Louis for $3.3 million. The center is located on 3.6 acres at 5228 and 5240 South Lindbergh Blvd. Outback Steakhouse is the primary tenant at the property. Frank Yocum of Hilliker Corp. represented the seller, NICO Properties I LLC. Stephen F. Bahn Commercial Real Estate represented the buyer, DLJ Lindbergh LLC.
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American Campus Communities Acquires 3,776-Bed Student Housing Portfolio for $590.6M
AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC) has acquired a portfolio of seven student housing properties totaling 3,776 beds across the Western and Midwestern United States for approximately $590.6 million. Affiliates of Milwaukee-based development firm and Core Spaces and Chicago-based DRW Real Estate Investments LLC sold the assets. All of the properties are associated with major universities, with enrollment averaging about 35,000 undergraduate and graduate students at each school. The company will invest about $8 million in up-front capital improvements to the portfolio. Two of the properties are stabilized: the 513-bed Hub Eugene and the 655-bed State, which service students at the University of Oregon and Colorado State University, respectively. The company acquired these assets in August for a combined $146.1 million. Another two of the properties, the 850-bed The James and the 248-bed Hub U District Seattle, are opening this fall. Those properties are located near the University of Wisconsin and the University of Washington, respectively. The final three properties, which total 1,500 beds, are all under construction and slated for fall 2018 delivery. They include Hub Ann Arbor, Hub West Lafayette and Hub Flagstaff, which offer housing to students attending the University of Michigan, Purdue University …
The Central Florida market continues to be a bright ray in the Sunshine State with 68 million plus tourists in 2016, and over $10 billion currently invested in major projects either recently completed or underway. Area theme parks, such as Disney World, Universal Studios and Sea World, continue investments in new rides and attractions, drawing even more visitors to Orlando, and setting record attendance numbers on an annual basis. Tourism isn’t the whole story in Central Florida, though. Notable projects in the urban core include the University of Central Florida’s downtown campus at Creative Village for 10,000 students, the 650,000-square foot Orlando Magic mixed-use entertainment complex adjacent to the Amway Center, and the new $450 million second phase expansion to the Dr. Phillips Center for the Performing Arts. All of these new urban core projects are creating a true live-work-play dynamic in downtown Orlando. The suburban market is also seeing significant activity. For example, the Health & Wellness cluster at Lake Nona; the $3.1 billion redevelopment at Orlando International Airport; the $43 million improvement of the Orlando Sanford International Airport; and the $1 billion West Orange County mixed-use community all showcase that new investment is not centered in one part …
FORT WORTH, TEXAS — Amtex Development LLC has broken ground on Campus Apartments, a 224-unit multifamily community located at 4651 Campus Drive in Fort Worth. The property will feature a mix of affordable and market-rate units and amenities such as a pool, outdoor grill facilities and children’s play area. Completion of the project is currently scheduled for December 2018.
HOUSTON — Marcus & Millichap has arranged the sale of Barrington Apartments, a 308-unit multifamily complex situated on 7.5 acres at 5959 Bonhomme Road in Houston. Built in 1981, the property offers a mix of one- and two-bedroom units averaging approximately 723 square feet per unit. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller, a local partnership, in the transaction. The buyer and other terms of sale were not disclosed.
MANSFIELD, TEXAS — Phillips Edison Grocery Center REIT II, an affiliate of Phillips Edison & Co., has acquired Mansfield Market Centre, a 55,400-square-foot, grocery-anchored shopping center in the southern Fort Worth suburb of Mansfield. The center is currently leased to tenants such as Dunkin’ Donuts, Firehouse Subs, Brain Balance and Smoothie King. The seller was not disclosed.
SAN ANTONIO — Stream Realty Partners has brokered the sale of 12626 Silicon, a 109,165-square-foot warehouse/distribution center located in the University Park area of San Antonio. Jason Schnittger and Kevin Cosgrove of Stream represented the seller, First Industrial Realty Trust Inc., in the transaction. Dan Gostylo and Seth Prescott of Providence Commercial Real Estate Services represented the buyer.