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AcquisitionsIllinoisMidwestMultifamily

CEDARst Purchases 132-Unit Chicago Apartment Community for $34.6M

by Kristin Harlow

CHICAGO — CEDARst Cos. has purchased the Weyland, a seven-story, 132-unit apartment community in Chicago, for $34.6 million. Formerly known as A.M. 1980 Apartments, the property is located at 1980 N. Milwaukee Ave. at the gateway between the city’s Bucktown and Logan Square neighborhoods. Delivered in 2018, the asset features 6,245 square feet of ground-floor retail space and a mix of Class A amenities, including a fitness center, dog run and rooftop deck with views of Lake Michigan and the Chicago skyline. The building was 95 percent occupied at the time of sale. The Weyland marks CEDARst’s second Chicago acquisition of 2025, following the purchase of The Millie on Michigan in July. The company now owns and operates more than 5,000 units in Chicago.

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AcquisitionsHealthcareMidwestMinnesota

Davis Buys Two Minneapolis-Area Outpatient Medical Properties for $21.9M

by Kristin Harlow

PLYMOUTH AND BURNSVILLE, MINN. — Davis Medical Investment Fund (DMI Fund) has acquired two Minneapolis-area outpatient medical properties for $21.9 million. The properties include a 30,250-square-foot, single-story outpatient building in Plymouth that was purchased for $12 million. The property was fully renovated and expanded in 2019, adding 15,000 square feet. At the time of sale, the building was fully occupied. Fresenius anchors the property and occupies roughly one-third of the space, offering nephrology specialty services. Fresenius renewed its lease earlier this year. In Burnsville, Davis acquired the Pondview Medical Building, a two-story, 34,224-square-foot property, for $9.9 million. At the time of sale, the building was fully leased to four tenants, including anchor tenant Southdale Pediatrics. Pondview was developed in 2005 and received significant updates in 2024. The acquisitions follow Davis’ recently announced refinancing of 19 properties totaling $171 million with Capital One Healthcare Finance. Leveraging its new $250 million line of credit, Davis continues to expand the DMI Fund’s investment portfolio, which now includes more than 20 properties totaling nearly 885,000 square feet across eight states.

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AcquisitionsMidwestMissouriOffice

Block & Co. Arranges Sale of 100,000 SF Office Building in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged the sale of a 100,000-square-foot, six-story office building located at 1734 E. 63rd St. in Kansas City. The buyer, A to Z Theatrical Supply and Service Inc., is adding to its existing location at 800 E. Meyer Blvd. in Kansas City. The company offers costumes, lighting, props and production design. Dakota Grizzle and Garrett Cohoon of Block & Co. represented the Omaha, Neb.-based seller.

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IndianaIndustrialMarket ReportsMidwestMidwest Market Reports

Modern Facilities Boost Growth of Indianapolis Industrial Market

by Kristin Harlow

By Jeremy Woods and Gwen Rodenberger, CBRE Indianapolis industrial leasing activity in January may have started as cold as the winter temperatures, but activity has only gotten hotter, even as fall wanes into winter. Indiana at one point called itself the Crossroads of America, and the moniker holds true today. Indianapolis is strategically located in the center of the state, with four major interstates running through it. The city’s businesses also benefit because of the second-largest FedEx hub at its airport. As a result, businesses can easily ship to most of the continental U.S. within three days, minimizing outbound shipping costs.  In January, occupiers requiring 1 million square feet of distribution space in Indianapolis would have six first-generation shells (equivalent of 104 football fields) to choose from. If you could live with a bit less space, roughly 900,000 to 975,000 square feet, another three options could be added to the tour (adding an additional 47 football fields). Fast forward just three quarters to today, and five of the nine “mega-bulk” warehouses, as they are aptly named, are 100 percent occupied. Even the most seasoned experts would not have predicted the speed at which these spaces would be absorbed. In these …

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Conference CoverageFeaturesMultifamily

InterFace Panel: Oversupply, Costs Remain Key Obstacles to Underwriting, Financing New Multifamily Projects

by Taylor Williams

ATLANTA — Jason Nettles, managing director at Northmarq’s Atlanta office, is well-versed on the recent history of U.S. apartment deliveries, knowledge that came in handy for launching discussion among developers at the 16th annual InterFace Multifamily Southeast conference. Nettles moderated a panel of five regional developers, all of whom also share keen awareness of just how much new multifamily product U.S. markets — particularly those in the highly desirable Sun Belt regions — have added in recent years. In these areas, supply growth is both a dominant narrative on the surface of the multifamily development scene and an invisible hand that guides business decisions behind that scene. Massive blips in supply, whether positive or negative, impact key facets of underwriting, including rent growth assumptions and concessions, as well as financing terms on both the debt and equity sides of the capital markets. Those figures and assumptions must then be evaluated against hard costs of development, which as a rule do not decline over time, but rather grow at varying paces. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. All …

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Sparrow-Square
Affordable HousingDevelopmentMultifamilyNew YorkTop Stories

Breaking Ground, Douglaston Development Finalize $242M Phase I of Affordable Housing Project in Brooklyn

by Hayden Spiess

NEW YORK CITY — A joint venture between nonprofit Breaking Ground Housing Development Fund Corp. and New York City-based Douglaston Development has finalized plans for the first phase of Sparrow Square, a $1 billion affordable housing development project in the Brooklyn borough of New York City.  The $242 million phase will comprise two 10-story residential buildings. Totaling 262 units of affordable housing, the buildings will feature 117 units designated as supportive housing. Amenities at the property will include a fully equipped gym, bike storage and private terraces. Supportive services will also be available onsite.  Additionally, Phase I will feature an 8,000-square-foot community facility for the Brooklyn Ballet, which will support arts programming and community engagement. Project work will also include the addition of a new private drive (dubbed Sparrow Way) to integrate the residential buildings and community facility into the surrounding street grid.  Each building in Phase I will be designed to Passive House standards and offer all-electric utilities. The development will also feature electric vehicle charging, sustainable stormwater management practices, solar panels and green roofing.  Financing for Phase I includes state tax-exempt bonds, a subsidy from New York State’s (NYS) Supportive Housing Opportunity Program and 4 percent Low-Income Housing Tax …

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LoansMultifamilySeniors HousingTexas

KeyBank Provides $157.2M in Financing for Texas Skilled Nursing Portfolio

by Taylor Williams

TEXAS — KeyBank Real Estate Capital has provided $157.2 million in financing for a portfolio of seven skilled nursing facilities in Texas. The facilities are located in Mission, McAllen, Weslaco, Rio Grande City, Spring, Seguin and Eagle Pass. The number of beds was not disclosed. Grant Saunders, Peter Trazzera and Patrick Gilbreath of KeyBank originated the financing, which carries a 35-year term and a fixed interest rate, through the FHA’s 232/223(f) mortgage insurance program. The borrower is Wellsential Health.

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The-Quad-Dallas
LoansOfficeRetailTexas

JLL Arranges Financing for 500,000 SF Office, Retail Property in Uptown Dallas

by Taylor Williams

DALLAS — JLL has arranged an undisclosed amount of financing for The Quad, a 500,000-square-foot office and retail property in Uptown Dallas. Completed last year, The Quad consists of two office buildings and six retail/restaurant buildings, as well as an acre of communal outdoor space. Colby Mueck and Greg Napper of JLL arranged the five-year loan through accounts managed by global investment firm KKR. The borrower was Stream Realty Partners.

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Cadence-Creek-Kingwood
DevelopmentMultifamilyTexas

Caldwell Communities to Develop 220-Unit Active Adult Project in Kingwood, Texas

by Taylor Williams

KINGWOOD, TEXAS — Local developer Caldwell Communities will build a 220-unit active adult project in Kingwood, located north of Houston. Cadence Creek Kingwood will feature one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a pool, courtyards, a game room, fitness center, community craft room, bark park, coffee lounge and a private dining room. Construction is scheduled to begin next year, and the first move-ins will commence in 2027.

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AcquisitionsRetailTexas

DIG Negotiates Sale of 90,768 SF Shopping Center in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Dallas-based brokerage firm Disney Investment Group (DIG) has negotiated the sale of Huntington Square, a 90,768-square-foot shopping center in Corpus Christi. The center was 96 percent leased at the time of sale to tenants such as Dollar Tree, Ferguson Home, Freedom Fitness and Physicians Premier ER. David Disney and Adam Crockett of DIG represented the seller, LRIC Properties, in the deal and procured the buyer, Harkinson Investment Corp. The sale included 4.7 adjacent, undeveloped acres.

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