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Canyon Capital Realty Expands Portfolio with the Purchase of Two Apartment Communities in Suburban Chicago

20 Nov 2014, 4:32 pm

By Ioana Neamt, Associate Editor

Canyon Capital Realty Advisors, the real estate direct investing arm of Canyon Partners, LLC, a Los Angeles-based investment and management company with roughly $24 billion in assets, recently announced the purchase of two suburban Chicago-area apartment communities, the Preserve at Carol Stream and Eagle Creek in Westmont, Ill. Canyon made the purchase through its Canyon Multifamily Impact Fund (CMIF), a joint venture established in 2013 between Canyon Capital Realty Advisors and Citi Community Capital. The CMIF was created in order to address the need for affordable, quality rental living options in underserved communities across the U.S. The fund currently owns 1,624 units in the Chicago market, according to a news release.

“These two communities are a good fit for the investment criteria and the social and environmental initiatives we prioritize in CMIF,” Marti Page, director at Canyon Capital Realty said in a press release.

Managing Director Gerald Goldman added: “Canyon Capital Realty will focus on enhancing both properties through physical upgrades and the implementation of community services, focusing on education and healthcare that will enhance the quality of life for its residents.”

Preserve at Carol Stream

The Preserve at Carol Stream garden-style community features 285 one- and two-bedroom units across 5 buildings, situated within the Wheaton School District in the city of Carol Stream. Located at 535 E. Thornhill Dr., the 15-acre community includes an executive business center, racquetball court, fitness center, sand volleyball court, pool and spa, covered parking, 24-hour maintenance service, picnic areas, soccer and baseball courts, and is close to major expressways and Metra train. Each residential unit features wall-to-wall carpeting, high-speed internet access, walk-in closets, private balconies or patios and air conditioning, among other amenities.

The Eagle Creek apartment community located at 1128 S. Williams in

Eagle Creek

Westmont features 346 one- and two-bedroom units across seven buildings. Amenities include a courtyard, grilling area, playground, two swimming pools, 24-hour maintenance, air conditioning, private balconies and patios, spacious floor plans, and private entrances. According to a news release, Canyon also intends to build a clubhouse on the property which will feature fitness facilities and community spaces. Eagle Creek provides residents easy access to I-88, I-355 and Route 83, and is situated in close proximity to the Oakbrook Shopping Center. The property was acquired by Canyon in joint partnership with Odessa Realty Investments, LLC.

With the purchase of the two multifamily communities, Canyon has doubled the number of properties it owns in the Chicago area. The company’s portfolio also includes the York Terrace apartment complex in Bronzeville and Woodfield Crossing in Rolling Meadows.

Images courtesy of www.preserveatcarolstream.com/  and www.apartmentsateaglecreek.com/

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90 North Completes Purchase of The Reserve at Deer Park Office Building in Chicago

12 Nov 2014, 6:50 pm

By Ioana Neamt, Associate Editor

21440 W. Lake Cook Rd

London-based 90 North Real Estate Partners recently announced it has arranged the acquisition of The Reserve at Deer Park, a 351,425-square-foot, Class A office building in suburban Chicago, RealEstateJournals.com reports.  90 North entered the U.S. real estate market only recently, with plans to invest $750 million over the next couple of years. The company completed the purchase at a cost of roughly $40 million, according to GlobeSt.

Located at 21440 W. Lake Cook Road in Deer Park, the property is part of a larger, 58-acre office campus developed by Motorola in 2002 and later acquired by Continental AG. Continental Automotive currently occupies roughly 200,000 square feet of The Reserve, while the remaining space, approximately 135,000 square feet, will be marketed for lease in 2015.

According to RealEstateJournals.com, Jason Streepy, Jason Wurtz and Michael Flynn of NAI Hiffman have been selected to market the property, which offers a 300-auditorium, a 500-person cafeteria, and a 1,209-space parking garage, among other amenities.

Dubai-based Arzan Wealth (DIFC) Limited acted as Strategic Advisor in the acquisition of the property by a consortium of international investors, according to a news release.

“The Continental asset is expected to provide a secure income stream, equating to an average of 7.75 percent per annum, payable monthly, from only the 60 percent occupied area, hence providing the investors in the deal with a clear value add opportunity that can enhance their total returns,” says Muhannad Abulhasan, CEO of Arzan Wealth.

Image courtesy of RealEstateJournals.com

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Chicago Spire Project Dead, Site Deed Goes to Related Midwest

7 Nov 2014, 5:52 pm

By Ioana Neamt, Associate Editor

Chicago Spire

The site of the former Chicago Spire supertall skyscraper is now in the hands of developer Related Cos., after investor Atlas Apartment Holdings, LLC failed to make a $22 million payment to the creditors by October 31st. Reports indicate that Related’s Midwest unit will now take over the 2.2-acre site at 400 N. Lake Shore Drive, which currently consists of  nothing but a massive hole in the ground.

The Spire project, located in Chicago’s upscale Streeterville neighborhood, was spearheaded by Irish developer Garrett Kelleher and Shelbourne North Water Street LP, and designed by world-famous architect Santiago Calatrava. If completed, the 150-story, 2,000-foot-tall luxury apartment tower would have become the second tallest building in the world, surpassed only by the Burj Khalifa, and the tallest building in the Western Hemisphere. Construction on the tower stopped in the late 2000’s due to the financial crisis and major debt.

In early 2014, Atlas Apartment Holdings, LLC announced a partnership with Shelbourne and an investment of up to $135 million in the Spire project. However, the developer failed to pay off the project’s creditors in time, and the site went to Related Midwest. Curt Bailey, president of Related Midwest, told the press that the company intends to bring an “architecturally significant and thoughtful development” to the Lake Shore Drive location. The former Spire development will be an important addition to the company’s portfolio in the area, which includes the 840 Lake Shore Drive condominium tower and the luxury rentals at 500 N. Lake Shore Drive.

Rendering courtesy of Shelbourne Development

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Oxford Capital, Quadrum Global JV Acquires Chicago’s Historic Essex Inn on Michigan Avenue

5 Nov 2014, 7:14 pm

By Ioana Neamt, Associate Editor

Essex Inn Chicago

A joint venture between Quadrum Global and Chicago-based Oxford Capital Group LLC recently announced the acquisition of the historic Essex Inn at 800 S. Michigan Ave. in Chicago’s Historic Michigan Boulevard District. Oxford Capital Group – owner, developer, sponsor and manager of the Essex Inn – plans to transform the iconic building into an upscale lifestyle hotel in the coming year.

“We are strong believers in Chicago and the continued attractiveness of Michigan Avenue real estate,” says John W. Rutledge, president and CEO of Oxford Capital. “We are also excited about the renewed and growing momentum of the burgeoning South Loop. We look forward to transforming this already distinctive asset.’’

Located in the Historic Michigan Boulevard District in Chicago’s Loop neighborhood, the Essex Inn is in close proximity to Grant Park, the Field Museum, Shedd Aquarium, Millennium Park, The Art Institute of Chicago, and the popular Magnificent Mile. The 53-year-old building was designated a Chicago Landmark in February 2002, and is one of many iconic landmarks located in the district, including the Blackstone Hotel, the McCormick Building, and the Fine Arts Building. According to Property Shark.com, the building, constructed in 1962, is valued at $7,249,640.

The historic Essex Inn currently features 254 guest rooms and amenities such as an all-season rooftop pool with a view of Grant Park, fitness center, dry sauna, garden deck, parking garage, free wireless internet, and a full service restaurant and bar on the ground floor.

“This is yet another joint project with Oxford Capital,’’ said Quadrum founder and CEO, Oleg Pavlov. “Capitalizing our partners’ impressive track record in urban hospitality, we look forward to breathing a new life into Essex Inn and making it one of the new destinations in the city.”

The acquisition of the hotel represents Oxford’s eleventh hospitality investment in Chicago and Quadrum’s second investment with Oxford in the city, after the Godfrey Chicago. The terms of the Essex Inn sale have not yet been disclosed.

Image courtesy of the Essex Inn official website

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CIM Group Breaks Ground on Block 37 Residential Tower in Downtown Chicago

31 Oct 2014, 8:59 pm

By Ioana Neamt, Associate Editor

Block 37 Residential Tower

Los Angeles-based developer CIM Group recently broke ground on a 34-story, 690-unit residential tower at Block Thirty Seven, the largest apartment project in Chicago’s Loop neighborhood in decades.

Designed by Solomon Cordwell Buenz (SCB), the tower at 108 North State Street is part of a larger mixed-use development project which broke ground back in 2005. CIM Group plans to reestablish Block 37 as a high-profile location in the heart of The Loop, by combining a 34-story residential tower with approximately 400,000 square feet of retail, entertainment and dining space, up to 450,000 square feet of office space, and a 354-room hotel.

“The residential tower at Block Thirty Seven will bring a new, mixed-use residential and retail development to Chicago, and as importantly, create hundreds of good-paying construction jobs for Chicago workers,” said Chicago Mayor, Rahm Emanuel.

Located on the square block bounded by W. Randolph St., N. State St., W. Washington St. and N. Dearborn St., Block Thirty Seven takes its name from one of the original 58 blocks established in the city in 1830, and is part of the central business district which includes Chicago City Hall and the James R. Thompson Center. According to a news release, the 690-unit apartment tower will sit atop the five-story, 275,000-square-foot Block Thirty Seven retail center, already a popular shopping and entertainment destination developed by Joseph Freed and Associates.

“State Street in this portion of The Loop is rich in culture, shopping, dining and entertainment,” said Avi Shemesh, co-founder and principal of CIM Group. “Now with the vision of city leaders and the support of the community, it is transforming into an even more distinctive urban district by bringing residences to the area.”

The tower at 108 N. State St. will offer residents ample city views from its fifth floor amenity deck with an outdoor pool and spa, and will also feature a rooftop spa and fitness center. Additionally, CIM Group intends to bring an 11-screen AMC Dine-In Theatre to the building’s fourth floor.

Rendering courtesy of Solomon Cordwell Buenz via Chicago Curbed

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One Response to Chicago Archive

  1. Joselyn Overley

    Sep. 26, 2011 at 12:58 pm

    I just think it’s too hard for small businesses to try to purchase a property, renting or leasing is their only real option

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