News
Franklin Street Closes Sale of 111-Unit Florida Asset
Cornerstone Pointe Apartments traded for $10.6 million. Milbrook Properties Ltd. purchased the community from Everett Realty Services. The community last traded in 2010 for $3.6 million.
Marcus & Millichap Arranges Luxury Condo Sale in Chicago-Area
The community comprises six buildings, each of them made up of 12 two-bedroom, two-bathroom units. Firethorne Luxury Apartments changed hands for $8.3 million, in which the buyer and seller were both represented by investment specialists at Marcus & Millichap.
Chicago Rents Inch Up; Highest Increase in Douglas Neighborhood
2016 was a year of moderate rent increases in the city of Chicago. The average price for a rental in Chicago went up 5.9 percent year-over-year, closing the year at $1,738/month.
3L Closes on Milwaukee Asset, Plans Conversion
The company will invest $15 million to transform the former office property at 735 W. Wisconsin Ave. into a 144-unit apartment building.
Related Development Tops Off Atlanta Luxury Tower
The company’s first project in Georgia’s capital city will offer 390 units and a Whole Foods Market. The apartments are set for completion in January 2018.
New DFW Affordable Senior Living to Open This Fall
Mustang Creek Estates will build a 42,000-square-foot assisted living and memory care community in Sachse, Texas. The new development will comprise six homes, each housing up to 16 seniors.
Leasing Begins at LMC’s Chicago Apartments
The Emerson, a mixed-use, transit-oriented development, features 270 units in a five-story, low-rise building and a 20-story high rise.
Construction of Lower East Side Luxury Condos Underway
Magnum Real Estate Group is partnering with Real Estate Equities Corp. to develop 196 Orchard, an 11-story luxury residential development located across from the famous Katz’s Deli.
PASSCO Acquires Space Coast Property
The company intends to initiate an array of capital improvements at the Class A property, which it purchased from Flournoy Cos. KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Cos. through Fannie Mae.
Jacksonville’s Rapid Growth
A healthy employment climate, an inexpensive cost of living and mild weather are attracting jobs and new residents to Jacksonville, creating demand for apartments and bolstering rent growth.