Midwest
Luxury Nashville Community Sells for $69M
KeyBank provided buyer Bluerock Real Estate with a seven-year, $48 million Freddie Mac acquisition financing package for the 334-unit Class A community.
Luxury Senior Living Community Opens in Kansas City
Tiffany Springs has 172 independent living units available, with 89 memory care and assisted living apartments to open later in August.
Timberland Partners JV Open 243-Unit Community in Minneapolis
The development is part of the company’s Green Fourth project, which aims to reduce pollution. G4 includes 66 affordable units.
West Shore Acquires 230-Unit Kentucky Asset
The 14-building community, located in Lexington, Ky., is the company’s third major acquisition in the Bluegrass State.
Steele Properties Buys Columbus Affordable Community
The firm has expanded its portfolio with the acquisition of a 112-unit property. The asset will receive more than $44,000 per unit in hard cost rehabilitation.
Madison Marquette, GFH Financial Group Buy 6-Building Senior Housing Portfolio
The joint venture purchased properties located in California, Washington and Michigan totaling 509 units.
Michigan Awards LIHTC for 536 Affordable Units
The state selected five projects in Detroit for the federal tax credits, which will support the construction of 235 new units and preserve the affordability of 318 existing units.
Monument Capital Management Expands Chicago-Area Portfolio
The company purchased Townhomes at Highcrest in Woodbridge as part of Monument Opportunity Fund IV and is planning capital improvements for all the buildings.
Twin Cities Multifamily Report – Summer 2019
Multifamily rents in Minneapolis–St. Paul increased 3.1 percent year-over-year through May, 60 basis points above the U.S. average and slightly higher than other Midwestern markets.
Cleveland Multifamily Report – Summer 2019
The metro’s multifamily sector remained relatively stable in early 2019, with rents increasing 2.4 percent year-over-year through May, just 10 basis points below the national average.