Midwest
Multifamily Chicago Report – Winter 2019
Demand is strong across the metro, as Millennials continue to move into well-located, modern apartments, pushing rent growth to its highest rate in two years.
KeyBank Provides $12M for Cleveland Adaptive Reuse Project
Snavely Group will use the financing to create 38 affordable units at Forest City Square Apartments, an environmentally friendly housing development.
Friedman Real Estate Facilitates Detroit Transaction
Senior Vice President Steven Silverman, from investment advisory services, and Vice President James Tumey, from urban and brokerage services, represented both parties involved in the sale.
Historic Chicago Building Receives $53M Loan
The NHP Foundation has commenced renovation on the Mark Twain Hotel. By the end of 2019, the property will encompass 148 affordable units.
Emma Capital Grows in Indianapolis with $39M Buy
The Toronto-based company expanded its footprint in the city to 1,829 units with the acquisition of two apartment communities in the Washington West submarket.
Income Property Organization Brokers Columbus Sale
Paul McHugh of IPO facilitated the transaction, which involved a $2.7 million acquisition loan held by Perpetual Federal Savings Bank.
Hamilton Point Investments Sells OH Asset
The Enclave at Albany Park in Westerville commanded nearly $15 million. The new owner assumed the outstanding balance of a Fannie Mae loan attached to the property.
5-Building St. Louis Community Changes Hands
The 104-unit Tuscany Village, built in 1972, last traded in 2014 for nearly $3 million, six months after a foreclosure action.
Lion Real Estate Expands Nashville Footprint
The acquisition, valued at more than $13 million, adds 160 units to the firm’s portfolio. The community last changed hands in 1990.
Nautilus Buys Community in Chicago’s Hyde Park
Interra Realty facilitated the $6 million transaction. Joe Smazal worked on behalf of the seller, while Ted Stratman and Jeremy Morton represented the buyer.