Midwest
Top 10 Largest Chicago Submarkets by Sales Volume
In the first three quarters of 2017, several Chicago submarkets exceeded $100 million in multifamily transactions. Core city areas remain at the top of the list, tallying more than half a billion dollars in sales during the same time period.
Kansas City’s Growth Story
Appealing workplaces, such as WeWork, are opening in the metro’s core submarkets, attracting young professionals to live-work-play environments. Job growth has exceeded the national average and helps maintain a robust demand for apartments.
Affordable Indiana Community Lands Refi
The $6.6 million loan will be used to refinance Woodland East Apartments, a 224-unit affordable housing property in Michigan City.
PAC Lands 260-Unit KC-Area Community
Adara Overland Park is a recently built Class A multifamily asset in Overland Park, Kan. Preferred Apartment Communities (PAC) financed the acquisition using a Freddie Mac loan.
Knoxville: No Longer in Nashville’s Shadow?
Both investors and developers are actively seeking opportunities in the market, which is expected to add new units at a rate that has not been met since 2011.
Historic Lafayette Park’s First Luxury Community in 40 Years
DuCharme Place is a $45 million multifamily project inspired by architect Mies’ design of Lafayette Park, the historic district near which the community is situated. The 185-unit development was financed through a HUD loan, one of the only sources of financing for the few ground-up housing projects planned in Detroit in the early 2000s.
Dougherty Closes Cleveland Portfolio Loan
The Fannie Mae loan will refinance six market-rate properties, totaling 238 units. Dougherty’s Minneapolis office arranged the financing for borrower Central Real Estate Holding.
Population Growth Sustains Demand in Nashville
The city is slowly diversifying its economy, venturing from reliance on the entertainment industry. In response to the growing demand, developers are ramping up construction, with more than 13,000 units underway as of July.
Dougherty Mortgage Closes $32M Loan for MN Community
The financing will be used to build Union Flats, a 217-unit affordable housing property in St. Paul. The community will be built on a site currently occupied by the Hunt Electric Corp. building.
American Campus Nabs $561M Student Housing Portfolio
The seven-property portfolio includes two existing communities, two communities slated to open this fall and three projects scheduled for delivery in Fall 2018.