Midwest
Strong Demand Augments Twin Cities Occupancy
The metro’s healthy economic growth, low unemployment rate and strong multifamily fundamentals continue to attract investors and developers to the region.
Thrive Acquires 2 Senior Housing Properties, Launches Sister Firm
The acquisition expanded the company’s senior housing portfolio to four assets, which drove the firm to launch a new division—TFP Senior Living—headed by Anthony Fulco.
Marcus & Millichap Secures Saint Paul Asset
Located between downtown St. Paul and downtown Minneapolis in the Merriam Park neighborhood, 1880 Marshall Ave. was built in 1964 and renovated in 1978.
JV Lands $40M Twin Cities Affordable Community
Aeon and The Community Development Trust purchased Seasons Park Apartments, a 422-unit community in Richfield, Minn. The transaction marks Aeon’s largest acquisition and the second-largest investment for CDT.
Fifield Fetes Grand Opening of The Sinclair in Chicago
The luxury rental community adds a large slate of upscale units to Chicago’s Gold Coast neighborhood, spurring talk of a resurgence.
JV Breaks Ground on Upscale Dayton-Area Apartments
Mills Development and Hills Properties began work on a 312-unit community adjacent to Cross Pointe Shopping Center in Centerville, Ohio. The project will be known as Allure Luxury Apartments.
Arbor Realty Appoints New VP
Sam Gold will be in charge of Freddie Mac SBL, Fannie Mae and FHA loan originations for clients in the Midwest. He will be based in the company’s Chicago office.
How Mission Lenders Fueled Motor City’s Comeback
After the housing crash, Detroit’s revival was powered by mission lenders. Nearly 42 percent of investment in Detroit real estate was possible with financing from such alternative financing organizations. Urban Institute’s Brett Theodos filled MHN in on mission lending and its opportunities for expansion.
JV Secures $130M Senior Loan for Minneapolis Condos
Provident Real Estate Ventures and Shamrock Properties Inc. will develop The Legacy, a 374‐unit property that will include an eight‐story podium with a 14‐story and a 17‐story tower, along with three levels of subterranean parking.
IRET Buys in Hot Twin Cities Market
The company acquired the 500-unit Park Place in Plymouth, Minn., for $92.3 million. The community consists of four apartment buildings and is currently more than 95 percent occupied.