Midwest
Nashville’s Largest Mixed-Use Project Begins Construction
Fifth + Broadway will feature 350 residential units, 235,000 square feet of retail and entertainment space, 385,000 square feet of Class A office and more than 2,000 parking spaces.
BRT Nabs 3 St. Louis Luxury Communities
Through joint venture partnerships, the REIT purchased Vanguard Heights, The Tower at OPOP and The Lofts at OPOP for some $75 million. Meridian Capital Group arranged financing for all three acquisitions.
Torchlight Provides $80M Refi for Suburban Chicago Community
The firm recapitalized 500 Station, a 417-unit asset in Aurora, Ill., with senior and mezzanine financing. Aurora is connected by local shuttle to the Route 59 commuter rail station, which offers express service to central Chicago.
ASC Arranges Financing for Chicago Multifamily Asset
Winthrop Place, located in Edgewater, will benefit from a $1.5 million refinance loan. The 1968-built property consists of 16 studios and 41 one-bedroom units.
Illinois Senior Living Communities Change Hands
Senior Living Investment Brokerage Inc. sold Keystone Gardens and Keystone Meadows for $12 million. The two properties have nearly 100,000 square feet combined.
Friedman Sells 58-Unit Detroit Community
9501 Iris Manor LLC purchased Iris Manor from Thornton Enterprise LLC. The three-story property features one- and two-bedroom units and is close to Wayne State University and the University of Michigan-Dearborn.
Tougher Times for Apartment Development?
According to Chicago multifamily experts speaking at the Marcus & Millichap/IPA Multifamily Forum Chicago, it’s currently difficult to get new developments off the ground. But, there could be hope.
Condo Developments Poised for Return in Chicago
It may be time for large-scale high-rise condo developments to return to Chicago, declares Related Midwest President Curt Bailey, speaking at yesterday’s Marcus & Millichap/IPA Multifamily Forum.
JPL Snags Nashville-Area Apartment Project
The 304-unit Villages at Peytona Downs will be part of the master-planned Greensboro Village, which features residential, retail and office space.
Security Properties to Rehab Illinois Community
The Seattle-based company closed on University Village, a 534-unit affordable housing development in DeKalb, Ill. The new owner will renovate the property, which will maintain its affordable status for at least the next 15 years.