Midwest
Chicago Student Housing Property Trades Hands for $58.5M
2 E. Eighth St., a 330-unit student housing property in downtown Chicago, has been sold for $58.5 million. The 28-story, 882-bed high rise is closest to Columbia College and Roosevelt University, but also houses students from other nearby schools.
RED Records Record Year in 2012 and Captures MBA Top FHA/Ginnie Mae Origination Ranking
Comprehensive capital provider RED Capital Group announced that according to a recent 2012 Annual Origination Rankings report released by the Mortgage Bankers Association, RED’s mortgage banking arm, Red Mortgage Capital LLC, was the top originator for FHA/Ginnie Mae loans in 2012 providing 231 FHA loanstotaling $2.176 billion.
MARKET SNAPSHOT: Construction Soars in Minneapolis as Employment and Occupancy Keep Pressure on Rents
The Twin Cities MSA is continuing to see exceptionally low vacancies, as strong employment growth and renter demand squeezes the supply of existing inventory.
The Farran Group Breaks Ground on $19.5M Mont. Community
The Farran Group has broken ground on a new $19.5 million community in Missoula, Mont. The property is being developed on a former industrial site—a former lumber mill and distribution center.
Village Green Acquires Detroit Luxury Apartments; Plans to Renovate
Village Green, a Detroit-based luxury apartment owner and operator, has acquired Millender Center Apartments, which includes 338 luxury units that the company plans to renovate and reposition.
MARKET SNAPSHOT: Detroit Posts Third Consecutive Year of Job Gains for First Time since 2000
Metro sees the addition of nearly 100,000 jobs over the past three years, and many submarkets are beginning to post vacancy rates below 4 percent.
Mainstreet Property Group Announces Acquisitions for Affiliated REIT
Mainstreet Property Group announced on March 25 that the board of directors of its affiliated REIT, HealthLease Properties Real Estate Investment Trust, has approved acquisition of 13 senior housing and care properties.
Dominium Adds Tracy Bolton as Director of Marketing
Dominium, an apartment development and management company, today announced that it has hired Tracy Bolton as director of marketing at its home office in Plymouth, Minn.
ARA Announces $7M Sale for 240-Unit REO Asset
ARA has announced the sale of Lakeside Landing, a 240-unit community in Lakeside Park, Ky., which is also part of the Cincinnati market.
Tricia Van Horn Joins Related Midwest as Vice President of Marketing
Related Midwest, a Chicago-based real estate developer, announced Tricia Van Horn has joined the firm as vice president of marketing.