Midwest
MARKET SNAPSHOT: Cleveland Sees Best Annual Employment Growth Since 2000, Tightening Vacancies
While vacancy in the Forest City has been falling steadily since 2009, mostly due to lack of new supply, a similar trend in unemployment has taken a bit longer to materialize.
Marcus & Millichap Lists 128-Unit Indiana Community
Marcus & Millichap Real Estate Investment Services are marketing the sale of Embassy Place Apartments, a Class A community in Highland, Ind. The seller is a Northwest Indiana-based builder and the original developer of the property.
Equity to Sell $1.5B Portfolio
Equity Residential has unveiled a major deal to sell $1.5 billion worth of multifamily properties to a joint venture of Goldman, Sachs & Co. and Greystar Real Estate Partners. The transaction will involve 27 properties in various parts of the country.
SoNo Sale in Chicago Closes
SoNo East, a new 22-story apartment tower with ground-floor retail at 840 West Blackhawk St. in Chicago, has traded hands. In 2011, Prudential Real Estate Investors agreed to purchase the property upon completion from Smithfield Properties, and now the deal has been done for an unspecified price.
The Enclave Gains an Annex in Suburban Milwaukee
As the charming, old-line community on Milwaukee’s western doorstep, Wauwatosa, Wis., savors an enviable distinction. That made it an appealing location for The Enclave, a 152-unit luxury apartment community that opened last year, and The Annex @ Enclave, a 40-unit extension of The Enclave.
Dominium Promotes Owen Metz as Developer
Dominium, an apartment development and management company, announced that it has promoted Owen Metz as developer at its corporate office in Plymouth, Minn.
The Donaldson Group Acquires Va. Property for $107.5M, Plans $5M Renovation
The Donaldson Group and its equity partner Angelo, Gordon & Co. have acquired Rolling Brook Village, a multifamily community in Woodbridge, Va., for $107.5 million.
Arbor’s FHA Lending Group Accelerates Expansion with Hiring of Matthew Carey, VP of FHA Lending
Arbor Commercial Mortgage LLC, a national direct commercial real estate lender, has further expanded its multifamily and seniors/healthcare lending capabilities under the HUD/FHA loan programs with the appointment of Matthew Carey as vice president of FHA lending in the company’s Cleveland office.
Irongate Acquires $98.65M Portfolio
GFI Capital Resources, investing through its Irongate Realty Partners brand, has acquired three class A communities in Kansas City, Kan., for $98.65 million.
TODAY’S DEALS: Mckinley Completes Third Ann Arbor Apartment Acquisition for 2012
McKinley purchases 120-unit community in Ann Arbor, Mich., and now owns more than 5,400 units in the region; and Johnson Capital arranges sub-4 percent, $14 million, refinance loans from bank that beat agency terms.