Midwest
Fifield Companies Sells Chicago Community for $302M, Begins Work on New Luxury Development
In a joint venture, Fifield Companies and Pacific Life Insurance Co. have announced they have sold an 848-unit multifamily community in Chicago to REIT Morguard Corp. for $302 million. This marks the highest amount paid for a Chicago apartment tower since May 2011.
Tricap Acquires Ohio Community for $8.3M
Tricap recently announced it has finalized the acquisition of Residences at Sawmill Park, a community in Columbus, Ohio.
Boston Capital Invests in Wisconsin Affordable Apartment Rehabs
A pair of Wisconsin affordable apartment communities, Gilbert Court Apartments in Elkhorn and Havenwood Apartments in Lake Geneva, will be rehabilitated, thanks to an investment by Boston Capital.
Downtown Cleveland Property Wins Preservation Prize
Saint Luke’s Manor in Cleveland recently won the National Trust/HUD Secretary’s Award for Excellence in Historic Preservation.
Harbor Group Makes $10M Equity Investment in Apartment Portfolio
Harbor Group International LLC has made a $10 million preferred equity investment in a multifamily portfolio in northwest suburban St. Louis. The portfolio consists of four properties totaling 1,447 units.
MARKET SNAPSHOT: Absorption in Cincinnati Expected to Reach 14-Year High as Manufacturing Booms
The City of Seven Hills is witnessing a surge in manufacturing positions that is translating to heightened employment overall and a sustained demand for rental units.
Dominium Celebrates 40th Anniversary
Dominium, an apartment development and management company announced that it is celebrating its 40th anniversary.
McKinley’s Alexandra S. Jackiw, Managing Director, Residential Client Services Assumes Helm of National Apartment Association
McKinley’s CEO Albert M. Berriz announced that Alexandra S. Jackiw assumed the helm of the National Apartment Association (NAA) as its Chair of the Board last week during the NAA 2012 Assembly of Delegates.
The Sterling Group Announces Opening of $7.5M Indiana Seniors Community
The Sterling Group has announced the grand opening of its new $7.5 million seniors community in Mishawaka, Ind. The community is owned by Heritage Place at LaSalle Square LP, whose partners include Memorial Hospital of South Bend and National Equity Fund, Chicago.
Chicago’s Real Estate Forum Probes Multifamily’s Present, Future
At the 2012 Real Estate Forum in Chicago, experts discussed rent increases and the habits of echo boomer renters.