Midwest
Magellan Launches First Apartment Development in Twin Cities
There has not been an apartment tower built in the downtown Minneapolis market for more than three decades. But that is about to change, with the start of construction on a new high-rise apartment community in the city’s Loring Park area from Chicago-based Magellan Development Group LLC.
Artists Lofts Opens in St. Louis
Metropolitan Artist Lofts, a redevelopment of a vintage 1908 property in St. Louis, has opened for occupancy.
HFF Lists Chicago Multifamily Mid-Rise Community
HFF, on behalf of Malkin Properties of Illinois Inc., has announced that it will market the sale of Glen Oaks Commons, a 504-unit, mid-rise apartment community in Chicago’s northwest suburbs.
Three Squares Develops Multifamily Shipping Container Construction
Three Squared is planning America’s first multifamily dwelling constructed from retired shipping containers in Detroit, which will help save money and environmental resources.
TODAY’S DEALS: Commercial Property Advisors Brokers $2.067M Sale of LIHTC Property
Commercial Property Advisors brokers a $2.067 million sale of a LIHTC property; and NorthMarq arranges a $18.98 million loan.
MARKET SNAPSHOT: Chicago Sees Largest Payroll Expansion Since Financial Crisis
The Chicago metro area added 35,000 non-farm jobs in the last 12 months, indicating that employment in the nation’s third-most populous city is seeing a comeback.
M&R Development and RMK Management Corp. Break Ground on Luxury Chicago Community
M&R Development and RMK Management Corp. announced they have broken ground on 73 East Lake, a new luxury community in Chicago.
Bellwether Closes on $75M in Multifamily Financing
Bellwether Enterprise Real Estate Capital has closed on a $75 million loan to a Cincinnati-based owner/operator for the refinancing of five apartment properties in Texas and two in Ohio.
MARKET SNAPSHOT: Vacancy Hits Lowest Level in Over a Decade in Kansas City
Submarkets across the Kansas City metro area posted substantially improved vacancies in the second quarter of 2012, some as low as 3.5 percent.
MAA Acquires KC Apartment Property
MAA has acquired Market Station, a mid-rise apartment property in the River Market area of Kansas City, Mo., for an unspecified price.