Midwest
Marcus & Millichap Brokers Sale of Indiana Apartment Complex
Marcus & Millichap Real Estate Investment Services has closed the sale of The Reserve, a 158-unit apartment complex in Evansville, Ill., on behalf of the property’s seller, Indianapolis-based SC Bodner Company Inc.
MARKET SNAPSHOT: Weak Demand for Lower-Tier Product Leads to Stagnant Vacancies in Indianapolis
Although payrolls are gradually expanding following layoffs in May and June, the picture for multifamily in Indianapolis remains somewhat mixed.
Ann Arbor $50 Million Mixed-Use Building in the Works
Property owner Phil Sotiroff is hoping to convert his building on 1320 S. University into a $50 million mixed-use building in Ann Arbor, which would bring more student housing and encourage greater walkability and density to the South University Downtown Area.
Batter Up! The Harrison Brings a Bit of Chicago’s Wrigleyville to Ft. Wayne
As Major League Baseball fans know, games at Chicago’s Wrigley Field involve more than just the action on the field and the spectators in the stadium.
SBV Buys OKC Apartment Property
SBV Communities, the multifamily real estate division of Kansas City, Mo.-based Spectrum Business Ventures Inc., has bought the 119-unit Ridgeview Apartments in Oklahoma City for an unspecified price.
Boston Capital Invests in Three Oklahoma Affordable Multifamily Developments
Boston Capital is investing in the construction of three affordable multifamily developments in Oklahoma totaling 105 units that will be built with tax credit equity from the Low Income Housing Tax Credit program.
MARKET SNAPSHOT: St. Louis Market Gradually Improves, With Employment Poised to Make a Comeback
As employment begins to rebound and new construction remains minimal, rents in St. Louis are expected to climb 2.3 percent before the end of the year.
Chicago Investor Buys South Side Property, Plans Rehab
Tricap Chicago, an apartment property specialist, has acquired a 31-unit apartment building on South Greenwood Ave. in Hyde Park’s Kenwood neighborhood.
Twin City Multifamily on a Roll
Apartment rents in the Twin Cities have reached record highs, according to the latest report on the market by investment specialist Marcus & Millichap.
MARKET SNAPSHOT: Rents at Record Highs Prior to New Wave of Construction in Minneapolis
As many continue to have reservations about entering the single-family market, apartment demand has boomed in the Minneapolis/St. Paul metro area, with the overall Q3 2012 vacancy rate coming in at 2.4 percent.