Midwest
Work Begins on Affordable Seniors Housing in Gurnee
Gurnee, Ill.–Credit Capital L.L.C., together with partner Richman Group, have underwritten a $20.2 million private equity investment to construct an affordable seniors-housing complex.
$40M Historic Preservation Project Converts Courthouse to Apartments
The Alexander Co. is transforming the long-shuttered, 1930s-era U.S. Federal Courthouse in downtown Kansas City, Mo., into 176 high-quality workforce-housing apartment residences.
New Developer Re-Starts Residential Project in West Suburban Chicago
Hinsdale, Ill.–Inland Opportunity Fund L.L.C. recently bought the partially developed Hamptons of Hinsdale with the goal of repositioning it for today’s market.
Dominium Plans $80M Rescue of “Endangered” Minneapolis Property
Minneapolis–Dominium plans an $80 million transformation of its adaptive-reuse project in Minneapolis into a 240-unit affordable housing complex.
New Chicago Loop Apartment Building Becomes Temp Corporate Housing
Chicago–Oakwood Worldwide, a temporary housing specialist, has obtained a master lease for a new 42-story downtown Chicago apartment building.
Morgan Stanley and National Equity Fund Create $100M Natural Disaster Fund
The Rebuilding Local Economies Fund is designed to support economic recovery in 13 States by accelerating rebuilding and creating jobs.
Work Begins on Conversion of Randolph Tower to Apartments
Chicago–When restoration is complete, Village Green’s Randolph Tower City Apartments will be a mixed-use, 45-story historic high-rise including 313 rental units.
MARKET SNAPSHOT: Investor Interest Picks Up in Milwaukee Due to Strong Fundamentals
Milwaukee–In Milwaukee, there has been a tremendous amount of interest from local and regional buyers in multifamily assets of 150 units or more.
The Smooth Expansion from Apartments to Extended-Stay Hotels
Witchita, Kan.–In the commercial real estate world, the multifamily market and the lodging market are essentially two different animals, but they don’t have to be. Nick Esterline, a Wichita, Kan.-based real estate owner and developer, has found that there are similarities between apartments and extended-stay hotels, that can allow owners of the former property type to easily make a foray into the latter sector.
Ripple Effects of the Joplin Tornado on Surrounding Communities
Yarco Company’s Robert Schock shares with MHN some of the indirect human costs that are taking shape as people start to pick up the pieces shredded by the recent storms.