Midwest
East St. Louis Housing Authority Closes New Markets Tax Credit Deal
East St. Louis, Ill.–The East St. Louis Housing Authority has closed a complex and novel NMTC transaction that will fund the mixed-use Jazz @ Walter Circle project.
Chicago’s Flair Tower Secures LEED Silver Certification
Chicago–Flair Tower, a boutique transit-oriented development featuring 198 upscale residences, recently earned LEED Silver certification.
Nonprofits Create Multifamily Energy Efficiency Program in Chicago
Chicago–The Energy Savers program in Chicago helps multifamily owners make energy-efficiency improvements to their properties and aims to create building jobs.
Converted Loft Property in Pittsburgh Wins Adaptive Reuse Award
Pittsburgh–McCaffery Interests Inc. transformed a turn-of-the-century warehouse complex into a thriving residential property with 297 loft apartments, while maintaining the original facility’s historic features.
Detroit Revitalization Fellows Program
Detroit–Wayne State University has launched the Detroit Revitalization Fellows Program, to build the capacity of public, for-profit, nonprofit and other organizations to facilitate the redevelopment of Detroit.
MARKET SNAPSHOT: Strong Employment Growth, and Demand, in Twin Cities to Outpace Apartment Supply
Minneapolis–While the Twin Cities is expected to add approximately 25,000 new jobs this year, only about 500 units are projected to be delivered to the market.
MARKET SNAPSHOT: Regional Investors Eye Ohio for Cash-on-Cash Returns
Columbus, Ohio–Regional players may be developing more interest in Ohio, according to Mark Rohr, partner in Hendricks & Partners’ Midwest Apartment Group.
Condo Convertor Offers Deep Discounts on Chicago Property
Chicago–Condo sales and prices were down in 2010. American Invsco is temporarily knocking half the price off units in one of its properties.
HIT Invests $42M in St. Louis-Area Multifamily
St. Louis–The AFL-CIO Housing Investment Trust has provided nearly $42 million in financing for two multifamily developments in greater St. Louis.
MARKET SNAPSHOT: Positive Auto Industry News Provides Cautious Optimism to Detroit Apartment Industry
Detroit–The resurgence of the automotive industry has brought some optimism to Detroit and its apartment market.