Top 10 Multifamily Completions in the Midwest in 2018
- Jan 28, 2019
The Midwest wrapped a very busy 2018 in terms of multifamily completions, with more than 35,000 units delivered last year. Several high-profile projects were added to the market’s inventory especially in cities like Chicago and Minneapolis, while Kansas City and Columbus had a few of their own, which have been growing both demographically and economically in 2018.
Two such towers, Wood Partners’ Alta Roosevelt and Jupiter Realty’s 465 North Park, which were added to Chicago’s skyline last year, added some 1,000 units to the downtown submarket. That’s a large chunk of the total number of apartments delivered in the metro for the year—6,700. The Twin Cities, which has been enjoying strong employment and population growth throughout the cycle, followed with almost 5,700 units.
The list below expands on the 10 largest multifamily developments completed across the Midwest based on data provided by Yardi Matrix.
365 Nicollet (Minneapolis)
The 370-unit luxury community represents the third project that Opus built at downtown Minneapolis’ Nicollet Mall in addition to Xcel Energy @ 401 Nicollet and The Nic on Fifth. The 30-story 365 Nicollet offers studio-, one- and two-bedroom apartment layouts and includes 9,500 square feet of retail space on the first floor and parking facility. Amenities include a spa and relaxation room, a sixth floor deck area with a hot tub, pool, cabanas and fire pits as well as a fitness center. In 2016, the community became subject to an $87.8 million construction loan with Northwestern Mutual Life Insurance Co. The property is proposed for LEED certification.
Union Berkley Riverfront Park (Kansas City)
Union Berkley is located at 1000 Berkley Parkway in downtown Kansas City and provides 407 units. They range from 550 to 2,210 square feet in size and can be rented starting at $800 per month. At the end of last year, Buckingham Cos. acquired the two buildings from Flaherty & Collins Properties using a $90.5 million loan to cover part of the acquisition price. The project includes 12,500 square feet of retail space on the first floor and a rooftop terrace and offers views of downtown Kansas City and Missouri River. Residents are provided with amenities which include a fitness center, business center, clubhouse and swimming pool. In December, occupancy at the property reached 42.3 percent.
The Hub on Campus (Minneapolis)
The 407-unit student housing community is located at 313 Harvard St. S. E. within the University of Minnesota campus. Greystar owns and manages the property, having secured a $68.5 million construction loan to deliver it. The Hub offers studio to four-bedroom apartments which range from 340 to 1,133 square feet. In addition to the residential component, the 26-story community includes office and retail space as well as a fitness center, business center, clubhouse, swimming pool, spa and parking which accommodates up to 355 vehicles.
500 Station Blvd (Chicago)
Evercore Cos. broke ground on the 417-unit Chicago suburban community in 2016 using a construction loan in the amount of $38 million from Bixby Bridge Capital. The loan was refinanced in 2017, the property now being subject to a $60 million mortgage with Torchlight Investors. The community offers one-, two- and three-bedroom units ranging from 777 to 1,250 square feet and renting for a monthly average of $1,700. In May of 2018, the community at 675 Station Blvd. in Aurora, Ill., was more than 70 percent pre-leased.
Tuller Flats (Columbus)
Casto completed the 420-unit community at 4272 McCune Ave. in the summer of 2018 and by the end of the year, the property was more than 86 percent occupied. Tuller Flats provides a mix of one- and two-bedroom apartments at an average monthly rent of $1,374, a fitness center, clubhouse, swimming pool and grade-level parking. Direct-access garages are available for certain units as well. The majority of apartments come with private balconies or patios and range between 650 and 1,300 square feet. The property is subject to a $47 million construction loan with U.S. Bank secured in 2015.
465 North Park (Chicago)
The luxury property at 465 North Park Drive encompasses 444 units and is proposed for LEED certification to the Silver level. Residents can pick among a variety of layouts, from studio to three-bedroom apartments, part of the units being for corporate use. Monthly rents vary between $1,700 and $12,000. The community incorporates 11,650 square feet and features a rooftop terrace and pool as well as a green roof. Part of Jupiter Realty’s Chicago portfolio and managed by Bozzuto Group, the property is subject to a $99.8 million loan with Wells Fargo Bank.
WaterSide Residences on Quivira (Kansas City)
The luxurious 12-building community is located at 8201 Quivira Road, in Lenexa, Kan., one of Kansas City’s fastest growing suburbs. The Block Real Estate property encompasses a mix of 481 units featuring one- and two-bedroom floor plans and provides an array of high-end amenities which include a fitness center, resort-style swimming pool, covered grill area, massage therapy and outdoor game area. During the expansion project which finalized in 2018, Titan Built added 103 units to the existing 380 apartments.
Optima Signature (Chicago)
The 490-unit tower is the most recent development that Optima delivered in the Chicago area. Located at 220 E. Illinois St., the project was completed in February, with the first move-ins taking place in the summer of 2017. Six of the 46 floors have office and retail tenants, while the rest is destined for residential use. The property is LEED Silver certified, offering an array of high-end, wellness-oriented amenities which include a children’s playroom, three spas, a media room, fitness center and clubhouse.
The Greyson (Columbus)
Located at 4460 Mountain Laurel Drive in Hilliard, Ohio, The Greyson is part of Champion Real Estate Services portfolio. The current owner bought the property from Village Communities in September 2019, covering part of the acquisition price via a $54.5 million loan with TPG Capital. The community totals 492 units and had an occupancy rate of 56 percent at the end of 2018. Layouts vary from 659 to 1,190 square feet while the average monthly rent is $1,023. The Greyson is comprised of 22 buildings and features a parking lot accommodating up to 1,000 vehicles.
Alta Roosevelt (Chicago)
Wood Partners’ Alta Roosevelt is the largest multifamily property completed in the Midwest in 2018. The community is located at 801 S. Financial Place in Chicago’s The Loop and encompasses 496 units as well as a fitness center, business center, clubhouse, swimming pool, spa and media room. The 33-story tower includes 3,400 square feet of retail space and offers views of Lake Michigan. In 2015, the property became subject to a $96 million construction loan with JP Morgan Chase.
Images courtesy of Yardi Matrix