Top 10 Largest Multifamily Completions in the Midwest
From Chicago to Omaha, multifamily activity across the area has been quite dynamic during the last 12 months, with tens of thousands of units being added to the inventory.
The multifamily sector is gearing up for a banner year in the U.S. with more than 300,000 units expected to be delivered in 2018. The Midwest is no different, with a number of high-profile apartment projects either nearing completion or already completed. The region is one of the hottest for smart communities, ahead of other parts of the U.S. when it comes to implementing technology into its new apartment inventory.
At metro level, Chicago positioned itself at the top of the list based on both unit and property count. The most active submarket was Near North Side, home to the largest multifamily communities to come online in the Midwest. The Twin Cities and Kansas City follow, both with rapidly growing residential inventories. Columbus and Indianapolis are also emerging, with more than 20 properties completed. At the other end of the spectrum is St. Louis, with a more stagnant construction market where only 10 projects were delivered during the last four quarters.
The list is based on Yardi Matrix multifamily data and was compiled by using the unit count of rental apartment properties completed across the Midwest between March 2017 and March 2018.
10. The James (Madison, Wis.)
Core Spaces broke ground on the 348-unit Madison apartment building at the end of 2015 and eventually delivered the asset last summer. The James was subsequently acquired by American Campus Communities in September. The asset is the latest student housing community to be completed in the campus area, where rents are now over the $1,000-mark.
The 12-story building offers 850 beds and a range of layouts varying in size from 300 to 1,600 square feet. Amenities include two spas, a rooftop swimming pool, clubhouse, outdoor meditation garden, volleyball court, business center and fitness center. Located at 432 W. Gorham St., the community is within walking distance from the Kohl Center, the University of Wisconsin, the Overture Center for the Arts and the Capitol as well as shopping and dining venues on State Street.
9. Commerce Tower on Main (Kansas City)
The renovation of the historic Commerce Tower was completed in September 2017, making the 33-story building one of the most coveted communities in downtown Kansas City. Owner Lincoln Property Co. hired Ryan Cos. to work on the adaptive reuse project at 911 Main St., taking up a $67.8 million HUD construction loan to carry out the process. The LEED Gold-certified mixed-use property offers 355 residential units and approximately 84,000 square feet of space destined for office, retail and educational use. The property was originally built in 1965 and had entirely consisted of office space before the conversion.
8. Spoke (Chicago)
Located in the heart of Chicago’s River West submarket, at 728 N. Morgan St., Spoke is a 363-unit community owned by Bond Cos. and managed by Bozzuto. It was completed at the beginning of the year and offers studio, one-, two- and three-bedroom units—15 of which are affordable. Monthly rents vary between $1,620 and $6,300. In addition to the residential component, the property offers 45,000 square feet of retail space and an enclosed garage. Amenities include a fitness center, business center, media room and clubhouse as well as a rooftop terrace with swimming pool.
7. Flats at 146 (Indianapolis Metro)
The luxury community at 15201 Flats Drive in Noblesville, Ind., is part of Sunstone Properties’ portfolio. Completed in spring 2017, it offers 368 one-, two- and three-bedroom units and an array of high-end amenities which include a pool with built-in tanning ledge and sundeck, terrace lounge with grilling area, conference room, fitness club, access to walking trails, as well as pond views. The property is accessible via Interstate 69.
6. Aurélien (Chicago)
Aurélien is another multifamily community developed by a joint venture between Lincoln Property Co. and Ryan Cos. Located at 833 N. Clark St., at the southeast corner of Clark and Chestnut streets, the 368-unit asset marks Ryan’s first major Chicago multifamily development. The $100-million project was built on the site of a former parking lot and has become one of the attractions in the area, mainly due to its mix of architectural styles. Amenities are concentrated on the rooftop, fourth floor and ground floor and they include an outdoor pool, private cabanas, social club, party room, a private dog run and grooming station, a library, business center and conference area.
5. The Sinclair (Chicago)
After more than two years of construction work, Fifield Realty Corp. held the grand opening of The Sinclair Apartments in September 2017. The 390-unit, 35-story Chicago luxury community is located at 1201 N. LaSalle Drive and provides access to an on-site Jewel grocery store in addition to views of downtown Chicago and Lake Michigan. The property is one of several multifamily developments to be delivered in the Gold Coast neighborhood within the past year, meeting rising demand for units in the area. It is subject to an $89 million construction loan which Northwestern Mutual Life Insurance Co. originated in October 2016.
4. The IndiGO at Bloomington Central Station (Twin Cities Metro)
Since unveiling the project in 2015, Lennar Multifamily Communities envisoned The IndiGo as being one of the largest apartment projects in the Twin Cities metro. At 395 units, the six-story property has positioned itself among the top five largest multifamily communities to be delivered in 2017 in the region. Located at 8001 33rd Ave. S., in Bloomington, The IndiGo is a few miles away from the Minneapolis St. Paul Airport, Bloomington Central Station, Mall of America and several corporations along American Boulevard. The luxury community is also one of the very first in Bloomington to feature EV charging stations.
3. The Lakes of Valparaiso (Chicago Metro)
The 407-unit community is the largest one in Valparaiso, Ind., and features some of the best-in-class amenities such as house-sitting and housekeeping services, picnic area, heated pool, volleyball and basketball courts, sundeck overlooking natural wetlands and hospitality suites. Located at 1715 Lake Michigan Drive, the property is owned and managed by Weiss Entities. Three months after opening, the community already boasted more than 70 percent occupancy.
2. The Gallery on Wells (Chicago)
Magellan Development Group delivered the 442-unit multifamily property at 637 N. Wells St. in Chicago’s Near North Side submarket after two years of development. The project is subject to a $100.2 million loan originated by Ullico which is set to close at the end of this year. In addition to the residential component, the community also includes almost 6,500 square feet of retail space with exposure on Ontario Street. It offers a green roof, electric charging stations as well as a rooftop terrace and pool and is pending a LEED certification.
1. Optima Signature (Chicago)
Chicago’s Optima Signature is the largest community to be completed in the Midwest during the 12 months ending in March. The 46-story, 490-unit tower owned by Optima is located at 220 E. Illinois St. The majority of the space is destined for residential use. while six floors feature office and retail space. The property is LEED Silver-certified, offering residents a wide range of amenities that include a children’s playroom, three spas, a media room, fitness center and clubhouse.
Images courtesy of Yardi Matrix and Google Street View