Finance N Illinois
Origin Investments’ new opportunity zone fund attracts $105M in 17 hours

Origin Investments’ new opportunity zone fund attracts $105M in 17 hours

Chicago-based private equity real estate firm Origin Investments launched a Qualified Opportunity Zone (QOZ) fund on Nov. 14 and amassed $105 million in commitments from 425 investors in 17 hours. While other firms are raising blind capital for QOZ funds, Origin has three multifamily opportunity zone projects under contract—one in Denver and two in Charlotte, cities that make the top 10 markets to watch in Urban Land Institute’s 2019 Emerging Trends in Real Estate report.

Multifamily N Illinois
Related Midwest's One Bennett Park opens in Streeterville

Related Midwest's One Bennett Park opens in Streeterville

Related Midwest opened the doors of One Bennett Park in Chicago’s Streeterville neighborhood, welcoming the first apartment residents to the new 70-story high-rise, the first residential tower in the city by Robert A.M. Stern Architects (RAMSA). The developer has also unveiled two levels of completed indoor amenity space, as well as two apartment model units by Chicago-based luxury interior design firm Soucie Horner, Ltd.

CRE N Illinois
Brad Rostron;Principle Construction

Brad Rostron joins Principle Construction as assistant project manager

Principle Construction Corp. has hired Bradley (Brad) S. Rostron as an assistant project manager. In his new role, Rostron will assist senior project managers in carrying out their duties as well as work with superintendents in the field. He will also assist in obtaining necessary permits, schedule inspections, comply with all building codes and see the project through to completion.

Multifamily N Illinois
Mixed-use property sells for $3.5M off market

Mixed-use property sells for $3.5M off market

Chicago Real Estate Resources, Inc. brokered a $3.5 million, off-market sale to to Mavrek Development. Michael Weaver and Sean Mason handled the transaction for the property, located in Chicago’s Lakeview neighborhood. The sale-leaseback transaction has Byline Bank signing a long-term lease to remain as the ground floor commercial tenant in the new building that will replace the current, stand-alone bank building.

Multifamily N Illinois
Job growth and property taxes propel apartment demand

Job growth and property taxes propel apartment demand

Corporate expansions and relocations, especially by tech firms, continue to support job growth in the Chicago metro, which in turn is driving up demand for multifamily housing. According to the latest Marcus & Millichap market report, residents are turning to apartments over condos in part because of high property taxes.

CRE N Illinois
Jessica Anthonye, Brian Parmacek, Joe Powers, Nick Glaser, Liza Matricaria and Richard Matricaria at the Greater Chicago Food Depository.

Marcus & Millichap employees take part in day of giving

Employees from the Chicago offices of Marcus & Millichap held a “Day of Giving” event on November 16, packing 25,000 meals for people in need. The effort was part of the firm’s Million Meals Initiative, in partnership with Chicago-based nonprofit Feeding America, which aims to provide 1 million meals in 2018. Chicago-area Marcus & Millichap employees volunteered at the Greater Chicago Food Depository and the Northern Illinois Food Bank in Geneva.

Finance N Illinois
The new world of real estate crowdfunding can be successful, if one knows where the pitfalls are and how to avoid them.

The fall of RealtyShares: Four lessons learned

The collapse of RealtyShares has sent shock waves through the nascent online real estate syndication industry—colloquially known as real estate “crowdfunding”—but there are both reasons for optimism and lessons to be learned. The failure of RealtyShares is not an indictment of the premise upon which real estate crowdfunding is based. It is the application of a business model that, though it had worked in other industries (most notably, tech), was ill-suited to the world of real estate capital formation.

Multifamily N Illinois
Draper and Kramer acquires 180-unit luxury rental community in Schaumburg

Draper and Kramer acquires 180-unit luxury rental community in Schaumburg

Chicago-based Draper and Kramer, Incorporated has expanded its Chicago-area portfolio with the acquisition of North 680, a recently built, 180-unit luxury rental community in Schaumburg, Illinois. The property was purchased as part of a 1031 exchange following the firm’s sale of Fieldpointe of St. Louis, a 318-unit community in the St. Louis suburb of Maryland Heights, Missouri. The Chicago office of CBRE brokered the sale of North 680.

CRE N Illinois
Darlene Urgola Brown;Simeone Deary

Simeone Deary Design Group adds new principal in Chicago

Chicago-based interior design firm Simeone Deary Design Group recently welcomed Darlene Urgola Brown to the team as principal. Urgola Brown joins the firm from Gensler in Los Angeles, where she served 13 years, most recently as an associate and senior designer, leading concept ideation and design development in the hospitality group.