Multifamily V Michigan
CBRE sells 96-unit apartment project in Michigan

CBRE sells 96-unit apartment project in Michigan

CBRE closed the sale of North Pointe Apartments in Jackson, Michigan. Jack Johns and Stephen Hershfield from the CBRE Michigan Multifamily Investment Sales Team arranged the transaction on behalf of the seller, Madison North Pointe LLC. The property was acquired by Twins Real Estate, LLC, which subsequently awarded Andover Management the property management assignment. A sale price was not disclosed.

Multifamily N Illinois
Marcus & Millichap arranges sale of 12-unit Aurora apartment building

Marcus & Millichap arranges sale of 12-unit Aurora apartment building

Marcus & Millichap closed the sale of a 12-unit apartment property located in Aurora, Illinois. Randolph Taylor, an investment specialist in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust and also represented the buyer, an individual/personal trust. The asset sold for $785,000.

Multifamily N Illinois
Andersonville apartment property with 54 units, rooftop deck coming later this year

Andersonville apartment property with 54 units, rooftop deck coming later this year

The Ainslie, located at 4914 N. Clark Street, is a 54-unit development set to open late 2019 in the Andersonville neighborhood of Chicago. Pre-leasing and walk-throughs of apartments will start in October 2019. Developed by Honore Properties and Peerless Development, the building is comprised of four stories: the ground floor will house 6,000 square feet of retail space and the parking garage, while floors two through four will contain the apartments.

Multifamily N Illinois

Buligo Capital completes sale of Chicago-area apartment communities

JLL closed the $25.7 million sale and $20.56 million financing of Central Park and Governor’s House Apartments, two apartment communities totaling 316 units in south suburban Chicago. JLL marketed the properties on behalf of the seller, a Buligo Capital Partners and Ferndale Realty Group joint venture. Bender Companies purchased Central Park Apartments for $17.4 million and Governor’s House Apartments for $8.3 million.

Multifamily N Illinois
Lake Point Tower residents fight back against deconversion

Lake Point Tower residents fight back against deconversion

Chicago’s historic Lake Point Tower has taken steps that are meant to ensure that the building remains permanently owner occupied and will not be deconverted to apartments. The Lake Point Tower Condominium Association (LPTCA) board, as well as a supermajority of unit owners, recently adopted two amendments to prevent the building from being changed back into apartments.

Multifamily W Minnesota
Timberland celebrates grand-opening of Elevate in Minnesota

Timberland celebrates grand-opening of Elevate in Minnesota

Timberland Partners, a privately-owned real estate investment, development and management firm, celebrated the grand opening of Elevate at Southwest Station Apartments in Eden Prairie, Minnesota. Elevate features 222 upscale studio, one-, two-bedroom and penthouse apartments located steps from the SouthWest Station Metro Transit Center and the planned SouthWest Station LRT stop for the Green Line extension.

Multifamily i Ohio
NKF sells three-property apartment porftolio in Ohio

NKF sells three-property apartment porftolio in Ohio

NKF Multifamily Capital Markets recently closed the $43.6 million sale and $34.8 million Freddie Mac financing for repeat NKF/Freddie Mac Sponsor AndMark Investment Fund. The sale of the three-property, garden-style apartment portfolio in Columbus, Ohio, comprised of 550 units, was led by NKF’s Executive Managing Director George Skaff, and the fixed acquisition financing was led by NKF’s Houston, Texas-based Executive Managing Director Purvesh Gosalia.

Multifamily N Illinois
CBRE negotiates sale of 364-unit SkyRidge Club Apartments in Crystal Lake

CBRE negotiates sale of 364-unit SkyRidge Club Apartments in Crystal Lake

CBRE recently represented Strategic Sky Ridge LLC in the sale of Skyridge Club Apartments, a 364-unit multifamily property at 1395 Skyridge Drive in Crystal Lake, Illinois to Chern Skyridge LLC. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented Strategic Sky Ridge, an affiliate of Strategic Properties of North America with offices in Chicago and Lakewood, New Jersey.