Multifamily N Illinois
SixForty North Wells in River North.

An analysis of multifamily concessions in Chicago

Chicago’s core neighborhoods observed a number of multifamily deliveries over the past few years, a trend that should continue through 2020. According to a blog post by Laura Ballou, senior associate—market analytics at KIG CRE, these new deliveries as well as upcoming units should support the recent trend for concessions.

Multifamily N Illinois
Chicago multifamily project raising cancer research funds with pink elevator

Chicago multifamily project raising cancer research funds with pink elevator

A luxury apartment project in Chicago’s Lakeview neighborhood, Viridian on Sheridan, is supporting the Susan G. Komen foundation with Chicago’s first “Ride the Pink Elevator” campaign. Designed to raise funds and awareness within the construction industry for breast cancer programs and services, the campaign has raised over $174,000 for Susan G. Komen nationally.

Multifamily N Illinois
Interra brokers $13M Wrigleyville deconversion

Interra brokers $13M Wrigleyville deconversion

Chicago-based commercial real estate investment services firm Interra Realty brokered the $13.7 million deconversion sale of 3264-70 N. Clark Street, a mixed-use building in Chicago’s Lakeview neighborhood. The buyer, Chicago-based North Park Ventures, intends to convert the property’s 30 condominiums back into rentals and develop a new, five-story, 22-unit apartment building on an adjacent surface lot.

Multifamily N Illinois
Golub, USAA team up for purchase of historic Chicago high rise

Golub, USAA team up for purchase of historic Chicago high rise

Chicago-based real estate developer Golub & Company formed a joint venture with San Antonio, TX-based USAA Real Estate and acquired Chicago’s Century Tower. The vintage, luxury high-rise located at 182 W. Lake Street currently includes 292 residential condominiums. Built in 1930 and on the National Register of Historic Places, the building was converted from office to multifamily rentals in 2001, and then converted to condominiums in 2006. The joint venture team has de-converted the existing condominium association and plans to renovate the residential units and shared amenity spaces to offer them as rental apartments.

Multifamily N Illinois
Kiser Group closes $2.5M South Shore apartment deal

Kiser Group closes $2.5M South Shore apartment deal

Mid-market multifamily brokerage firm Kiser Group recently brokered a $2.5 million deal at 7001 S. Chappel Avenue in Chicago’s South Shore neighborhood. The 22-unit deal was brokered by Kiser Group’s senior director, Noah Birk, and director, Aaron Sklar. A California-based investor purchased the portfolio from a local owner.

Multifamily N Illinois
HFF secures senior financing for Class A apartment development

HFF secures senior financing for Class A apartment development

Holliday Fenoglio Fowler, L.P. (HFF) announced senior financing for NEXT, a 310-unit, Class A luxury apartment tower in Chicago’s River North neighborhood. The HFF team worked on behalf of the borrower, a joint venture between Fifield Companies and Strand Corporation, to secure the seven-year, fixed-rate loan through a correspondent life insurance company. Loan proceeds will refinance the original construction financing.

Multifamily N Illinois
Berkadia negotiates multifamily sale in Rantoul

Berkadia negotiates multifamily sale in Rantoul

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, announced the sale of Falcon Way Townhomes, located at 909 N. Maplewood Drive, Rantoul, IL. Parker Stewart, Ralph DePasquale and Alex Blagojevich of the Chicago office represented the seller, Falcon Way Apartments, LLC of Urbana, IL. An affiliate of Odin Properties purchased Falcon Way Townhomes.