This Week's Chicago Deal Sheet
Affordable housing developer Standard Communities acquired two 100% affordable senior communities totaling 466 units in Chicago and its suburbs.
Standard acquired the Commonwealth Apartments at 2757 North Pine Grove Ave., which has 145 units in Chicago's Lincoln Park neighborhood, and the Greenleaf Apartments at 502 Kildeer Drive, which has 321 units in Bolingbrook. The affordability for the properties will be preserved for 30 years.
The total capitalization of the two acquisitions is $192M, including $46M in planned renovations. The acquisition was part of a public-private partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development.
“Safe, comfortable affordable housing should be within reach for all, regardless of age or income,” Thomas Marro, director of acquisition redevelopment at Standard Communities, said in a release. “For seniors living on fixed incomes, it is increasingly difficult to afford quality homes. With our investment in Commonwealth and Greenleaf Apartments, we protect and preserve a critical housing resource for Chicago’s seniors.”
Last month, Standard acquired the 100% affordable Bryn Mawr Belle Shore Apartments, which has 371 units in Chicago’s Edgewater neighborhood. The affordable housing developer and investor now has more than 2,300 apartment units in Illinois and more than 5,700 affordable units nationwide.
PEOPLE
Jack Collins joined Northmarq’s Chicago office as senior associate, commercial investment sales. Collins specializes in the disposition and acquisition of single-tenant retail properties.
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Draper and Kramer Mortgage Corp. promoted Matt Patterson to president. He spent eight years as executive vice president of business development for the company. He will take on the new role Feb. 1.
SALES
Matthews Real Estate Investment Services sold a Tesla dealership at 50 West Ogden Ave. in Westmont. Senior associates Jonah Yulish and Robert Goldberg, Associate Vice President Zack Bates, and Executive Vice President and National Director Ben Snyder represented the seller.
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Marcus & Millichap announced the sale of several properties:
— Stor-A-Way Muncie, a self-storage facility at 206 West Ontario Drive in Muncie, Indiana. The property includes 171 units that aren't climate-controlled across 26.6K SF.
— A BP property at 2231 Maple Ave. in Downers Grove, which sold for $2.27M.
— A 7,300 SF new-construction "med-tail center," at 4400 Calumet Ave. in Valparaiso, Indiana, which sold for $2.56M. The property includes two long-term leases for a dentist and an ophthalmology practice.
— A 20.3K SF office property at 23909 West Renwick Road in Plainfield, which sold for $3M.
CONSTRUCTION AND DEVELOPMENT
Western Specialty Contractors and KBS are completing the restoration of a curtain wall at Accenture Tower, located at 500 West Madison St. KBS contracted with Western Specialty Contractors’ Chicago facades branch in 2021 to restore the existing curtain wall at the 1.5M SF Class-A office and retail building. The project includes removing and replacing the original sealants on the 588-foot-tall curtain wall and bridge over Canal Street. Work is expected to continue through 2025.
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Related Midwest announced the name and design for The Row Fulton Market, a 43-story, 300-unit residential high-rise at 164 North Peoria St. The building is scheduled to open in June 2023.
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McHugh Construction has begun construction of a 48K SF space at Navy Pier that will house FlyOver, a new attraction that gives riders a multisensory experience of flying over Chicago and other sites around the world. FlyOver will replace the IMAX theater at Navy Pier, which McHugh started demolishing in June 2022 to build the 60-foot-high-by-80-foot-wide attraction. The ride is expected to open in spring 2024.
FINANCING
Greystone provided a Fannie Mae Delegated Underwriting and Servicing loan for about $94.5M for the $131M acquisition of a multifamily property in Arlington Heights. Stonebridge Luxury Apartments is a garden-style apartment community with 586 units across six buildings.
THIS AND THAT
Oak Brook-based Inland Real Estate Acquisitions announced it negotiated and closed the purchase of $1.2B in multifamily properties throughout 2022. The acquisitions include 4,313 rental units and more than 2M SF across six states in the South and West.
