This Week's Chicago Deal Sheet
JRK Property Holdings acquired Brook on Janes Apartments, a 288-unit multifamily community in Bolingbrook, for $69M from a venture of Quarterra.
Brook on Janes adds to the firm’s Chicago-area portfolio, which includes the 504-unit Residences at Lakeside in Lombard and the 838-unit The Residences at Arlington Heights in Arlington Heights.
“We’re finally seeing seller capitulation on pricing expectations, which has allowed us to significantly ramp up our acquisition activity,” JRK President Daniel Lippman said in a statement to Crain's Chicago Business.
Quarterra constructed the complex in 2017 and financed the development with a $29.7M loan. The three-story community is about 97% occupied, Crain's reported.
JLL's Kevin Girard, Roberto Casas and Matt Lawton represented the undisclosed seller.
PEOPLE
Kiser Group added Mason Reckamp to its team as an associate. Reckamp is responsible for underwriting properties, analyzing market data and preparing marketing materials.
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The Apartment Source tapped Genelle Banks and Alex Anderson as its newest leasing directors. The pair bring a combined 15 years of industry experience to the company.
SALES
An undisclosed buyer purchased a seven-unit multifamily property at 2647 N. Washtenaw Ave. in Logan Square for about $3.2M. Greenstone Partners’ Jordan Multack handled the transaction. The buyer used 1031 exchange proceeds to close the deal.
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An undisclosed buyer purchased a 151-unit multifamily portfolio across seven California-style buildings in Uptown for $17.2M. The property is being repositioned by the new owner. The buyers assumed the seller’s existing loan with a sub-4% interest rate locked in for the next five years. Kiser Group's Katie LeGrand, Lee Kiser and Jacob Price brokered the deal.
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Lula Holdings bought a three-building, 11-tenant retail portfolio in Mount Prospect for $12.5M from RREF III-P Randhurst Village. Marcus & Millichap’s Jeff Rowlett and Matthew Gordon represented the buyer. Northmarq's Maggie Holmes represented the seller.
FINANCING
Byline Bank’s commercial real estate group closed on $19.1M in financing for six industrial properties for VK Industrial Holdings VI LLC, an acquisition fund formed through a partnership between Venture One Real Estate and Kovitz Investment Group. The financing is for six largely stabilized warehouse properties in the Chicago and New Jersey areas.
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CEDARst Cos. and its joint venture partner, Origin Investments, refinanced The Rosie multifamily community at 1461 S. Blue Island Ave. with a $39M loan from Bridge Debt Strategies. The Rosie is a recently constructed 202-unit community located just north of Pilsen. The loan has a three-year term, and the partnership executed an interest rate cap at closing, effectively fixing the interest rate.
