This Week's Chicago Deal Sheet: The Laramar Group Picks Up A Suburban Multifamily Complex
The Laramar Group acquired a 294-unit multifamily community in Downers Grove for $72M.
The Easton Downers Grove at 2845 Easton St. was originally constructed as condominiums in 2009. The community includes three seven-story concrete buildings and five three-story townhome buildings with a variety of floor plans.
“The Easton Downers Grove aligns strategically with Laramar's value-add strategy as it is well-designed and centrally located in an area with strong household income and connection to multiple employment corridors,” Laramar Vice President of Investments Matthew Kreikemeier said in a release, adding that strong demand and limited supply in the Chicago suburbs helped motivate the acquisition.
JLL's Capital Markets team worked on the sale and financing.
PEOPLE
Interra Realty promoted Paul Waterloo to managing partner and Harrison Pinkus to managing director. To support the firm’s continued growth, Interra also hired Joe Braun as a director and Andrew Stassi as an associate.
SALES
An undisclosed buyer purchased a 96K SF multitenant industrial building at 6704 Pingree Road in Crystal Lake. The building was fully leased to eight different tenants at the time of sale, offering warehouse spaces to local businesses as well as a local softball club. Entre Commercial Realty's Kevin Kaplan represented the buyer, while Premier Commercial Realty's Bruce Kaplan and Shari Haefner represented the seller.
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Special Olympics Illinois bought a 20K SF, single-story flex office and event space building at 2324 W. Fulton St. for $4.7M. The organization will expand its Chicago regional office from 6K SF at 820 W. Jackson Blvd. when the organization moves into the building this summer.
NAI Hiffman's Aubrey Englund and Blue Star Properties' Mike Lombard represented Special Olympics Illinois in the acquisition. CBRE's Matt Cowie and Larry Goldwasser represented the seller, a local private investment group.
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A private investor purchased a a 47-unit apartment property at 27, 36 and 43 King Arthur Court in Northlake for an undisclosed price. Marcus & Millichap's Ryan Engle, Andrean Angelov and Sam Antreasian had the exclusive listing to market the property for the seller and procured the buyer.
LEASES
A regional trucking and logistics company leased a 20K SF industrial outside storage facility at 2614 Brandon Road in Joliet. Lee & Associates' Dylan Maher, Michael O’Leary and Brian Vanosky represented the owner, Clear Height Properties. Morken & Associates' Brian Morken represented the tenant.
CONSTRUCTION AND DEVELOPMENT
Evergreen Real Estate Group completed development of Encuentro Square Apartments in Logan Square. Evergreen developed the property in a joint venture with nonprofit housing developer Latin United Community Housing Association and in partnership with the Chicago Department of Housing, the Department of Planning and Development and the Chicago Housing Authority. The $67.5M development comprises two buildings at 3759 W. Cortland St. and 1844 N. Ridgeway Ave., providing 89 affordable units for families and individuals with incomes at or below 60% of the area median income.
FINANCING
BWE originated an $8M loan with a five-year term and 30-year amortization period to refinance Mayfair Plaza at 4830-4840 N. Pulaski Road in Chicago. Mayfair Plaza is a three-building, 29K SF retail strip center that was 100% leased at the time of loan closing. BWE's Ryan Morris originated the loan.
