Kiser Group completed the sale of 5411 N. Winthrop, a four plus one multifamily property, for $17.4 million.

Kiser Group Advisors Jacob Price and Katie LeGrand led the sale process. “This transaction reflects the ongoing demand for renovated multifamily properties in Edgewater, especially those with scale and strong occupancy,” said LeGrand.

The fully renovated building features modern amenities and was sold to Chicago-based multifamily owner and operator Becovic Residential. Its current occupancy rate is approximately 99%.

“The buyer recognized the property’s value as a strategic addition to their portfolio, while the seller achieved a near-list price resulting in a highly competitive process.” added Price. Edgewater continues to benefit from strong multifamily market dynamics, supported by its appealing mix of affordability, proximity to downtown Chicago, and a desirable lakeside location.

Continuum Advisors, a national senior housing investment sales and advisory firm, announced the sale of The Oaks at Bartlett, a 283-unit senior housing community about 35 miles northwest of downtown Chicago.

Built in 2007, the 37-acre interconnected campus offers 10 cottages, 154 independent living apartments, 49 assisted living units, 16 memory care units and 54 skilled nursing units. Continuum Advisors co-founders David Kliewer and Jay Jordan led the transaction, after running an extensive marketing campaign to identify a stalking horse bidder, followed by a court-supervised overbid process.

The community was sold through a court-supervised process with Michael F. Flanagan of Flanagan & Associates, LLC serving as the Receiver. This led to the $42 million sale of The Oaks at Bartlett to a national institutional investor.

“Under new ownership, this sale paves the way for long-term financial stability and new capital to be invested into the campus across common spaces as well as unit upgrades,” said David Kliewer.

Colliers has closed the sale of a two-building distribution portfolio totaling 245,000 square feet in the Southwest submarket of Indianapolis, Indiana.

Comprised of 4316 W Minnesota Street and 4750 Kentucky Avenue, the fully occupied infill properties are home to a wholesale industrial packaging company, BASCO, and logistics and warehousing providers, Golden Tiger Transportation and Kid Glove Service. Both highly functional facilities provide immediate interstate access and efficient connection to the Indianapolis International Airport (IND), FedEx Airhub, and downtown Indianapolis.

The Colliers Industrial Capital Markets – Midwest Team, led by Alex Cantu and Alex Davenport, facilitated the transaction on behalf of Clarion Partners, a leading real estate investment manager with a presence in major markets across the United States and Europe. The assets were purchased by Diamond Properties, a New York-based commercial real estate investment firm managing a diverse portfolio of more than 16 million square feet.

 JLL has closed the sale of 4004 Kruse Way Place, a 59,865-square-foot medical outpatient building repositioning in Lake Oswego, Oregon. JLL represented the seller, Shorenstein, and procured the buyer, a joint venture between Evergreen Medical Properties and Bain Capital’s real estate team.

4004 Kruse Way Place is located in the Kruse Way submarket near downtown Portland. The three-story property is currently 74% leased and anchored by Providence Health & Services. Currently operating as a traditional office property, the buyer intends to convert the building to a premier outpatient healthcare facility to meet the high demand for medical outpatient space within the submarket.

Evan Kovac, part of JLL’s Capital Markets National Medical Properties group, collaborated closely with Buzz Ellis from the local Pacific Northwest Advisory team, in arranging the sale. JLL’s Debt Advisory team worked on behalf of the buyer to secure acquisition financing. The team was led by Anthony Sardo of the National Medical Properties group and Zach Kersten from the Pacific Northwest Advisory team.

Interra Realty brokered the sale of Sunset Village, an 84-unit multifamily property in Waukegan, Illinois. The senior housing property sold for $7.77 million, equivalent to $92,500 per unit.

Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito represented the confidential seller in the deal. Kennelly, Waterloo and Zito also represented a private local partnership in the purchase of the property.

“Like many other Chicago suburbs, Waukegan has seen an increase in apartment occupancy, leading to steadily rising rents,” said Waterloo. “Sunset Village experienced a 7% increase in revenue over the past year, which is one of the reasons we saw so much competition for the property, with multiple offers from both local and out-of-state investors.”

Located at 2205-10 N. Butrick St., the property includes 79 one-bedroom and five two-bedroom units. Resident amenities include a secured entrance, inviting lobby and lounge, fitness space, multiple laundry facilities, elevator access and on-site parking, including underground garage spaces.

JLL has arranged financing for K14 Campus Flats, a student housing property across the street from the University of Oregon in Eugene, Oregon. Working on behalf of the borrower, Waterway Family Funds, JLL placed the 10-year acquisition financing with Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Directors Patricia Heminger, Dan Kearns and Stephen VanLeer, Associate Rebecca Brielmaier, Senior Analyst Sam Tarter and Analyst Merrick Evans.

K14 Campus Flats is located at 1414 Kincaid Street and is near the student recreation center and campus core, as well as the main retail hub for bars and nightlife serving students in the area.

Completed in 2015, the Class A student housing community offers 45 fully leased units in two-, three- or four-bedroom layouts. K14 Campus Flats also offers a full amenity suite, which includes on-site bicycle storage, a community courtyard, a grilling station and a tenant lounge.

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of two properties in Chicago’s Greater Grand Crossing and Chatham neighborhoods. The transactions included the sale of 6800-6802 S. Indiana Avenue, a 16-unit apartment building, and 8001-05 S. Drexel Avenue, a 19-unit apartment building.

The Essex South/West team of Joe Kahlhammer, Robert Berman, Mike Anguiano, Daniel Shabsin, Jeremy DeMarco, and Russell Tillery exclusively represented the seller in each sale.

Commenting on the sales, lead broker Joe Kahlhammer said, “The activity we saw with these properties was astounding. Local and out of state investors alike were interested in these assets.”

There’s still time to register for the Connect Industrial Midwest 2024 event on March 5 at Joe’s Live in Rosemont, Illinois. Click here for more information and to sign up.

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.

Cardinal Group, a real estate company based in Colorado, has purchased the student housing community Midtown Stillwater, located at 801 W 4th Avenue in Stillwater, Oklahoma, for an undisclosed price. The 221-unit, 823-bed property is situated steps away from Oklahoma State University’s Student Union.

Sean Baird, senior vice president, and Jonathan Holt, senior vice president, of Colliers’ Student Housing Team, as well as Logan Weaver, vice president, Grant Kollman, senior vice president, and Charlie LaBarr, vice president, from Colliers’ Kansas office, facilitated the transaction. Real Equity Management was the seller.

Built in 2017, Midtown Stillwater is comprised of one-, two-, three- and four-bedroom unit configurations. “This transaction is aligned with the trend in flight to quality we’re seeing to assets in Power 5 conferences, where universities have demonstrated historical enrollment growth, coupled with strong year-over-year rental rate growth,” Baird said.