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January 3, 2010 
Multifamily Monday;
300 S. Riverside Sold

Happy New Year! As we move forward in 2011, we're curious what you think are the hottest topics in the real estate world. Have an idea or topic for a future event? Send us an e-mail.

The changing of the calendar also mirrors the changing of ownership at 300 S. Riverside. Jones Lang's Bruce Miller, Jim Postweiler, and Jascint Vukelich closed the deal on behalf of Brookfield Real Estate Opportunity Fund. JLL's Dave Hendrickson and Dustin Stolly arranged the financing.
300 S.Riverside
The 1.1M SF, 23-story tower along the river in the West Loop traded for $194M. JLL arranged $120M in financing through UBS on behalf of the building's new owners, an investment group led by Joseph Mizrachi and David Werner. The building is 97% leased.

Part of Aqua Tower Sold
Aqua tower
A spokeswoman for Magellan Development confirmed that a majority interest in the famous Aqua tower's 474-unit apartment has been sold to JP Morgan Chase. The 82-story Jeanne Gang-designed building is also home to 292 condo units and a new RadisonBlu hotel, under construction on the tower's lower levels. The apartment units are 97% occupied. Construction on the apartments and condos was completed in summer 2009. (Upon hearing it was OK to invest in just part of a building, shares in the visiting dugout at Wrigley doubled overnight.)

Pathway to Seniors
Victory Centre Vernon Hils
The Village of Vernon Hills and the South Side of Chicago are getting new affordable seniors living communities. Chicago owner/operator Pathway Senior Living's new Victory Centre of Vernon Hills will be its 11th community, comprised of 111 seniors apartments and a 120-bed supportive living facility. The new 72-unit, LEED-certified seniors apartment building at Victory Centre of South Chicago (93rd and Harbor Drive) will open later this quarter. (By the way, having two Victory Centres is the textbook definition of win/win.) Construction financing for both deals comes from Illinois Housing Development Authority and other state tax credits.
Aaron D'Costa, Jerome Finis and Michael Vick
The company was co-founded by Jerome Finis (center, here with Aaron D'Costa and Michael Vick) in 1997 and Jim Keledjian (not pictured). The two re-developed the former Joliet Catholic High School and priory into seniors living facilities just as their operator went out of business, so Pathways became an operator itself. Since then, they've found a niche in seniors affordable housing, with 10 assisted living centers and five seniors apartments in the Chicago area, as well as one in Detroit. They tell us 2011 could bring an expansion beyond Chicagoland for the company.

New Naperville Retail
Grand Appliance Naperville
The Dobbins Group finished Grand Appliance in Naperville—a 10k SF design-build retail facility in the Design Point Development. The ground-up, single-story building has an exterior facade utilizing structural brick, stone accents, and metal composite panels. The interior features a state-of-the-art showroom with custom millwork displaying high-end appliance and electronic products. Grand Appliance and The Dobbins Group have previously teamed up on locations in Crystal Lake, Chicago, and Zion.
New Year. New you? Tell Maureen Wilkey about it, maureen@bisnow.com.
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