This Week's Chicago Deal Sheet: 400-Unit St. Charles Apartment Building Changes Hands
Marquette Cos. acquired Ascend St. Charles, a 400-unit apartment community in St. Charles, for an undisclosed price.
Ascend St. Charles offers a mix of one-, two- and three-bedroom apartments, with monthly rents starting in the mid-$1,600s. Select units feature stainless steel appliances and white-painted cabinets, fireplaces, private outdoor space and in-unit washers and dryers.
“This acquisition aligns with Marquette’s commitment to identifying well-located, value-add opportunities that benefit our residents and deliver strong returns for our partners,” Marquette Cos. partner Trevor Ryan said in a release. “With Ascend St. Charles’ modernized amenities and the potential to enhance a majority of its residences, we look forward to upgrading the living experience for current and future residents, meeting the rising demand in the area for elevated apartment living.”
Amenities include a recently renovated clubhouse, an upgraded fitness center, a residents lounge and game room, and a swimming pool and sundeck surrounded by lounge seating.
PEOPLE
Xroads Real Estate Advisors has tapped a new executive team. The company promoted Kirsten Bowersox to president from chief operating officer. Suzanne Hendrick will take over from Bowersox in the role of chief operating officer.
***
Essex Realty Group promoted Rick Ofman to managing director. Ofman, who joined Essex in 2021, has helped the firm grow, working alongside Doug Imber and Kate Varde to close more than $374M in investment sales.
***
Project Management Advisors added Brad Moeller to its team as vice president. Based in the firm’s Chicago office, Moeller will spearhead PMA’s student housing development and project management practice and leverage his background in the vertical to deliver student housing projects on behalf of PMA’s clients.
SALES
A private local buyer purchased a newly constructed 32-unit apartment building at 4447-4459 N. Hazel St. in Uptown from Longford Design & Construction. Essex Realty Group's Steven Livaditis and Matt Feo represented the sellers in the deal, while Essex's Brian Karmowski represented the buyer.
***
Wayland Real Estate Capital acquired The Hazelton, a 60-unit micro-apartment building at 851 W. Montrose Ave. in Uptown for just over $7.9M. Originally a single-room occupancy building, the property underwent a comprehensive gut renovation and modernization led by CityPads. As part of the transaction, Wayland assumed a long-term Freddie Mac loan at what it characterized as a favorable interest rate. The property is 100% leased and occupied.
***
North Park Ventures acquired 1741 N. Western Ave., a stabilized 25-unit multifamily property in Bucktown, for $6.2M. Greenstone Partners’ Danny Spitz and Jordan Multack represented the undisclosed seller and procured the buyer.
LEASES
Batch Freight relocated its corporate headquarters to 214 W. Huron St. The new office space is about 20K SF, nearly twice the size of the company's previous space. It will house nearly 200 employees. Batch worked with CBRE's Tony Coglianese and Brad Serot on the lease agreement, and Brookfield Growth helped finance the deal.
FINANCING
BWE secured a $20M loan on behalf of a joint venture between R2 and JDI Realty to finance the acquisition of Innovation Park, a 1M SF mixed-use office and research laboratory campus in Libertyville. BWE's Daniel Rosenberg, Chris Carroll, Logan Petersmeyer and Max Miller secured the loan from a depository institution on behalf the borrowers. The five-year loan features multiple years of interest-only payments and structured flexibility.
