A pair of affordable housing communities in the Chicago area hit developmental milestones this week.
Housing Trust Group completed the construction of Crescent Place, an $18.2M affordable housing community at 310 West Rand Road in Arlington Heights. Crescent Place provides 40 units reserved for residents who earn between 30% and 60% of the area median income. Among several financing sources, Crescent Place received a $10.9M construction loan and $1.65M permanent loan from BMO Harris Bank.
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“Amidst the challenges posed by escalating rental rates, investment in affordable housing in the Chicago area has never been more essential,” Matthew Rieger, president and CEO of Housing Trust Group, said in a release.
Elsewhere, Lincoln Avenue Communities broke ground on Willis Senior Lofts, an affordable housing development for lower-income seniors in Rochelle. The 60-unit property will serve residents 55 and older, with 45 units restricted to households earning less than 60% of the area median income and 15 units restricted to 30% of the area median income. Construction is expected to finish in spring 2025.
JPMorgan Chase provided a construction loan for the development.
SALES
Breneman Capital acquired the Ashland Place apartment community in the West Loop at 33 South Ashland Ave. for an undisclosed price. Developers completed Ashland Place in 2018, and the community consists of two one-bedroom units and 45 two-bedroom units.
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GoldCoast Logistics completed a sale-leaseback of its headquarters building at 1425 Madeline Lane in Elgin. GoldCoast sold the property for $20M to a private Delaware statutory trust. The 62K SF building is in a business park. Stream Capital Partners Managing Principal Jonathan Wolfe and Managing Director Jeff Lizzo led the transaction.
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Interra Realty brokered the $8.15M sale of a 69-unit mixed-use building in Rogers Park at 7219 North Sheridan Road. The property includes three studios, 37 one-bedroom units and 21 two-bedroom units. Interra associate Kevin Rahmanim represented the buyer, a local private investor. The local private seller was self-represented in the off-market deal.
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Lee & Associates closed on the sale of a 94K SF manufacturing building at 2050 Mitchell Blvd. in Schaumburg for an undisclosed sum. Lee & Associates principals Terry Grapenthin, Michael Plumb and Ryan Earley represented the seller. Core Industrial Realty’s Nick Krejci and Noel Liston represented the buyer.
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Entre Commercial Realty completed the sale of a 3.14-acre development site at 1995 Melissa Lane in Aurora. Entre procured the buyer, which plans to develop its future headquarters for transportation, maintenance and parking needs. Entre’s Mike DeSerto and Cory Kay represented the seller, and Enterprise Realty represented the buyer.
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Hines acquired a portfolio that includes a two-building, 1.1M SF industrial campus at 4700-4800 Proviso Drive and 5000 Proviso Drive in Melrose Park. The portfolio is 100% leased to three logistics tenants who have occupied their spaces for about 20 years.
LEASING
Entre Commercial Realty completed two subleases totaling 69K SF at 801 Technology Way in Libertyville.
AAT Sales Inc., a provider of food service equipment, subleased 25K SF. Tri-State Realty’s Rob Elbrecht represented the subtenant, and Entre’s Dan Benassi and Sam Deihs represented the sublandlord. LED Tranquility Inc., a full-service audio, video, lighting and scenic company, subleased 44K SF. Benassi and Deihs represented the sublandlord and were the sole brokers in the transaction.
