DETROIT—Dale Phillips has just joined City Club Management, the management arm of City Club Apartments, an owner, developer and manager of urban midrise and high-rise apartments and penthouses, as president and chief operating officer. Phillips has more than 23 years of multifamily and hospitality industry experience. He will develop City Club Management's team, processes and infrastructure for all company operations, as well as oversee the transition of City Club Apartment's 10,000 apartments and penthouses from Village Green to City Club Management over the next six months. Prior to joining City Club, Phillips served as president of Phoenix-based Mark Taylor Residential, where he expanded the portfolio to Seattle, Portland, Phoenix, Las Vegas and Albuquerque, tripling its unit count to 15,000. City Club Apartments owns approximately 10,000 luxury apartments in 30 communities.

CLARENDON HILLS, IL—LM Commercial Real Estate has promoted Gwen Lampert to vice president of its investment division. Lampert maintains a key role in the acquisitions and asset management areas in addition to overseeing the accounting and financial reporting for the company's assets and investment funds. “Gwen is an integral part of our Investment Division's current efforts and future growth plans and this promotion is well deserved,” says LM's Donald Price, chief investment officer and senior vice president. Founded in 1989, LM Commercial Real Estate, a Lagestee-Mulder company, is a full-service commercial real estate firm with more than 25 years of experience in brokerage, commercial construction, development and investment throughout the Chicago and Northwest Indiana markets.

CHICAGO—Officials from JDL Development say they have begun pre-leasing at SixForty, a new luxury residential and retail tower at 640 N. Wells St. in the River North neighborhood. Potential tenants can now take tours of the lobby, select residential units and the fifth-floor amenity deck. The first move-ins will be welcomed Saturday, July 1. Designed by Chicago-based Hartshorne Plunkard Architecture, SixForty will include a 23-story tower with 250 apartments and 8,000 square feet of street-level retail at the corner of Ontario and Wells streets. SixForty marks the second project for JDL Development and Chicago-based The Habitat Co., which will manage the property and oversee leasing. The two firms previously partnered on 1000 South Clark, which is currently 99% leased after opening in the South Loop last summer.

CLEVELAND—Institutional Property Advisors has been awarded the exclusive listing for Huron Square & the Osborn Apartments, two office buildings that have been converted into 120 apartments located above 16,132 square feet of retail and office space in downtown Cleveland. The properties are unpriced and free and clear of existing debt. “The current owners were among the very first developers to see a thriving residential neighborhood in downtown Cleveland when they converted these two architecturally-significant office buildings to multifamily in 2001,” says Michael Barron, senior managing director. “Today 15,000 people, largely high-earning professionals, live 24-hour lifestyles in the city's thriving central business district.” Barron, Daniel Burkons, senior managing director and Joshua Wintermute, director, are representing the seller, two local Cleveland families. Originally composed of physician and dentist offices, Huron Square was built in 1923. It now features 70 loft-style apartments and two commercial spaces. Built in 1895 to house medical offices, the Osborn Building now has 50 loft-style apartments and two commercial spaces.

DEALTRACKER

ST. LOUIS—Behringer Harvard Opportunity REIT I just sold the Chase Park Plaza Hotel here to Hospitality Properties Trust. Sonesta International Hotels Corp. will operate the hotel, which will become known as the Chase Park Plaza Royal Sonesta Hotel. Cushman & Wakefield's global hospitality group represented Behringer in the sale. Executive managing director Tom McConnell and senior managing director Jared Kelso led the C&W team. Overlooking Forest Park in the Central West End of St. Louis, the hotel has been a destination for more than 90 years. In addition to its 338 oversized guest rooms and suites, the property offers 51 furnished executive apartments, a wide array of food and beverage outlets, and a great deal of retail and commercial space.

BY THE NUMBERS

CHICAGO—Apartment developers in Chicagoland continue to create new units at a record pace. After completing more than 9,000 new apartments in 2016, developers will finish another 8,580 this year, well above the 15-year average, according to a new market report from Marcus & Millichap. This total will exceed the demand, the report adds, and that will raise vacancy to 5.1%, after an 80 bps increase last year. The average effective rent will increase in 2017 to $1,422 per month, outpacing last year's gain of 4%.

NEWS & NOTABLES

DETROIT—Dale Phillips has just joined City Club Management, the management arm of City Club Apartments, an owner, developer and manager of urban midrise and high-rise apartments and penthouses, as president and chief operating officer. Phillips has more than 23 years of multifamily and hospitality industry experience. He will develop City Club Management's team, processes and infrastructure for all company operations, as well as oversee the transition of City Club Apartment's 10,000 apartments and penthouses from Village Green to City Club Management over the next six months. Prior to joining City Club, Phillips served as president of Phoenix-based Mark Taylor Residential, where he expanded the portfolio to Seattle, Portland, Phoenix, Las Vegas and Albuquerque, tripling its unit count to 15,000. City Club Apartments owns approximately 10,000 luxury apartments in 30 communities.

CLARENDON HILLS, IL—LM Commercial Real Estate has promoted Gwen Lampert to vice president of its investment division. Lampert maintains a key role in the acquisitions and asset management areas in addition to overseeing the accounting and financial reporting for the company's assets and investment funds. “Gwen is an integral part of our Investment Division's current efforts and future growth plans and this promotion is well deserved,” says LM's Donald Price, chief investment officer and senior vice president. Founded in 1989, LM Commercial Real Estate, a Lagestee-Mulder company, is a full-service commercial real estate firm with more than 25 years of experience in brokerage, commercial construction, development and investment throughout the Chicago and Northwest Indiana markets.

CHICAGO—Officials from JDL Development say they have begun pre-leasing at SixForty, a new luxury residential and retail tower at 640 N. Wells St. in the River North neighborhood. Potential tenants can now take tours of the lobby, select residential units and the fifth-floor amenity deck. The first move-ins will be welcomed Saturday, July 1. Designed by Chicago-based Hartshorne Plunkard Architecture, SixForty will include a 23-story tower with 250 apartments and 8,000 square feet of street-level retail at the corner of Ontario and Wells streets. SixForty marks the second project for JDL Development and Chicago-based The Habitat Co., which will manage the property and oversee leasing. The two firms previously partnered on 1000 South Clark, which is currently 99% leased after opening in the South Loop last summer.

CLEVELAND—Institutional Property Advisors has been awarded the exclusive listing for Huron Square & the Osborn Apartments, two office buildings that have been converted into 120 apartments located above 16,132 square feet of retail and office space in downtown Cleveland. The properties are unpriced and free and clear of existing debt. “The current owners were among the very first developers to see a thriving residential neighborhood in downtown Cleveland when they converted these two architecturally-significant office buildings to multifamily in 2001,” says Michael Barron, senior managing director. “Today 15,000 people, largely high-earning professionals, live 24-hour lifestyles in the city's thriving central business district.” Barron, Daniel Burkons, senior managing director and Joshua Wintermute, director, are representing the seller, two local Cleveland families. Originally composed of physician and dentist offices, Huron Square was built in 1923. It now features 70 loft-style apartments and two commercial spaces. Built in 1895 to house medical offices, the Osborn Building now has 50 loft-style apartments and two commercial spaces.

DEALTRACKER

ST. LOUIS—Behringer Harvard Opportunity REIT I just sold the Chase Park Plaza Hotel here to Hospitality Properties Trust. Sonesta International Hotels Corp. will operate the hotel, which will become known as the Chase Park Plaza Royal Sonesta Hotel. Cushman & Wakefield's global hospitality group represented Behringer in the sale. Executive managing director Tom McConnell and senior managing director Jared Kelso led the C&W team. Overlooking Forest Park in the Central West End of St. Louis, the hotel has been a destination for more than 90 years. In addition to its 338 oversized guest rooms and suites, the property offers 51 furnished executive apartments, a wide array of food and beverage outlets, and a great deal of retail and commercial space.