NEWS & NOTABLES

WILMETTE—Itasca, IL-based M&R Development recently celebrated the grand opening of The Residences of Wilmette, the first upscale rental development in Wilmette, IL, in more than a decade. Located across the street from the Wilmette Metra train station, the transit-oriented development is nestled between Central and Wilmette avenues in the downtown Wilmette, one of Chicago's most sought-after North Shore neighborhoods. The five-story, 75-unit rental community is a joint venture with Deerfield, IL-based Globe Corp. and is managed by Chicago-based RMK Management Corp. The development also includes 6,200 square feet of street-level retail space. “As is the case in popular suburban downtowns across the country, demand for upscale rental options has seen strong growth in recent years,” says Anthony Rossi Sr., president of M&R Development. “This property offers a luxury lifestyle experience that hasn't been available to area residents in decades.”

DETROIT—Livonia, MI-based Schostak Brothers & Co. has hired Thomas W. Litzler as executive vice president and chief operating officer. In this role, Litzler will oversee all day-to-day operations for leasing and asset management for a portfolio of retail and office properties throughout the US. With more than 30 years of experience in a variety of leadership positions, Litzler is proficient with a range of property types, including land, office and retail. “Thomas is a highly accomplished real estate executive with diverse experience in development, construction, leasing and operations,” says chief executive officer David Schostak. Prior to joining Schostak, Litzler served as president of the Midwest for Brixmor Property Group Inc., where he oversaw leasing, legal, property management, construction and redevelopment of 29 million square feet and 170 centers.

DEALTRACKER

CHICAGO—Marcus & Millichap has just completed the sale of Orchard Estates, a 156-unit apartment building in Alsip, IL, a south suburb of Chicago. The sale price of $11.1 million equates to more than $71,000 per unit. Ryan D. Engle, first vice president of investments in Marcus & Millichap's Chicago Oak Brook office, represented the private seller and also procured the buyer. “This sale highlights strong investor demand for stabilized, well-maintained multifamily assets in suburban Chicago,” says Engle. “Orchard Estates will provide new ownership with immediate cash flow while simultaneously offering upside potential.” Built in 1973, Orchard Estates, located at 4600 W. 122nd St., has six three-story buildings on a 6.2-acre lot. The community includes 72 one-bedroom apartments and 84 two-bedroom units that, collectively, were 96% occupied at the time of sale.

OLATHE, KS—Passco Companies, an Irvine, CA-based real estate company, has just acquired Greenwood Reserve, a class A, 228-unit multifamily community in the city of Olathe, KS, a fast-growing suburb of Kansas City. “Our strategy to acquire luxury multifamily communities in irreplaceable locations with premier demographics is perfectly matched by what Greenwood Reserve offers,” explains Gary Goodman, senior vice president of acquisitions, who also notes this is the firm's fifth acquisition in the Kansas City region. Kansas City was recently number one for rent growth in the Midwest and 13th in the entire nation, he adds. In addition, Kansas City is among the Midwest's best performing large economies and was ranked 16th highest in the nation for annual job growth. Greenwood Reserve is located along College Blvd., one of the major office corridors in Johnson County, the region's largest office submarket. Jeff Stingley of CBRE represented both the seller, an affiliated entity of Cityscape Residential, and Passco as the buyer in this transaction.

BY THE NUMBERS

CHICAGO—Everyone is chasing after millennials, but within the apartment sector, their grandparents may be more important. That was the conclusion of a new study by RENTCafé, a nationwide apartment search website and a part of Yardi. “Empty-nest baby boomers account for the biggest change in the renting population—2.5 million senior households joined the renter cohort nationwide during the six-year period,” the study says. Furthermore, “when looking at the metro level, Chicago boasts a 22% increase in baby boomer renters vs. just a 5% growth in millennial renters.”

CHICAGO—COMMERCIALCafé, a nationwide commercial real estate listings platform, and also a part of Yardi, recently compared the amount of space an office user could get with $5000 a month. They found that for the same monthly rent, Chicago, Seattle, LA, and Houston will provide twice the class A office space one can expect in Midtown Manhattan. And for class B offices, entrepreneurs that choose Cincinnati over Columbus get a significant bonus for their monthly lease – 3,503 square feet of office space in Cincinnati, as opposed to the average 3,018 square feet they can expect in Columbus. For $5,000 a month, you can get a 3,183-square-foot office in Indianapolis, 48% more than in Chicago.

NEWS & NOTABLES

WILMETTE—Itasca, IL-based M&R Development recently celebrated the grand opening of The Residences of Wilmette, the first upscale rental development in Wilmette, IL, in more than a decade. Located across the street from the Wilmette Metra train station, the transit-oriented development is nestled between Central and Wilmette avenues in the downtown Wilmette, one of Chicago's most sought-after North Shore neighborhoods. The five-story, 75-unit rental community is a joint venture with Deerfield, IL-based Globe Corp. and is managed by Chicago-based RMK Management Corp. The development also includes 6,200 square feet of street-level retail space. “As is the case in popular suburban downtowns across the country, demand for upscale rental options has seen strong growth in recent years,” says Anthony Rossi Sr., president of M&R Development. “This property offers a luxury lifestyle experience that hasn't been available to area residents in decades.”

DETROIT—Livonia, MI-based Schostak Brothers & Co. has hired Thomas W. Litzler as executive vice president and chief operating officer. In this role, Litzler will oversee all day-to-day operations for leasing and asset management for a portfolio of retail and office properties throughout the US. With more than 30 years of experience in a variety of leadership positions, Litzler is proficient with a range of property types, including land, office and retail. “Thomas is a highly accomplished real estate executive with diverse experience in development, construction, leasing and operations,” says chief executive officer David Schostak. Prior to joining Schostak, Litzler served as president of the Midwest for Brixmor Property Group Inc., where he oversaw leasing, legal, property management, construction and redevelopment of 29 million square feet and 170 centers.

DEALTRACKER

CHICAGO—Marcus & Millichap has just completed the sale of Orchard Estates, a 156-unit apartment building in Alsip, IL, a south suburb of Chicago. The sale price of $11.1 million equates to more than $71,000 per unit. Ryan D. Engle, first vice president of investments in Marcus & Millichap's Chicago Oak Brook office, represented the private seller and also procured the buyer. “This sale highlights strong investor demand for stabilized, well-maintained multifamily assets in suburban Chicago,” says Engle. “Orchard Estates will provide new ownership with immediate cash flow while simultaneously offering upside potential.” Built in 1973, Orchard Estates, located at 4600 W. 122nd St., has six three-story buildings on a 6.2-acre lot. The community includes 72 one-bedroom apartments and 84 two-bedroom units that, collectively, were 96% occupied at the time of sale.

OLATHE, KS—Passco Companies, an Irvine, CA-based real estate company, has just acquired Greenwood Reserve, a class A, 228-unit multifamily community in the city of Olathe, KS, a fast-growing suburb of Kansas City. “Our strategy to acquire luxury multifamily communities in irreplaceable locations with premier demographics is perfectly matched by what Greenwood Reserve offers,” explains Gary Goodman, senior vice president of acquisitions, who also notes this is the firm's fifth acquisition in the Kansas City region. Kansas City was recently number one for rent growth in the Midwest and 13th in the entire nation, he adds. In addition, Kansas City is among the Midwest's best performing large economies and was ranked 16th highest in the nation for annual job growth. Greenwood Reserve is located along College Blvd., one of the major office corridors in Johnson County, the region's largest office submarket. Jeff Stingley of CBRE represented both the seller, an affiliated entity of Cityscape Residential, and Passco as the buyer in this transaction.