Category: Midwest-North region

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Aeon acquires 306-unit Village Club Apartments to preserve affordability



Today Aeon, a nonprofit developer, owner, and manager of affordable homes, completed the purchase of Village Club Apartments, a 306-apartment property in Bloomington. Key partners in the acquisition include the City of Bloomington, the Housing and Redevelopment Authority of the City of Bloomington, and National Equity Fund. Twin Cities Local Initiatives Support Coalition also provided leadership and funding commitments to support improvements at Village Club.

The City of Bloomington provided critical assistance in the acquisition with its first investment from its new Housing Trust Fund, recently approved by the City Council.

“We are proud to work with the City of Bloomington as it provides groundbreaking leadership to preserve and create affordable housing for all residents,” said Aeon President & CEO Alan Arthur. “We’re excited to partner with National Equity Fund for the first time on a NOAH acquisition. By supporting Aeon’s purchase of Village Club, our partners were able to keep hundreds of individuals and families in their homes.”

Village Club Apartments is an example of naturally occurring affordable housing (NOAH) properties that have aged into affordability. Aeon has purchased more than 2,000 NOAH apartment homes in the past several years, keeping rents affordable. Village Club is a mixed-income acquisition, with more than half of the units affordable at or below 60% of area median income. The remaining units will be affordable at or below 80% of area median income.

NOAH affordability is threatened in the Twin Cities’ strong real estate market where a growing number of building sales are leading to increased rents, pricing out current residents, and resulting in their displacement. In Minneapolis alone, more than 1,800 NOAH apartment homes were lost in 2017 according to Minnesota Housing Partnership’s 2018 Market Watch report.

Preserving existing affordable homes benefits communities by keeping residents in their homes and children in their schools. It also ensures that aging properties remain long-term assets to the community.



Draper and Kramer expands Chicago portfolio with acquisition of HUBBARD221

HUBBARD221 Roof Deck and Pool
Amenities at HUBBARD221 include an expansive rooftop terrace with grilling stations, a fire pit, cabanas, a pool and hot tub.


Draper and Kramer, Incorporated, a national real estate services firm, today announced it has expanded its multifamily portfolio with the acquisition of HUBBARD221, a 195-unit luxury apartment tower in Chicago’s River North neighborhood. The property was purchased by Draper and Kramer through a 1031 exchange following the firm’s sale of Prairie Shores, a 1,675-unit, multi-building apartment community in Chicago’s Bronzeville neighborhood. Terms of the HUBBARD221 purchase were not disclosed.

Located at 221 W. Hubbard St., the 23-story property features a mix of studio, one-, two- and three-bedroom units, including a selection of penthouse residences, ranging from 467 to 1,511 square feet. Residents of the community enjoy easy access to retail, nightlife and restaurants, as well as leading employers throughout River North and the nearby central business district.

“As a company with a long and successful track record of owning and operating in Chicago, we remain bullish on the local multifamily market and its ability to deliver attractive risk-adjusted returns in the months and years ahead,” said Blas Puzon, chief investment officer with Chicago-based Draper and Kramer. “In terms of what constitutes a core investment under Draper and Kramer’s current acquisition strategy, HUBBARD221 checked all the boxes. It’s a high-quality asset that will stand the test of time thanks to its ability to deliver the live-work-play lifestyle that so many renters seek.”

Built in 2017, HUBBARD221 offers modern, open floor plans and luxury finishes throughout individual apartments, such as gray-tone plank flooring; gourmet kitchens with contemporary cabinetry, quartz countertops, porcelain backsplashes and stainless steel appliances; and spa-like baths with floating vanities and Kohler fixtures. All units have 9-foot or higher ceilings, floor-to-ceiling windows, custom closets and in-unit washer and dryer. Select apartments also offer a private balcony or terrace, built-in desk and walk-in closets.

Shared amenities at HUBBARD221 include a resident lounge; dedicated co-working space; chef’s kitchen and adjacent party room; state-of-the-art fitness center, yoga studio and meditation lounge; and an expansive rooftop terrace with grilling stations, a fire pit, cabanas, a pool and hot tub. The tower’s lower levels house a dog run, pet spa, bike storage and bike repair station.

Draper and Kramer, one of the largest property management firms in Chicago, will operate HUBBARD221 going forward, adding to its portfolio of more than 8,000 rental units across Chicago, St. Louis, Dallas and San Antonio.

“Our property management division has a proven track record with luxury-level buildings, both here in Chicago and in other markets,” said Puzon. “It should be a smooth transition for residents as our team continues to deliver the high level of service to which they’ve grown accustomed.”

Draper and Kramer was represented internally in the transaction. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented the seller.

Aeon acquires 306-unit Village Club Apartments to preserve affordability



Today Aeon, a nonprofit developer, owner, and manager of affordable homes, completed the purchase of Village Club Apartments, a 306-apartment property in Bloomington. Key partners in the acquisition include the City of Bloomington, the Housing and Redevelopment Authority of the City of Bloomington, and National Equity Fund. Twin Cities Local Initiatives Support Coalition also provided leadership and funding commitments to support improvements at Village Club.

The City of Bloomington provided critical assistance in the acquisition with its first investment from its new Housing Trust Fund, recently approved by the City Council.

“We are proud to work with the City of Bloomington as it provides groundbreaking leadership to preserve and create affordable housing for all residents,” said Aeon President & CEO Alan Arthur. “We’re excited to partner with National Equity Fund for the first time on a NOAH acquisition. By supporting Aeon’s purchase of Village Club, our partners were able to keep hundreds of individuals and families in their homes.”

Village Club Apartments is an example of naturally occurring affordable housing (NOAH) properties that have aged into affordability. Aeon has purchased more than 2,000 NOAH apartment homes in the past several years, keeping rents affordable. Village Club is a mixed-income acquisition, with more than half of the units affordable at or below 60% of area median income. The remaining units will be affordable at or below 80% of area median income.

NOAH affordability is threatened in the Twin Cities’ strong real estate market where a growing number of building sales are leading to increased rents, pricing out current residents, and resulting in their displacement. In Minneapolis alone, more than 1,800 NOAH apartment homes were lost in 2017 according to Minnesota Housing Partnership’s 2018 Market Watch report.

Preserving existing affordable homes benefits communities by keeping residents in their homes and children in their schools. It also ensures that aging properties remain long-term assets to the community.



Aeon acquires 306-unit Village Club Apartments to preserve affordability

Today Aeon, a nonprofit developer, owner, and manager of affordable homes, completed the purchase of Village Club Apartments, a 306-apartment property in Bloomington. Key partners in the acquisition include the City of Bloomington, the Housing and Redevelopment Authority of the City of Bloomington, and National Equity Fund. Twin Cities Local Initiatives Support Coalition also provided leadership and funding commitments to support improvements at Village Club.

The City of Bloomington provided critical assistance in the acquisition with its first investment from its new Housing Trust Fund, recently approved by the City Council.

“We are proud to work with the City of Bloomington as it provides groundbreaking leadership to preserve and create affordable housing for all residents,” said Aeon President & CEO Alan Arthur. “We’re excited to partner with National Equity Fund for the first time on a NOAH acquisition. By supporting Aeon’s purchase of Village Club, our partners were able to keep hundreds of individuals and families in their homes.”

Village Club Apartments is an example of naturally occurring affordable housing (NOAH) properties that have aged into affordability. Aeon has purchased more than 2,000 NOAH apartment homes in the past several years, keeping rents affordable. Village Club is a mixed-income acquisition, with more than half of the units affordable at or below 60% of area median income. The remaining units will be affordable at or below 80% of area median income.

NOAH affordability is threatened in the Twin Cities’ strong real estate market where a growing number of building sales are leading to increased rents, pricing out current residents, and resulting in their displacement. In Minneapolis alone, more than 1,800 NOAH apartment homes were lost in 2017 according to Minnesota Housing Partnership’s 2018 Market Watch report.

Preserving existing affordable homes benefits communities by keeping residents in their homes and children in their schools. It also ensures that aging properties remain long-term assets to the community.

Aeon acquires 306-unit Village Club Apartments to preserve affordability

Today Aeon, a nonprofit developer, owner, and manager of affordable homes, completed the purchase of Village Club Apartments, a 306-apartment property in Bloomington. Key partners in the acquisition include the City of Bloomington, the Housing and Redevelopment Authority of the City of Bloomington, and National Equity Fund. Twin Cities Local Initiatives Support Coalition also provided leadership and funding commitments to support improvements at Village Club.

The City of Bloomington provided critical assistance in the acquisition with its first investment from its new Housing Trust Fund, recently approved by the City Council.

“We are proud to work with the City of Bloomington as it provides groundbreaking leadership to preserve and create affordable housing for all residents,” said Aeon President & CEO Alan Arthur. “We’re excited to partner with National Equity Fund for the first time on a NOAH acquisition. By supporting Aeon’s purchase of Village Club, our partners were able to keep hundreds of individuals and families in their homes.”

Village Club Apartments is an example of naturally occurring affordable housing (NOAH) properties that have aged into affordability. Aeon has purchased more than 2,000 NOAH apartment homes in the past several years, keeping rents affordable. Village Club is a mixed-income acquisition, with more than half of the units affordable at or below 60% of area median income. The remaining units will be affordable at or below 80% of area median income.

NOAH affordability is threatened in the Twin Cities’ strong real estate market where a growing number of building sales are leading to increased rents, pricing out current residents, and resulting in their displacement. In Minneapolis alone, more than 1,800 NOAH apartment homes were lost in 2017 according to Minnesota Housing Partnership’s 2018 Market Watch report.

Preserving existing affordable homes benefits communities by keeping residents in their homes and children in their schools. It also ensures that aging properties remain long-term assets to the community.

Draper and Kramer expands Chicago portfolio with acquisition of HUBBARD221

HUBBARD221 Roof Deck and Pool
Amenities at HUBBARD221 include an expansive rooftop terrace with grilling stations, a fire pit, cabanas, a pool and hot tub.


Draper and Kramer, Incorporated, a national real estate services firm, today announced it has expanded its multifamily portfolio with the acquisition of HUBBARD221, a 195-unit luxury apartment tower in Chicago’s River North neighborhood. The property was purchased by Draper and Kramer through a 1031 exchange following the firm’s sale of Prairie Shores, a 1,675-unit, multi-building apartment community in Chicago’s Bronzeville neighborhood. Terms of the HUBBARD221 purchase were not disclosed.

Located at 221 W. Hubbard St., the 23-story property features a mix of studio, one-, two- and three-bedroom units, including a selection of penthouse residences, ranging from 467 to 1,511 square feet. Residents of the community enjoy easy access to retail, nightlife and restaurants, as well as leading employers throughout River North and the nearby central business district.

“As a company with a long and successful track record of owning and operating in Chicago, we remain bullish on the local multifamily market and its ability to deliver attractive risk-adjusted returns in the months and years ahead,” said Blas Puzon, chief investment officer with Chicago-based Draper and Kramer. “In terms of what constitutes a core investment under Draper and Kramer’s current acquisition strategy, HUBBARD221 checked all the boxes. It’s a high-quality asset that will stand the test of time thanks to its ability to deliver the live-work-play lifestyle that so many renters seek.”

Built in 2017, HUBBARD221 offers modern, open floor plans and luxury finishes throughout individual apartments, such as gray-tone plank flooring; gourmet kitchens with contemporary cabinetry, quartz countertops, porcelain backsplashes and stainless steel appliances; and spa-like baths with floating vanities and Kohler fixtures. All units have 9-foot or higher ceilings, floor-to-ceiling windows, custom closets and in-unit washer and dryer. Select apartments also offer a private balcony or terrace, built-in desk and walk-in closets.

Shared amenities at HUBBARD221 include a resident lounge; dedicated co-working space; chef’s kitchen and adjacent party room; state-of-the-art fitness center, yoga studio and meditation lounge; and an expansive rooftop terrace with grilling stations, a fire pit, cabanas, a pool and hot tub. The tower’s lower levels house a dog run, pet spa, bike storage and bike repair station.

Draper and Kramer, one of the largest property management firms in Chicago, will operate HUBBARD221 going forward, adding to its portfolio of more than 8,000 rental units across Chicago, St. Louis, Dallas and San Antonio.

“Our property management division has a proven track record with luxury-level buildings, both here in Chicago and in other markets,” said Puzon. “It should be a smooth transition for residents as our team continues to deliver the high level of service to which they’ve grown accustomed.”

Draper and Kramer was represented internally in the transaction. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented the seller.



Ryan Companies closes on 122-acre former Ford site

Ford Site Redevelopment Rendering
Ryan Companies completed the purchase of the 122-acre parcel of land owned by Ford Motor Company in the Highland Park neighborhood of Saint Paul.


Ryan Companies US, Inc. announced today that it has completed the purchase of the 122-acre parcel of land owned by Ford Motor Company in the Highland Park neighborhood of Saint Paul. The City of Saint Paul Housing and Redevelopment Authority approved a redevelopment agreement on December 4th, defining the private/public partnership with Ryan and paving the way for the $61,000,000 purchase of the site. Ford Motor Company sold the site after nearly a 100-year history of operations and after completing extensive clean up and remediation of the former industrial uses on the site.

The closing signals the next major step in the redevelopment, which has been in the planning stages for over 10 years. Once developed, the project site will contain approximately 3,040 market rate housing units, 760 affordable housing units, 265,000 square feet of office space, 150,000 square feet of retail space and 50,000 square feet of civic or institutional space. The project also features over 55 acres of public and open space including four new City Parks and the preservation of two little league ballfields.

Weidner Apartment Homes partnership announced

Also announced today is the partnership with Weidner Apartment Homes in the development of the market rate apartment facet of the redevelopment plan. As part of the closing transaction, Weidner has purchased several parcels for residential development over the next decade.

“Weidner is a perfect partner for us at the Ford site as they bring a unique combination of financial strength, national market expertise, and long-term ownership perspective” said Mike Ryan, North Region President for Ryan. “Dean Weidner is a visionary, a trusted partner, and from the start, has been on board to push the limits on quality of design for buildings and public spaces.”

Weidner and Ryan Companies are currently working together on the development and construction of the 318-unit Daymark multi-use project in the Uptown neighborhood of Minneapolis.

“The Ford site redevelopment is a once in a generation opportunity and we are thrilled to be a part of this transformative project,” said Greg Cerbana, Weidner’s VP of Public Relations. “The Twin Cities are an important market for us, and we are incredibly excited to join Ryan and add to our footprint in Highland Park.”

Project for Pride in Living and CommonBond announced

Affordable housing partners have also been established for the redevelopment. CommonBond Communities and Project for Pride in Living, Inc. (PPL) have signed on to support the project’s delivery of the significant affordable housing on the site. As part of the redevelopment plan, the City mandated that 20 percent of the housing units are developed as affordable. The project’s affordable housing units will be delivered at a range of affordability levels in several projects that are geographically disbursed throughout the site.

Ryan Companies plans to break ground in the spring of 2020 on the redevelopment project, which is expected to span over a decade with an aggregate development value of over $1.3B.  A project website has been established at FordSiteStPaul.com for development updates.

“There will be several more announcements regarding partners, retailers, and users in the months and years ahead, and the real estate closing is a significant milestone in the overall redevelopment of the Ford Site. We are grateful to all those that have supported and challenged us along the way – especially the City of Saint Paul, the residents of Saint Paul, and Ford Motor Company” said Tony Barranco, Ryan’s Senior Vice President of Development.

Ford Motor Company was represented by CBRE in the land sale.



Draper and Kramer expands Chicago portfolio with acquisition of HUBBARD221

HUBBARD221 Roof Deck and Pool
Amenities at HUBBARD221 include an expansive rooftop terrace with grilling stations, a fire pit, cabanas, a pool and hot tub.

Draper and Kramer, Incorporated, a national real estate services firm, today announced it has expanded its multifamily portfolio with the acquisition of HUBBARD221, a 195-unit luxury apartment tower in Chicago’s River North neighborhood. The property was purchased by Draper and Kramer through a 1031 exchange following the firm’s sale of Prairie Shores, a 1,675-unit, multi-building apartment community in Chicago’s Bronzeville neighborhood. Terms of the HUBBARD221 purchase were not disclosed.

Located at 221 W. Hubbard St., the 23-story property features a mix of studio, one-, two- and three-bedroom units, including a selection of penthouse residences, ranging from 467 to 1,511 square feet. Residents of the community enjoy easy access to retail, nightlife and restaurants, as well as leading employers throughout River North and the nearby central business district.

“As a company with a long and successful track record of owning and operating in Chicago, we remain bullish on the local multifamily market and its ability to deliver attractive risk-adjusted returns in the months and years ahead,” said Blas Puzon, chief investment officer with Chicago-based Draper and Kramer. “In terms of what constitutes a core investment under Draper and Kramer’s current acquisition strategy, HUBBARD221 checked all the boxes. It’s a high-quality asset that will stand the test of time thanks to its ability to deliver the live-work-play lifestyle that so many renters seek.”

Built in 2017, HUBBARD221 offers modern, open floor plans and luxury finishes throughout individual apartments, such as gray-tone plank flooring; gourmet kitchens with contemporary cabinetry, quartz countertops, porcelain backsplashes and stainless steel appliances; and spa-like baths with floating vanities and Kohler fixtures. All units have 9-foot or higher ceilings, floor-to-ceiling windows, custom closets and in-unit washer and dryer. Select apartments also offer a private balcony or terrace, built-in desk and walk-in closets.

Shared amenities at HUBBARD221 include a resident lounge; dedicated co-working space; chef’s kitchen and adjacent party room; state-of-the-art fitness center, yoga studio and meditation lounge; and an expansive rooftop terrace with grilling stations, a fire pit, cabanas, a pool and hot tub. The tower’s lower levels house a dog run, pet spa, bike storage and bike repair station.

Draper and Kramer, one of the largest property management firms in Chicago, will operate HUBBARD221 going forward, adding to its portfolio of more than 8,000 rental units across Chicago, St. Louis, Dallas and San Antonio.

“Our property management division has a proven track record with luxury-level buildings, both here in Chicago and in other markets,” said Puzon. “It should be a smooth transition for residents as our team continues to deliver the high level of service to which they’ve grown accustomed.”

Draper and Kramer was represented internally in the transaction. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented the seller.

Draper and Kramer expands Chicago portfolio with acquisition of HUBBARD221

HUBBARD221 Roof Deck and Pool
Amenities at HUBBARD221 include an expansive rooftop terrace with grilling stations, a fire pit, cabanas, a pool and hot tub.

Draper and Kramer, Incorporated, a national real estate services firm, today announced it has expanded its multifamily portfolio with the acquisition of HUBBARD221, a 195-unit luxury apartment tower in Chicago’s River North neighborhood. The property was purchased by Draper and Kramer through a 1031 exchange following the firm’s sale of Prairie Shores, a 1,675-unit, multi-building apartment community in Chicago’s Bronzeville neighborhood. Terms of the HUBBARD221 purchase were not disclosed.

Located at 221 W. Hubbard St., the 23-story property features a mix of studio, one-, two- and three-bedroom units, including a selection of penthouse residences, ranging from 467 to 1,511 square feet. Residents of the community enjoy easy access to retail, nightlife and restaurants, as well as leading employers throughout River North and the nearby central business district.

“As a company with a long and successful track record of owning and operating in Chicago, we remain bullish on the local multifamily market and its ability to deliver attractive risk-adjusted returns in the months and years ahead,” said Blas Puzon, chief investment officer with Chicago-based Draper and Kramer. “In terms of what constitutes a core investment under Draper and Kramer’s current acquisition strategy, HUBBARD221 checked all the boxes. It’s a high-quality asset that will stand the test of time thanks to its ability to deliver the live-work-play lifestyle that so many renters seek.”

Built in 2017, HUBBARD221 offers modern, open floor plans and luxury finishes throughout individual apartments, such as gray-tone plank flooring; gourmet kitchens with contemporary cabinetry, quartz countertops, porcelain backsplashes and stainless steel appliances; and spa-like baths with floating vanities and Kohler fixtures. All units have 9-foot or higher ceilings, floor-to-ceiling windows, custom closets and in-unit washer and dryer. Select apartments also offer a private balcony or terrace, built-in desk and walk-in closets.

Shared amenities at HUBBARD221 include a resident lounge; dedicated co-working space; chef’s kitchen and adjacent party room; state-of-the-art fitness center, yoga studio and meditation lounge; and an expansive rooftop terrace with grilling stations, a fire pit, cabanas, a pool and hot tub. The tower’s lower levels house a dog run, pet spa, bike storage and bike repair station.

Draper and Kramer, one of the largest property management firms in Chicago, will operate HUBBARD221 going forward, adding to its portfolio of more than 8,000 rental units across Chicago, St. Louis, Dallas and San Antonio.

“Our property management division has a proven track record with luxury-level buildings, both here in Chicago and in other markets,” said Puzon. “It should be a smooth transition for residents as our team continues to deliver the high level of service to which they’ve grown accustomed.”

Draper and Kramer was represented internally in the transaction. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented the seller.

Ryan Companies closes on 122-acre former Ford site

Ford Site Redevelopment Rendering
Ryan Companies completed the purchase of the 122-acre parcel of land owned by Ford Motor Company in the Highland Park neighborhood of Saint Paul.

Ryan Companies US, Inc. announced today that it has completed the purchase of the 122-acre parcel of land owned by Ford Motor Company in the Highland Park neighborhood of Saint Paul. The City of Saint Paul Housing and Redevelopment Authority approved a redevelopment agreement on December 4th, defining the private/public partnership with Ryan and paving the way for the $61,000,000 purchase of the site. Ford Motor Company sold the site after nearly a 100-year history of operations and after completing extensive clean up and remediation of the former industrial uses on the site.

The closing signals the next major step in the redevelopment, which has been in the planning stages for over 10 years. Once developed, the project site will contain approximately 3,040 market rate housing units, 760 affordable housing units, 265,000 square feet of office space, 150,000 square feet of retail space and 50,000 square feet of civic or institutional space. The project also features over 55 acres of public and open space including four new City Parks and the preservation of two little league ballfields.

Weidner Apartment Homes partnership announced

Also announced today is the partnership with Weidner Apartment Homes in the development of the market rate apartment facet of the redevelopment plan. As part of the closing transaction, Weidner has purchased several parcels for residential development over the next decade.

“Weidner is a perfect partner for us at the Ford site as they bring a unique combination of financial strength, national market expertise, and long-term ownership perspective” said Mike Ryan, North Region President for Ryan. “Dean Weidner is a visionary, a trusted partner, and from the start, has been on board to push the limits on quality of design for buildings and public spaces.”

Weidner and Ryan Companies are currently working together on the development and construction of the 318-unit Daymark multi-use project in the Uptown neighborhood of Minneapolis.

“The Ford site redevelopment is a once in a generation opportunity and we are thrilled to be a part of this transformative project,” said Greg Cerbana, Weidner’s VP of Public Relations. “The Twin Cities are an important market for us, and we are incredibly excited to join Ryan and add to our footprint in Highland Park.”

Project for Pride in Living and CommonBond announced

Affordable housing partners have also been established for the redevelopment. CommonBond Communities and Project for Pride in Living, Inc. (PPL) have signed on to support the project’s delivery of the significant affordable housing on the site. As part of the redevelopment plan, the City mandated that 20 percent of the housing units are developed as affordable. The project’s affordable housing units will be delivered at a range of affordability levels in several projects that are geographically disbursed throughout the site.

Ryan Companies plans to break ground in the spring of 2020 on the redevelopment project, which is expected to span over a decade with an aggregate development value of over $1.3B.  A project website has been established at FordSiteStPaul.com for development updates.

“There will be several more announcements regarding partners, retailers, and users in the months and years ahead, and the real estate closing is a significant milestone in the overall redevelopment of the Ford Site. We are grateful to all those that have supported and challenged us along the way – especially the City of Saint Paul, the residents of Saint Paul, and Ford Motor Company” said Tony Barranco, Ryan’s Senior Vice President of Development.

Ford Motor Company was represented by CBRE in the land sale.