Multifamily

C&W Brokers Sale of LUXE on Chicago, 59-unit Mixed Use Multifamily Property in West Town/Wicker Park

CHICAGO, Aug. 5, 2019 – Cushman & Wakefield’s Midwest Multifamily Advisory Group has brokered the sale of LUXE on Chicago located at 1838 W. Chicago in the trendy West Town/Wicker Park neighborhood. The recently developed mixed-use multifamily property is home to 59 apartments and 13,979 square feet of ground-floor retail space. Jason Stevens and Todd Stofflet of Cushman & Wakefield represented Fifield Companies in their sale to a private, international investor. The fully amenitized asset, which includes studios, one-, two-, and three-bedroom units, was 92 percent occupied at the time of sale. The building was completed by Fifield Companies in 2016 and is one of the few Class A assets in West Town. “We were very excited to represent such an iconic developer in Chicago,” said Stofflet. “The unique execution included an international buyer and an assumption of Agency financing.” “Although we cannot comment to specific pricing, the price per [...]

Short-Term Rentals: The Next Evolving Asset Class

CHICAGO, July 9, 2019 – The multifamily sector has become increasingly diversified over the past decade, with niche asset classes such as student housing, senior housing, coliving and micro-units garnering major investor interest. Short-term rentals appear to be the next wave according to a report released today by Cushman & Wakefield, Short-Term Rentals: The Next Evolving Asset Class, as new players in the homeshare marketplace have scaled the concept in recent years to institutional investment-grade multifamily assets. While the short-term rental concept has existed in a limited format for decades—with small local operations and corporate housing outfits dotting the nation—homeshare platforms like Airbnb and VRBO have revolutionized the market, steadily becoming a primary means of travel lodging for the common consumer—attaining over 500,000 average stays per night by 2018. At the same time, the 2010s real estate cycle saw a wave of new Class-A apartment buildings delivered largely around downtown [...]

Brad Smith Joins Cushman & Wakefield

Associate Joins Midwest Multifamily Advisory Group CHICAGO, May 1, 2019 – Brad Smith has joined Cushman & Wakefield as an Associate in the Midwest Multifamily Advisory Group, and will be based in Chicago. He joins Todd Stofflet, Jason Stevens and Susan Tjarksen, who joined the firm in October from KIG. Cushman & Wakefield has been expanding its footprint in serving multifamily investor clients and is growing its platform in secondary and tertiary markets across the Midwest. Brad will play an integral role developing new relationships and serving these clients. He brings real estate and business development experience from his previous roles working for Kensington Realty Advisors and Brightedge Technologies. “Our team is an industry leader in multifamily investment sales,” said Todd Stofflet, Managing Director at Cushman & Wakefield. “We are excited to have Brad join the team and know his skills and relationships will serve him well advising clients on [...]

Cushman & Wakefield Arranges Sale for The Coil Apartments and Fresh Thyme

Todd Stofflet, Jason Stevens and Susan Tjarksen Represented the Seller CHICAGO, December 5, 2018 – Cushman & Wakefield has arranged the sale of The Coil Apartments and Fresh Thyme at 6349 N. College Ave, in Indianapolis to RDG Funds. The property is 151 units of new construction multifamily residences above a 33,500-square-foot retail space anchored by Fresh Thyme. Todd Stofflet, Jason Stevens and Susan Tjarksen represented the seller, Sheehan Companies and Browning Investments. Todd Stoflett, Cushman & Wakefield, said: “The Coil Apartments are well-located in the popular Broad Ripple Village, anchored by a Fresh Thyme, and with a number of dining, entertainment, fitness and shopping options just minutes away. This is one of the first sales of a Class A mixed-use property in Broad Ripple and The Coil is commanding some of the top rents in the area. Overall, it’s well-positioned for long-term growth.” About Cushman & Wakefield Cushman & Wakefield [...]

2018-12-05T14:39:08-05:00December 5th, 2018|Tags: , , , , , |

Cushman & Wakefield Hires KIG CRE Brokerage Team

Susan Tjarksen, Todd Stofflet and Jason Stevens Bolster Firm’s Midwest Multifamily Institutional Investment Sales Platform CHICAGO, October 8, 2018 – Cushman & Wakefield today announced the Chicago office has hired KIG CRE’s multifamily institutional investment sales brokerage team. Susan Tjarksen, Todd Stofflet and Jason Stevens joined as Managing Directors on October 1 and will be based in the firm’s office at 225 West Wacker Drive. They are accompanied by Laura Ballou, Jacob Albers, Daniel Falkenberg, Caleb Zielke and Brenda Cuellar from their team. The sales team has brokered over $2.4 billion of multifamily sales, 145 acres of multifamily land and sold more than 33,000 apartment units. Vicki Noonan, Chicago Managing Principal, Cushman & Wakefield, stated: “The KIG team is forward-thinking and has a fantastic transaction track record. Their expertise in interpreting and delivering data-driven intelligence bolsters our Chicago investment sales platform and will drive value and transparency throughout the sales [...]