PHOENIX, AZ – Real estate development firm Hubbard Street Group and capital partner Cresset Real Estate Partners broke ground on a new multifamily project in Phoenix. Located on the Southeast corner of 6th Street and Garfield Street in the Roosevelt Row Arts District, the new Skye on 6th development will feature 309 units spanning 26 floors with approximately 6,500 square feet of ground floor retail. The project will be LEED certified and is expected to be completed by Summer 2023.
We believe Skye on 6th will establish a new standard of modern luxury living in Phoenix with a wellness-focused approach, efficiently designed units and an expansive amenity offering located in the heart of the burgeoning Roosevelt Row Arts District and adjacent to the Phoenix Biomedical Campus, said Kage Brown, Managing Partner & Chief Investment Officer at Hubbard Street Group. We are extremely bullish on the Phoenix market and are excited to establish a local presence with Skye on 6th.
Phoenix is an incredible market and we re excited to break ground on this new project, said Avy Stein, Cresset s Founder and Co-Chairman. We ve been investing in opportunity zones since day one and Skye on 6th is something that caught our eye immediately. The area is rapidly transforming and attracting young renters from all over the country. It s located near several transportation hubs and is surrounded by a growing and diverse set of employers, from cutting edge medical facilities, to universities, to a large legal and financial services presence and an emerging tech community. We reckon Phoenix is a fantastic place to live and work with endless potential.

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EVANSTON, IL – Spirit Investment Partners of Stamford, CT in partnership with Irvine, California based The Bascom Group, have bought the 415 Premier apartments in Evanston, Illinois for $49,110,000 or $222,217 per unit. The acquisition closed on July 21, 2021. Dan Cohen of CBRE represented the seller. Peter Marino, also of CBRE, arranged the acquisition financing through Rialto Capital Management.
Built in 2008, 415 Premier is a luxury 221 unit, 17-tale high rise with a 245-space parking deck located directly adjacent to the Howard CTA station providing extreme connectivity to all points in and around Chicago via the Red, Purple and Yellow lines. The building contains a mix of spacious studios, one- and two-bedroom apartments, with most units containing unobstructed views of Lake Michigan and the downtown Chicago skyline.
Scott Zwilling, a principal of Spirit Investment Partners, comments, “We’re excited to add another fantastic asset to our Chicago portfolio. “This deal is perfectly aligned with our contrarian mindset of seeking tremendous value in resilient urban core markets that are being overlooked in response to dread caused by the COVID-19 pandemic. We’re content to let everyone else chase overpriced deals in the Sunbelt markets.”
Ian Hafner, a principal with Spirit, further comments, “This property was one of the best performing assets in the submarket throughout the pandemic. With a few plotted improvements to common areas and unit interiors, we’re confident the property will continue to flourish for renters who seek a high quality of life, simple commutes and a more reasonably priced housing option.”
Spirit and Bascom have been active this year completing hundreds of millions of dollars in dispositions while aggressively pursuing a deep pipeline of new acquisitions.

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NASHVILLE, TN – CIM Group announced that it has completed the sale of Stacks on Main, a five-tale, 268-unit apartment building in Nashville, Tennessee.
CIM Group bought Stacks on Main in August 2017. Since then, the property has benefited from CIM Group s experience as a community-focused owner and operator.
Originally built in 2016, the approximately 205,000-square foot property located at 535 Main St., offers one- and two-bedroom unit floor plans and 377 parking stalls in East Nashville, a historic neighborhood that is renowned for its art and local music, restaurants and bars, a vibrant craft beer scene, and boutique retail. Residences feature energy-saving Google Nest thermostats, Google Fiber, and modern, efficient appliances.
Stacks on Main provides residents with an array of modern community amenities including a fitness center and yoga room, saltwater pool and sun deck, a music room for jam sessions, a clubhouse, dog park, outdoor grilling stations and fire pits, and a rooftop deck with views of Music City.
Located 1.5 miles east of Downtown Nashville, Stacks on Main is conveniently located near a diversified economic base driven by healthcare management, music/entertainment, hospitality/tourism, education, manufacturing, and government.
CIM Group made its first investment in Nashville in 2015 with the acquisition of L&C Tower, a 272,000-square-foot office building located in the downtown core.
For more than 25 years, CIM Group has utilized its broad expertise to own, develop, reposition, and operate real estate assets, transforming communities and making dynamic environments throughout the Americas.

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