CHICAGO, IL – 200 Squared, the 42-tale, 329-unit high-rise located in the Loop of Chicago at 210 N Wells, is being converted from corporate housing to luxury apartments. The building was placed under new management to Lincoln Property Company, the nation’s second largest multifamily manager. 

Part of this conversion will entail chic renovations to the units and common areas as well as a rebranding strategy from the name Oakwood 200 Squared, to 200 Squared. The building is owned by investment groups advised by National Real Estate Advisors and Midwest Property Group.  

200 Squared offers 24 separate floor plans inclusive of studios, convertibles, 1-bedroom, 1-bedroom plus dens, and 2-bedroom apartment homes. Within walking distance to the newly revived Riverwalk and the central business district, the community is ideally situated and offers stunning city views. 

Community amenities currently include a 24-hour concierge, fitness center, business center, complimentary coffee service, indoor swimming pool, onsite dry cleaning and housekeeping services, outdoor hot tub, pet park, package receiving, garden terrace with fire pit, theater room, available garage parking and is located close to public transit.

Megan Webb, the Business Manager of the community, commented, “We’re looking forward to this next chapter in the history of 200 Squared apartments. All of the reasons for its success as corporate housing, such as its walkability to the central business district and the Riverwalk, incredible city views, gorgeous interiors and hotel level services, will be ideal for our new full time residents.”

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CHARLOTTE, NC – Representatives from The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, on Friday celebrated the grand opening of The Parkwood at Optimist Park, a community of 309 apartment homes in the city’s rapidly growing Optimist Park neighborhood. 

Located at 1700 North Brevard St., The Parkwood at Optimist Park is directly adjacent to the Parkwood Lynx Blue Line rail station, with simple access to Uptown Charlotte and NoDa (North Davidson), the city’s arts and entertainment district.

“Charlotte is one of America’s magnet cities, drawing in people and their creativity. The NRP Group is excited to be able to take part in the emergence of Charlotte’s Optimist Park as a nexus of livability,” said Aaron Pechota, Senior VP of Development for The NRP Group. “We’ve tailored The Parkwood to offer a live, work and play environment through a mix of design and amenities we believe represents an unmet demand in the area and we’re thrilled residents are now able to delight in the community.”

The Parkwood at Optimist Park includes a mix of studio, one-, two- and three-bedroom apartments as well as a host of amenities that include a fitness center, a resort-inspired heated pool with a tanning ledge, cabanas, grills, a private parking garage, a dog wash room, a free bike-share program with locks, lights and helmets provided at no cost, and an onsite bike workshop.

Preferred equity for the construction of the Parkwood was provided by Canyon Partners Real Estate LLC. Canyon has a long track record of investing in residential properties, having deployed over $900 million of debt and equity into multifamily projects, supporting the financing of $2.9 billion of assets over the last five years. 

The Parkwood is The NRP Group’s second development in the Charlotte area. The company opened Loft 135, an upscale, market-rate apartment community in 2016. In January 2019, NRP broke ground on Platform Lofts, an affordable community located across the street from Ancient Concord Station, also on the LYNX Blue Line. Completion is targeted for the summer of 2020. 

“The NRP Group is becoming known for transit-oriented developments that are also perfectly designed, with the highest quality finishes,” said Jason Mochizuki, VP of Development for The NRP Group. “Thanks to our size and scope, we are able to deliver the best possible rental housing experience at both the luxury and affordable housing price points, something we are very proud of.”

Nationally, The NRP Group is on target to deliver 17 developments in 2019. It is considered to be the No. 1 developer in the U.S. that makes both affordable and market-rate communities at scale.

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HOUSTON, TX – The Praedium Group, a New York based national real estate investment firm, announced the acquisition of Everly Apartments in Houston, TX. Peter Calatozzo, Principal of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Constructed in 2018, Everly Apartments is comprised of four 2-tale carriage home buildings, four 4-tale apartment buildings, and two 3-tale apartment buildings, with units ranging from 659 SF to 1,292 SF. Unit interiors include modern gourmet kitchens with stainless steel appliances, granite or quartz countertops, vinyl plank wood flooring, under-cabinet lighting, and custom wood cabinetry with designer hardware. The Property’s amenities include a resort style pool with private cabanas and poolside loungers, an indoor golf simulator, a fully equipped fitness center with fitness-on-demand, an outdoor beer garden, and a Wi-Fi lounge with private conference rooms. 

“We continue to target the Houston MSA which has seen strong net in-migration, is home to over 3 million jobs and is the 5th most populated metro in the U.S,” said Mr. Calatozzo. “Houston’s diverse economy benefits from growth in healthcare, engineering, distribution and logistics, education and entertainment, as well as the energy sector.” Mr. Calatozzo continued, “the acquisition of Everly Apartments fits well within our strategy of purchasing high quality assets in growth markets. In addition, Everly provides an attractive rent for a new property with an expansive amenity set that is in close proximity to several of Houston’s major employment centers.”   

Josh Kogel, Associate of the Praedium Group, adds, “The Property is located between the Westchase and the Galleria/Uptown Districts. The Property’s central location provides residents with simple access to multiple employment hubs and high-quality retail and entertainment options.” The Galleria/Uptown is 4-miles east of the Property and is Houston’s third largest business district. The mixed-use development spans over a combined 16 million SF of Class A office space, and houses 82,000 employees. The Westchase District is 3-miles west of the Property and contains 18.2 million SF of office space, 2.4 million SF of retail space, over 80,000 employees and 6 colleges/universities. The Energy Corridor, Houston’s second largest business district, is located only 7-miles northwest of the Property. The Energy Corridor is home to more than 300 companies, 19 million SF of office space, and over 95,000 employees. 

There is ample retail within immediate walking distance of Everly Apartments, including a shopping center, grocery store and an AMC Studios movie center. Everly sits off of Westheimer Road which is a highly trafficked thoroughfare with numerous restaurants, department stores, and supermarkets. Additionally, the Galleria is a small drive away and is home to Neiman Marcus, Louis Vuitton, Macy’s, Nordstrom, Dillard’s, Saks Fifth Avenue, Tiffany & Co. and other high-end retail.

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