CHICAGO, IL – CIM Group announced that residents are moving in at The Paragon, a recently completed 500-unit, 47-tale apartment building with 7,500 square feet of ground floor retail space at 1326 S. Michigan Avenue in Chicago. The development team of CIM Group and Murphy Development Group received a Certificate of Occupancy for the first 25 floors of the building. Interior finishing work is being completed for units on the remaining 22 floors, which is anticipated to be complete in August.

The Paragon’s distinctive faceted glass-clad exterior is a striking addition to the Chicago skyline rising in the growing South Loop area. The contemporary residences are offered in a variety of floor plans ranging from studios to three-bedroom units, all featuring floor-to-ceiling windows providing sweeping views of Lake Michigan, Grant Park and beyond. Residences feature modern fixtures and finishes, stainless steel kitchen appliances, wood laminate flooring and a smart home experience by IOTAS, which integrates smart switches and outlets, motion and door sensors and smart thermostats by Nest.

Residents can delight in a variety of on-site amenities including a resort-style pool with cabanas, a top-floor gym, a spacious co-working area and a dog run. The neighborhood offers a mix of outdoor recreation such as the nearby lakefront trail and Grant Park as well as a wide variety of shopping, dining and entertainment. The Paragon is just blocks from a CTA station providing simple public transit connections.

Besides The Paragon, CIM’s other Chicago area assets include Block 37, the 275,000-square-foot, five-level retail center in Chicago’s Loop; Marquee at Block 37, the 38-tale, 690-unit residential apartment tower on top of Block 37; Tribune Tower West redevelopment and Tribune Tower East development; Fifteen Fifty on the Park condominiums, 425 Financial Place office complex; 1241 and 1647 N. Milwaukee Avenue; Midway Technology Centre; and 725 S. Wells Data Center.

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FORT WORTH, TX – Olympus Property announces the successful acquisition of Victorian Quarters at Team Ranch, a Class-A garden style community built in 2005 and located outside of Fort Worth, Texas in the bedroom community of Benbrook, Texas. Effective immediately, the asset will be renamed Olympus Team Ranch.

Olympus Team Ranch is located in prime southwestern Fort Worth only 10 miles from the Olympus Property Headquarters in downtown Fort Worth. Approximately 270,000 jobs are located within a 10-mile radius of the property including the Medical District, Lockheed Martin, Fort Worth Central Business District, and GM Financial. In addition, The Shops at Clearfork, a premier open-air mall anchored by Luxury boutiques and Waterside, a 63-acre mixed-use development, are both minutes from the property. Olympus Team Ranch is also positioned next to multiple prominent single-family subdivisions where homes range in price from $300,000 to $7,000,000.

“We are proud and honored to continue growing Olympus Property with the acquisition of Olympus Team Ranch in our own backyard with this gorgeous asset. We like this market and plot to own this deal for a long period of time,” said Anthony Wonderly, Principal of Olympus Property.

Olympus plans to spend approximately $2 million on top of the existing end outs to further enhance the interiors, rebrand the property, and add light amenity upgrades. These upgrades, such as adding stainless appliances, granite countertops, lighting package, vinyl flooring, backsplash, framed mirrors, washers and dryers, and fenced back yards in some units, will provide immense upside value to the asset.

“With our plotted renovation and rent increases, Olympus Team Ranch will make value for our investors and Olympus Property for years to come,” said Chase Bennett, Director of Acquisitions at Olympus Property. 

Olympus Team Ranch is a 248-unit low density community featuring nine-foot ceilings, crown molding, custom three-panel metal entry door, vinyl wood entry, faux wood 2″ blinds, balcony or patio with French door, double stainless steel sinks with arched faucet, kitchen pantry, black appliance package, separate utility area, ceiling fans with lighting in all bedrooms, and vinyl wood flooring in bathroom(s). Select units include vinyl wood flooring in kitchen and living areas, fireplace, double sink vanity, garden soaking tub, and storage on balcony or patio. Community amenities include a resort-style swimming pool, cascading fountain, sunning deck, covered pergola with seating, covered outdoor grill area with TV, covered pergola with picnic table and grill, attached and direct access garages, pet friendly bark park, private yard, lush landscaping throughout property, and 24-hour emergency maintenance.

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BOCA RATON, FL – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has bought Alister Boca Raton, a 448-unit multifamily community in Boca Raton, Florida. Bought from a joint venture between Mill Creek Residential and AIG, the property will receive $6.2 million worth of capital improvements and be renamed Cielo Boca. The property was 96 percent occupied at the time of sale.

The acquisition raises American Landmark’s Florida portfolio to 22 properties, with seven properties throughout South Florida. The company currently owns and manages approximately 26,000 apartments throughout the Southeast and Texas, and is adding another $2 billion in assets to its multifamily portfolio this year.

“This is a fantastic asset in a thriving multifamily market,” said Christine DeFilippis, Chief Investment Officer at American Landmark. “Boca Raton’s quality of life and high-paying jobs at corporate headquarters have attracted many out-of-state residents. High-quality apartment communities like this one are in high demand. South Florida alone had the seventh-highest total employment growth year over year, which makes the region much more compelling for residents and investors alike.”

American Landmark plans to implement a variety of capital improvements throughout the property, including glass backsplash, new cabinets, updated lighting and USB ports. Community area upgrades include improved landscaping, parking lot repairs and new pool furniture.

Located at 10235 Boca Entrada Boulevard, Cielo Boca was built between 1986 and 1988 and offers one-, two- and three-bedroom units. Unit amenities include walk-in closets, wood vinyl flooring, balcony, and range. Community amenities include a car care station, swimming pool, playground and tennis court.

Situated across the Sandalfoot Cove neighborhood of Boca Raton, the community is conveniently located near vital transit corridors and employment centers. US-441 is less than five minutes away and the Florida Turnpike is less than 10 minutes away, offering convenient access to West Palm Beach and Miami. Florida Atlantic University is under 20 minutes away.

American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States. Based in Tampa, Florida, American Landmark specializes in the opportunistic acquisition and aggressive management of value-add multifamily assets located in high-growth markets throughout the Southeast United States. 

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