Development

Tenant retention is one of the most crucial ways to drive value in an apartment community.

"Today is a historic day for Chicago transit as we begin the largest project in CTA history to modernize CTA rail service for the next century and rebuild the Red Line, the CTA's busiest line," said Chicago Mayor Lori Lightfoot.

Construction on the two-building complex will begin this month and should be completed by June 2020, according to the Minneapolis-headquartered firm.

Los Angeles, Santa Monica and San Francisco have already adapted to rent control regulations, but how will secondary markets cope with the state's new rent control law?

The development is a joint venture with 1026 Real Estate Investors, LLC, a New York City-based real estate investment firm headed by principal, Douglas Oliver. The facility will be professionally managed by CubeSmart Self Storage.

The New Jersey Housing and Mortgage Finance Agency awarded the $20.5-million development 9% Low Income Housing Tax Credits, which are expected to generate $15.9 million in private equity.

The developer's Mitchell Place apartment complex in Murrieta has 50% lease-up in less than four months.

The sale of a new-construction, single-tenant Raising Cane's Chicken Fingers quick-service restaurant in Anaheim trades for a 4% cap rate.