Chicago, IL, October 08, 2022 –(PR.com)– Placemaker Real Estate, a Miami-based real estate investment firm led by Adriel Deller, and Inhabit Realty Group, Chicago-based investment firm led by A.J. Manaseer, have acquired Fairway Apartments, an apartment complex in Bloomington, IL. The property was acquired in an off-market transaction direct with the seller for $5 million.
“We are pleased to sponsor our latest acquisition in the Bloomington-Normal market,” said Adriel Deller, Principal at Placemaker Real Estate. “With this acquisition, we now own close to 400 units in Bloomington-Normal and we couldn’t be more thrilled about the future prospects of this market.”
The Bloomington-Normal (BloNo) market continues to show exceptional strength both in terms of apartment occupancies and rent growth. This strength has been fueled by the opening last year of Rivian’s sole manufacturing facility in Normal.
“We continue to believe that BloNo is truly a special place,” said A.J. Manaseer. “It’s rare to find an under-the-radar market that offers investors attractive in-place yields, while also exhibiting such strong fundamentals. We believe that electric vehicles are here to stay and that Rivian will become one of the blue-chip EV manufacturers.”
In addition to Rivian, Normal is the home of Illinois State University, while Bloomington is the headquarters of State Farm Insurance. “We love the fact that even without Rivian, BloNo would be a great market to invest in,” added Adriel Deller. “ISU and State Farm have been the backbone of BloNo for decades and now that Rivian opened up, it just adds even more to the story.”
Fairway Apartments was built in 1970 and consists of 79 units. The acquisition was funded by a $1.6 million equity investment and a $3.6 million loan from Morton Community Bank. The property is managed by First Site Apartments.
“We are excited to be working with First Site,” said A.J. Manaseer. “They are one of the most respected property management firms in this market. We saw the excellent job they’ve done managing this asset over the past several years and it made perfect sense for us to retain them going forward.”
This closing represents the fourth syndication for Adriel Deller and A.J. Manaseer in Bloomington-Normal. Previous syndications have included Trailhead Apartments, a 140-bed student housing property in Normal, a portfolio of multifamily buildings owned by BloNo Fund I LLC, and a portfolio of multifamily buildings owned by BloNo Fund II LLC.
About Placemaker Real Estate and Inhabit Realty Group:
Placemaker Real Estate is a real estate investment and asset management firm based in Florida. Placemaker Real Estate is actively investing in Class B and C multifamily and industrial properties in Tier 2 and 3 cities in Illinois, Kentucky, Indiana and Florida that are experiencing above-average population and employment growth. Placemaker Real Estate looks to invest in income-producing real estate assets at a significant discount to replacement cost and to unlock value by repositioning, renovating, improving operations, and leasing.
Founded in 2011 by A.J. Manaseer, Inhabit Realty Group (“IRG”) is a real estate investment, brokerage, and management firm focused on sector multifamily. Since inception, IRG has helped clients and partners acquire over 5800 units totaling over $575M. IRG is also an active investor with an objective to generate superior risk-adjusted returns by making direct investments in multifamily opportunities. IRG seeks to invest in workforce housing with value-add potential through careful capital investment and improved management.
Inhabit Realty Group