Steve Wathen

Ohio market update: Q3 data shows Cleveland ranking among the top U.S. metros for foreclosure rates. Tax lien auctions remain competitive across several counties, while Cincinnati continues to see steady wholesale activity supported by rental demand. #RealEstateMarket #DistressedAssets #TaxLienStrategy #OhioRealEstate #InvestmentTrends #TonyStern #PropertyOnion

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Michigan is stepping up with a bold proposal: $800 million over five years to create 10,000 affordable homes. The “MI Home Program” is notable for three reasons: • Scale: one of the largest state-level investments in affordable housing to date. • Flexibility: grants, revolving loans, and even employer-assisted housing support. • Accountability: affordability locked in for at least 10 years. This isn’t just about housing—it’s about stabilizing communities, attracting workforce talent, and building long-term economic resilience. Public-private partnerships and flexible funding mechanisms like this could reshape how states address affordability. Could this model be adapted in other states to meet scalable housing needs? #AffordableHousing #HousingCrisis #LIHTC #StatePolicy #RealEstateDevelopment #CommunityDevelopment #PublicPrivatePartnership #WorkforceHousing #Leadership #Innovation #EconomicDevelopment https://lnkd.in/gGJ3UZ-7

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Just Listed: The Capital Grille & Cooper's Hawk - Livonia, MI Landmark is pleased to offer for sale a premier, high-end credit restaurant investment featuring Capital Grille and Cooper’s Hawk Winery, both operating under new 10-year leases. Capital Grille is backed by Darden Restaurants (NYSE: DRI), while Cooper’s Hawk has been primarily owned by Ares Management (NYSE: ARES). The property is strategically located with direct access off I-275 (163,000 VPD) and is part of a new development featuring five adjacent hotels—Holiday Inn, Home2, Marriott, Courtyard, and Best Western—providing a built-in customer base. The site benefits from strong demographics, with 207,000 people within a 5-mile radius and an average household income of $145,632. The properties are available for purchase together or separately.

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Central Indiana is experiencing a structural shift in the $1M+ housing market and showing no signs of tapering off any time soon.

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BUILT – Marion is already 56% sold. Investor demand is moving quickly for this small-bay flex industrial opportunity in an undersupplied Indiana market. Right-sized development. Real tenant demand. Repeatable strategy. 🔗 Learn more about the opportunity → https://hubs.la/Q03_1nW70 #BUILT #Mainstreet #IndustrialRealEstate #FlexIndustrial #RealAssets #InvestorUpdate

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Here's what I'm seeing in West Michigan's commercial real estate market heading into 2026. I'm just reading the tea leaves based on deal flow and client conversations, but here are the patterns emerging across sectors. Office - The flight to quality continues. Companies are still rightsizing into smaller, higher-quality spaces. Downtown Grand Rapids will see more velocity in larger sales transactions than we've seen in recent years, while the suburban market stays relatively flat. The gap in Class A suburban product is real, and there's not enough new construction to fill it. Vacancy rates in both markets will hold steady with minimal absorption. Industrial - Overall vacancy will tick up slightly, but it will still be below historical norms. The challenge remains finding quality space above 100,000 square feet. That scarcity will continue driving pre-leased construction. Quality industrial land is hard to come by, and that's not changing anytime soon. Data Centers - Hyperscalers are still hunting for opportunities in Michigan, and the capital flowing into this space hasn't slowed down. They will continue targeting greenfield sites with access to power. Retail - It's a bifurcated market. Prime retail locations with strong demographics will stay tight, and rents will keep climbing. Retailers that provide essential goods, necessity-based services, or experience-based retail will continue to perform well. Multifamily - The renter economy isn't going anywhere as ownership costs stay high. Moderate new construction activity means rents on existing product will likely increase in the near future. Investment - This is where things get interesting. Interest rates are stabilizing, which gives buyers the confidence to underwrite deals without constantly second-guessing their assumptions. The bid-ask gap is shrinking, and more transactions are finally coming together. Cap rates appear to have peaked and are starting to normalize. Agree? Disagree? Something missing? Photo credit: Neil Blake

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🏘️ Northmarq’s Midwest Multifamily Investment Sales team arranged the sale of Four Winds Apartment Homes, a 150-unit build-to-rent community in Columbia, Missouri. 💼 Representing seller Hamilton Point Investments, LLC, the team attracted national investor interest, with Metonic Real Estate Solutions LLC acquiring the asset. 💰 "The combination of the product type and vintage drew a strong response from investors across the country, many of whom would have been investing in the market for the first time. Columbia’s strong market fundamentals, including limited new supply and strong rent growth, also helped to make the asset more attractive to investors,” said Dominic. #Northmarq #CRE #BTR 🌟 Team: Dominic Martinez, Parker Stewart, Charlie McKee and Alex Malzone 📰 Read more: https://ow.ly/xRTF50WNGYY

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🏘️ Canyon Real Estate Partners has provided a total of $126.3 million in senior bridge loans for three separate multifamily projects located in Los Angles and Chicago: https://lnkd.in/eBUi9XGQ

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Lument closed a $74-million Fannie Mae conventional multifamily loan to refinance Astra Apartments, a 243-unit, class A mixed-use property in Inglewood. Chicago-based managing director Ted Nasca led the transaction on behalf of Black Equities. Read more: https://lnkd.in/eQ9UQjUg #cre #multifamily

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Chicago’s multifamily sector is showing continued strength in 2025, supported by low vacancy, controlled supply, and steady rent gains. Here’s what’s happening now. 📰 💠 In Q2 2025, vacancy rates in Chicago dropped to 4.7%, among the lowest levels for large U.S. metros. 💠 Rent growth has been robust — 3.9% year-over-year in Q2 2025. 💠 Construction activity remains muted: only ~8,300 units are currently under construction, representing a conservative pace of new supply. 💠 In the 12 months ending Q1 2025, Chicago saw absorption of ~11,000 units, while just ~6,700 new units were delivered, pushing occupancy up to 95.6%. 💠 Looking ahead, the forecast is steady: occupancy is expected to remain near historical highs (~95.5 %) and rent growth for 2025 is projected to surpass 3.5%. At Base 3, these trends reaffirm our strategy: 💠 Focus on neighborhoods where supply is constrained 💠 Target stable, workforce-oriented and mid-market assets 💠 Time new investments to take advantage of periods of capital scarcity and supply discipline #Base3Development #ChicagoRealEstate #Multifamily #Investing #UrbanGrowth

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The Northeast Ohio office market remained fragile, as elevated vacancy and renewed negative absorption reflected a cautious, efficiency-focused approach from both occupiers and landlords. Read the entire market report here https://ow.ly/atUS50XxPwX. • Net absorption totaled -83,212 SF at the end of the third quarter of 2025 • Office vacancy registered at 17.8% • Overall market asking rents averaged $18.91/SF (FSG). Class A rents were at $22.08/SF #CollierCle #Office #ColliersOffice Russell Rogers, SIOR Katie Watts Cyndie O'Bryon, SIOR Jon Caiazza Corianne Voltz Benjamin Golubitsky

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Some Madison office buildings are worth more as redevelopment sites than as office assets. In 2024 and 2025, 17 office buildings in the Madison market (25% of all office buildings sold) totaling 210,000 square feet were purchased for redevelopment or conversion to another use. Prior to 2020, tear downs and conversions were rare. But now, the first things I look at on a potential new office sale listing is whether the location, zoning, and future land use plan support something other than office. These four exciting new projects are being built on former office sites: 🏌️ Topgolf in Monona — 5 office buildings torn down | Developer: Galway Companies 🏠 Porchlight on East Washington — 70 supportive housing units | Developer: LZ Management 🏗️ The Duncan on Sherman Ave — 309 apartments | Developer: Vermilion Development 🏢 The Waverly in Middleton — 244 apartments | Developer: Galway Companies Madison office vacancy is 16.2%, but that number would be even higher were it not for the robust redevelopment market in play here. What a win-win: remove mostly obsolete office space and replace it with much needed housing, hospitality, and other higher value uses. #SIOR #madisonwisconsin #office Oakbrook Corporation

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ATTENTION OHIO WHOLESALERS! RE: Senate Bill 155 📌 What Changed — New Law Effective March 2, 2026 Ohio has formally regulated real estate wholesaling for the first time with SB 155, aimed at making wholesaling more transparent and protecting property owners. 🧾 Key Requirements for Wholesalers Under the new law: 1. Wholesalers must give a written disclosure before any contract is binding. That disclosure must be separate from the purchase contract, printed in bold at least 12-pt font, and signed by the property owner before the wholesaler can enter a binding agreement. 2. The disclosure must clearly state that: the person is acting as a wholesaler (not the seller’s agent), they intend to make a profit by assigning or selling the contract, the owner can seek independent advice (attorney or real estate professional), and the final buyer may pay more than what the wholesaler agreed to. 3. Owners can cancel if disclosures weren’t made. If a wholesaler fails to provide or get a signed disclosure, the seller can cancel the contract at any time before closing without penalty. Any earnest money must be returned within 30 days. 4. Enforcement & penalties: Violating the disclosure requirements can be treated as an unfair or deceptive practice under Ohio’s Consumer Sales Practices Act. That can lead to civil liability, damages, and attorneys’ fees. Real estate licensees who ignore the rules can also face disciplinary action. 5. What properties are covered: The law applies to 1–4 unit residential real estate deals where someone enters a purchase contract intending to assign or sell that contract for profit. 💡 What This Means in Practice You can still wholesale in Ohio — but you must be transparent upfront about what you’re doing. You cannot mislead a homeowner into thinking you’re their agent or that you’re buying as a traditional buyer. If you skip the disclosure, the seller gets a free out and can get their earnest money back.

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One of our acquisitions, American Presidential Estates, added 503 institutional-grade sites to our growing Midwest portfolio. This acquisition included two adjacent communities operating at 85% occupancy, with 427 tenant-owned homes and 16 park-owned homes. Strategically located just hours from our existing holdings in Fort Wayne, IN, and Columbus, OH, these communities strengthen our footprint in a prime Midwest corridor. Ann Arbor’s housing market continues to expand, with an average home price of $456K (+6% YoY) and median three-bedroom rents of $2,900 per month, 28% above the national median. This demand is driven by a robust local economy anchored by the University of Michigan, major healthcare systems, and a rapidly expanding tech sector, creating long-term stability for quality affordable housing. Despite strong market fundamentals, these communities have been under-optimized for decades. The previous owner, a 66-year-old long-term holder preparing for retirement, maintained below-market rents and limited infill efforts. - Lot rents were 27% below market, leaving significant room for revenue growth. - Operational inefficiencies, including bloated payroll and excessive administrative costs, reduced overall profitability. - 76 vacant lots were undeveloped, representing untapped potential for value creation through strategic infill. These factors created a clear path for upside through targeted improvements in pricing, management, and occupancy. Our strategy focuses on three key areas to drive strong returns: optimizing rental income, improving operational efficiency, and expanding the community with new homes. We plan to gradually adjust rents to bring them in line with market rates while maintaining affordability. By streamlining management and cutting unnecessary costs, we aim to improve profitability and reduce expenses over time. Additionally, we’ll bring in new homes at a steady pace to meet strong demand, offering them at competitive prices well below current market listings. A $3.1 million improvement plan will support these efforts, enhancing the community and increasing overall value for investors. This acquisition aligns perfectly with our investment approach, finding undervalued properties in high-growth markets with strong demand. As Ann Arbor continues to expand in research, healthcare, and technology, these communities will remain highly desirable for residents seeking quality, affordable housing. By applying our proven strategy, American Presidential Estates will become a flagship asset in our portfolio, reinforcing Sunrise’s strong track record in institutional-grade manufactured housing investments.

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