Forecasting a Robust 2018


​After finishing strong in 2017, we’re heading into a new year with a substantial pipeline of projects across all of our offices. We remain heavily focused on industrial and targeted multifamily development, which collectively represent over 80% of our total volume. We’re also excited about the momentum we have in the senior living and student housing sectors with multiple projects in various phases of development in those sectors.

Continue reading to read our outlook about these sectors and each of our markets.

Vibrant Sectors for Unique Projects

Targeted Multifamily

Although later in its own cycle, we continue to make very calculated and focused investments in the multifamily arena. Strong job growth, household formation and overall supply/demand metrics in a given submarket are just a few of the key characteristics to be considered when evaluating specific multifamily opportunities. Currently, we’re under construction on the following multifamily projects:

Still Early in Industrial

Industrial remains very strong in virtually every one of our markets as many companies continue to expand their industrial footprint. E-commerce, food and beverage and general logistics/distribution are the key drivers behind industrial demand. We’re currently under construction on the following industrial developments:

Taking on Senior Living

We view the senior living market as having long-term potential for growth and anticipate it being a significant part of our pipeline into the future. We have aligned with one of the premier companies in the sector and are pursuing opportunities together across our platform. Additionally, we are growing relationships with several other operator as our pipeline of senior living projects expands. We recently started construction of our first project with Ebenezer, Minnesota’s largest senior living operator for a 147-unit community in Minnetonka, Minn. We anticipate several other project starts in 2018.


The continuous rebalancing of healthcare services from an inpatient to an outpatient model continues to drive the needs of healthcare providers across our footprint. Through strategic site control, leveraging existing provider relationships and providing competitively-priced capital, we anticipate seeing measured growth in this sector beginning in 2018.

Strong Metrics in Student Housing

Student housing continues to be a strong performer having just broke ground on our 12th student housing project at the University of Illinois at Urbana-Champaign. We anticipate solid growth in this area as college enrollment continues to grow across the country. Like multifamily, our approach in the student housing sector is very targeted as we seek out the colleges and universities having strong growth metrics and higher barriers to entry.

Strong Outlook Across Markets


“Overall the Chicago region has a strong outlook. We’re very bullish on industrial and targeted multifamily. While the industrial leasing market has softened somewhat, I’m still bullish about this sector due to the underlying fundamentals driving growth.”

Mike Yungerman
Vice President & General Manager


“We have one of the lowest unemployment rates in the country. With an average of 81 people moving into the area a day, we’re fortunate to have job growth outpacing that number with jobs in diversified industries. This type of economic vitality makes Denver an expensive real estate market. The senior living sector is looking very good for the year. Industrial has continued to remain strong and we have several sites in the early development stages that we intend to advance in 2018.”

Mark Johnson
Vice President, Real Estate Development


“The Indy market has been strong. We’re seeing a lot of strength, absorption, tenant activity and balanced development supply in this sector. We’ll continue to maintain our activity in Indianapolis, Louisville, Cincinnati and Columbus after some good solid years in those areas.”

Doug Swain
Vice President & General Manager


Minneapolis & St. Paul

“The Minneapolis and St. Paul market has been driven by strong job growth and significant investment by the Fortune 500 Companies based in the market. The job growth is driving healthy absorption and rent growth in the multifamily and industrial sectors. We are also seeing targeted opportunities in the senior living and adaptive reuse of office space as we look ahead at 2018.”

Matt Rauenhorst
Vice President, Real Estate Development


“Historically speaking, development trends and new supply in Kansas City and St. Louis lag other larger markets, but each has shown steady growth over the last several years with multifamily and industrial leading the way. Kansas City especially continues to absorb new multifamily and industrial product at a very strong rate, and we are excited about our planned developments in that market coming out of the ground in 2018. In addition to multifamily and industrial, the big change for us this coming year is that we are looking to diversify our development offerings with a fresh focus on senior living, self-storage and healthcare. We are also proactively looking to leverage our recent success with office headquarter development into new opportunities.”

Joe Downs
Vice President & General Manager


“Phoenix continues to trend positively. The economy is far more diversified than in previous cycles, and all product categories are in healthy supply and demand balance. With a strong in-migration of 100,000+ new residents per year and supply not yet keeping up with growth, multifamily will likely have a good year. We anticipate seeing strong leasing activity in industrial, residential and office.”

Larry Pobuda
Senior Vice President & General Manager

We look forward to working with you in 2018 and beyond!

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