Bond Companies has started construction on Inspire Prairie Springs in Pleasant Prairie, Wisconsin.
The first phase of the project, set to be completed in early 2027, will include 332 units across three residential buildings, as well as an amenity clubhouse.
“Due to its business-friendly environment and ideal location, a number of employers have expanded their footprints in Pleasant Prairie, fueling steady demand for workforce housing,” said Rob Bond, co-founder and president, Bond Companies.
Designed by RINKA with Stevens Construction Corp. acting as general contractor, the three-story, garden-style buildings will feature a mix of studio, one-, two- and three-bedroom layouts. Situated in the Chicago metropolitan area and less than two miles from the Illinois-Wisconsin border, Inspire Prairie Springs is equidistant from downtown Chicago and downtown Milwaukee.
A second phase of construction is planned for 378 units, and when that phase is completed in 2028, the combined 710 units will make the project one of the largest multifamily developments ever in Kenosha County.
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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