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Marcus & Millichap Moved $9B Across the U.S in 2018
Buyer Can Access Nationwide Inventory – Sellers Benefit From National Pool of Buyers
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Waukegan apartments sell for $42 million
The sale highlights the strength of the suburban Chicago apartment market, which has lifted rents and property values over the past several years.
Monarch Investment & Management Group acquired Reserve at Eagle Ridge, a 370-unit property at 1947 W. Eagle Ridge Drive, according to its website and real estate data provider CoStar Group. Monarch bought the complex from Independence Realty Trust, a Philadelphia-based real estate investment trust.
The sale highlights the strength of the suburban Chicago apartment market, which has lifted rents and property values over the past several years. Lake County records show that Independence paid $28.5 million for the Reserve at Eagle Ridge in February 2014. In a first-quarter earnings report released yesterday, Independence said it expects to record a $12.5 million gain on the sale.
Source: Crain’s Chicago Business Abby Galun May 02, 2019 11:53 AM
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Marcus & Millichap ARRANGES SALE OF a 24-UNIT APARTMENT property in Aurora, IL
AURORA, IL Apr. 24, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a 24-unit apartment property located in Aurora, Ill., according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset sold for $1,650,000.
Randolph Taylor, an Associate, in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the local seller and also represented the 1031 exchange buyer.
Located at 1601-1603 Reckinger Road, the property consists of two adjacent 12-unit buildings. The unit mix is comprised of eight two-bedroom/one-bathroom units, 12 two-bedroom/one-bathroom with dining room units, and four one-bedroom/one-bathroom units. The property features tenant paid heat, central air conditioning, and electric hot water along with select units featuring in-unit laundry.
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About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research, and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.
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Multifamily Chicago Report
Demand is strong across the metro, as Millennials continue to move into well-located, modern apartments, pushing rent growth to its highest rate in two years.
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Low Unemployment Fuels Housing Demand, Favors Apartments
Employment: MARCH 2019
Low Unemployment Fuels Housing Demand, Favors Apartments
Continue reading “Low Unemployment Fuels Housing Demand, Favors Apartments”
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If rent control solved the workforce housing crisis, it would have been the law of the land long ago.
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Multifamily developers don’t know what to expect when it comes to budgeting for materials prices.
Apartment developers continue to be stressed by the unpredictable cost of construction materials.
Overall, materials prices keep rising faster than inflation. But what’s worse is that prices for individual construction materials are unpredictable from month to month. The price of lumber and diesel fuel has fallen sharply, for now. But new policies from the U.S. government continue to jolt the markets, from possible sanctions on oil-producing countries like Venezuela to government tariffs on imported steel. Continue reading “Volatility in Construction Materials Pricing Is Putting Strain on Multifamily Developers”
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