Effective asking rents have now fully recovered in a half-dozen gateway metros since prices hit pre-pandemic levels during June across Chicago, Los Angeles, and Northern New Jersey’s Newark-Jersey City area.
Join the Marcus & Millichap Multifamily Forum: Chicago & the Midwest in a re-imagined, all-digital, online conference format. Spanning ten days from July 21 through July 30, the conference has been organized in brief, easy-to-consume portions to minimize disruption to your work and personal life.
Leasing activity sustains momentum, supported by record low unemployment. Low interest rates and strong performance trends support investment activity, but investor caution remains elevated.
Just Sold 18 Unit Multifamily Property South Suburban Chicago IL – 18 Unit Multifamily Property Sold – 12 Two-Bedrooms/6 One Bedrooms, Exclusively Listed and Sold by Randolph Taylor with Marcus & Millichap, Located in South Suburban Chicago Blue Island, IL
Marcus & Millichap has announced the sale of a 24-unit apartment property located in Aurora, Ill. 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.
84 Unit Multifamily Property For Sale.
Condo Quality Construction.
All 2-Bed / 1-Bath Units with Dining Room.
90 Percent Updated Units.
Tenant Paid Electric Baseboard Heating & HW.
Very Well-Maintained / Long-Term Ownership.
Apartment rents across the nation have soared over the past several years amid the expanding job market, the primary driver of demand for apartments, and a continued preference for renting over owning among some people.
Whether they sold or refinanced, many owners of Chicago commercial real estate took advantage last year of prices that surpassed their pre-recession peaks. But their joyride may be slowing down.
A combination of job growth, healthy demographics and accelerated household formation creates a rosy outlook for apartment investments in the coming year. For Chicago, location and property type should be taken into consideration. This is according to Marcus & Millichap’s 2018 Multifamily North American Investment Forecast.