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A gang of real estate investors has descended on the western suburbs, dropping more than $350 million in a flurry of apartment deals near Interstate 88.
Four firms including Goldman Sachs and CBRE Global Investors have acquired big multifamily properties in Wheaton, Naperville, Warrenville and Aurora, according to DuPage County property records. In another nearby deal, a San Francisco investment firm is buying the 640-unit Addison of Naperville but has yet to close on the acquisition, according to people familiar with the transaction.
The national vacancy rate for multifamily properties across Reis’s largest metro markets did not budge from it 4.4% in Q3 2016.
Close to 40,000 new units came online in Q3 2016.
Demand remained robust enough to absorb the amount of units that are coming online.
Asking and effective rents grew by 1%.
Year-over-year asking rents grew by 3.9% and effective rents grew by 3.8%.
Most expensive coastal markets’ highest priced properties are showing weakness.
Q3 2016 Office Trends
The national office vacancies remained moored flat at 16% in Q2.
Year-over-year office vacancies have declined 40 basis points.
Rents began to accelerate but fell back to its average quarterly level at .4% respectively for both asking and effective rents.
Year-over-year rents are seem to be healthy, pulling at 2.7% and 2.8%.
U.S. economy creating fewer jobs than in 2015 and 2014.
Upcoming November elections a determining factor for firms holding off long-term commitments.
Q3 2016 Retail Trends
Regional malls showed some improvement with vacancies declining 10 basis points to 7.8%.
Relatively strong asking rent growth at 0.5%; between 0.3% and 0.5% on a quarterly average asking rent growth.
Neighborhood and community shopping centers vacancies rising by 10 basis points ending Q3 at 10%.
Asking and effective rents both grew by 0.4%
Businesses are pulling back on capital spending and long-term investments, waiting on results of upcoming elections.
Q3 2016 Industrial Trends
Warehouse and industrial subsector vacancies remained stuck at 10.5% in Q3.
Year-over-year vacancies for warehouse and distribution declined by 20 basis points.
Asking and effective rents grew by 0.4% and 0.5% respectively, growing 2.1%-2.3% on a year over year basis.
Flex/RD showed more activity in Q3, falling 20 basis points to 11.4%.
Year-over-year Flex/RD has declined by 70 basis points.
Asking and effective rents grew by 0.4%, year-over-year growth in the low 2% range.
75,000,000 SF of new construction for warehouse and distribution for all of 2016.
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A venture backed by a big Texas investment fund paid $86 million for a Lombard apartment complex, the second-biggest deal in what could be a record year for apartment sales in suburban Chicago.
The venture between Dallas-based Crow Holdings and Marquette Cos. of Naperville acquired City View at the Highlands, a 403-unit property just west of the Yorktown Center mall, from Sentinel Real Estate, according to DuPage County property records.
City View is a fixer-upper, or a “value-add” investment, in industry parlance. The two firms aim to boost their returns by renovating the property, overhauling its fitness center and clubhouse and rehabbing its apartments, said Marquette President Darren Sloniger.
“We felt there was enough meat on the bone” to get the returns they’re seeking, he said.
County records show that Crow, which manages investments for the family of legendary developer Trammell Crow, invested in City View through a $1.85 billion fund it raised last year. Sentinel, which paid $78.6 million for the property in 2006, sold it to the Crow-Marquette venture in August for $86.2 million, or $214,000 a unit, according to county records.
That’s makes it the second-biggest suburban apartment deal so far this year, after Connor Group’s $105 million acquisition of Stonebridge of Arlington Heights in February, according to a report from Appraisal Research Counselors, a Chicago-based consulting firm.
With so many investors scooping up suburban apartments, 2016 is on track to be the strongest year for suburban multifamily sales ever, topping the $1.2 billion record set in 2007, according to Appraisal Research. Suburban occupancies are high, rents keep rising and development is rising but not enough to create a glut.
The suburban market has “been very stable,” Sloniger said. “Anytime we hit any kind of softness, we’re always able to pull out if it in 60 days or so.”
Developed in 2003, City View was 96.5 percent occupied at the end of the second quarter, according to the Appraisal Research report. Rents at the property at 2720 S. Highland Ave. range from $1,180 a month for a one-bedroom unit to $2,295 for a three-bedroom.
Marquette’s other local properties include Catalyst, a 223-unit apartment building it developed in the West Loop, a 278-unit tower in the South Loop that it’s in the process of selling and an apartment project in the works in west suburban Lisle.
Source: Crain’s Chicago Business October 4th, 2016 Abby Gullun
Commercial Property Sales Slowdown as Investors Pull Back
First Quarter Leasing Levels, Net Absorption Remained Strong Despite Fewer Sales, Price Decline
Commercial real estate prices and investment volume declined for the second consecutive month in February, despite robust leasing that bolstered net absorption and CRE fundamentals in the first quarter of 2016, according to the new release of CoStar Commercial Repeat-Sale Indices (CCRSI) data.
Both the value-added and equal-weighted U.S. Composite Indices, the broadest measures of aggregate pricing for commercial properties within the CCRSI, declined in February. The value-weighted index, influenced chiefly by larger transactions, declined by 0.6%. The equal-weighted index, comprised of a higher number of smaller deals, declined 0.8%.
Investment sales volume across the commercial property sector also declined from last year’s torrid pace. The number of observed repeat-sale trades dropped 12.1% over the last 12 months ending in Feb. 2016, compared with the same period in 2015.
The drop in sales activity was apparent in both the high and low-end sectors as the composite pair count fell 10% in the investment-grade segment of the market and 12.6% in the general commercial segment in the first two months of 2016 compared with the first two months of 2015.
Leasing activity remained strong, with total net absorption of 155.1 million square feet across the office, retail, and industrial markets, contributing to a total of 655.1 million square feet of net absorption for the 12 months ending in March 2016, a 10.7% increase from the same period last year.
Indicating a ‘flight to quality’ among tenants, investment-grade properties posted the strongest year-over-year absorption growth, increasing 14.8% in the past 12 months compared to last year’s period, while the general commercial segment expanded by 1.9%.
The two-month slowdown in CRE price growth suggest that pricing may reach a plateau for the cycle in 2016, according to CoStar’s repeat-sale analysis, with trends indicating the two composite indices could level off this year after several years of steady appreciation at a 1% average monthly clip.
Investors have enjoyed a remarkably strong performance in the commercial property markets over the past several years, with limited new construction and the ongoing economic expansion helping to hold vacancies near cyclical lows and spurring rent growth.
The performance is apparent in the CCRSI value-weighted index, which has exceeded its prerecession peak level by nearly 20%, while the equal-weighted index has moved to within 5% of its previous peak.
However, general global economic uncertainty and higher interest rates have begun to put upward pressure on capitalization rates, weighing on price growth this year.