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CHICAGO-Suburban multifamily property sales are on track to break the record set in 2005, says Appraisal Research Counselors. Vice presidents Ron De Vries and Gail L. Lissner report first-quarter sales totaled $386.7 million, more than 40% of last year's record $898.1 million.
A normal year, according to the Appraisal Research Counselors database, is about $450 million in sales volume. While 2003 volume cracked $500 million, nearly $800 million in deals closed in 2004.
Once again, the market is being moved by a multifamily REIT repositioning its portfolio. Archstone was a major seller in 2005, but it is Equity Residential's turn this year, with its $263 million in sales accounting for more than half of the first-quarter volume. Condominium converters bought two of the five properties, Appraisal Research Counselors reports, with pension funds buying the other three.
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