CHICAGO—The multifamily market took off after the end of the recession and was soon setting records for new construction and investment, especially in core urban areas. And although a natural and largely expected slowdown has recently taken hold, many developers still had a great 2017, and now look to 2018 with confidence.
Chicago-based CEDARst just wrapped up several attention-grabbing projects, for example, and will soon break ground on several more. The company raised more than $150 million of fresh capital in 2017, with an additional $250 million projected in the first half of 2018 across a number of upcoming developments.
“There is no doubt that the multifamily market has softened,” Will Murphy, managing partner of CEDARst, tells GlobeSt.com. “It's a two-month concession market and rent growth has flattened out.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
