The Optima Chicago Center in Chicago's Streeterville neighborhood was just sold for $155 million to Edge Principal Advisors LLC, one of the most notable multifamily transactions in the US this year.
CHICAGO—Investors have been more active than expected so far this year. Some observers were concerned that a flood of new supply, rising interest rates and the low-yield environment would weigh on potential buyers, but instead, the capital kept flowing. According to JLL's H1 2018 US Investment Outlook, commercial real estate volumes for the first half of 2018 rose 3.4% year-over-year to reach $194.9 billion.
“We continue to see in many markets strong supply and demand dynamics,” Bruce Miller, co-head of the JLL capital markets group in Chicago, tells GlobeSt.com.
That always helps grease the wheels, but Miller says there are other factors in play. Many lenders seem hungry for deals, for example, including life insurance and CMBS lenders. “We have seen a fair number of investment sales take place because debt is so attractive and plentiful.”
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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.
