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—The nationwide construction boom in multifamily housing hasn't dimmed investors' interest in such properties. According to Real Capital Markets' 2018 Multifamily Investor Sentiment Report, the majority are in a buying mood, with many finding a shortage of quality assets, particularly in the value-add category. And the healthy job market, along with depressed home ownership rates, among other factors, should propel the multifamily investment market for the rest of the year.
“From our perspective, things seem to be picking up,” Tina Lichens, chief operating officer, Real Capital Markets, tells GlobeSt.com. According to company data, multifamily sales volume for the US was $69.8 billion for the first half of 2018, a 7.7% year-over-year increase. Furthermore, more than half of the investors surveyed in July now consider themselves net buyers, while another 26% want to remain in a holding pattern. Just 16% consider themselves net sellers.
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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.
