The Optima Chicago Center inChicago's Streeterville neighborhood was just sold for $155 millionto Edge Principal Advisors LLC, one of the most notable multifamilytransactions in the US this year.
CHICAGO—The nationwide construction boom in multifamily housinghasn't dimmed investors' interest in such properties.According to Real CapitalMarkets' 2018 Multifamily InvestorSentiment Report, the majority are in a buying mood,with many finding a shortage of quality assets, particularly in thevalue-add category. And the healthy job market, along withdepressed home ownership rates, among other factors, should propelthe 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. Accordingto company data, multifamily sales volume for the US was $69.8billion for the first half of 2018, a 7.7% year-over-year increase.Furthermore, more than half of the investors surveyed in July nowconsider themselves net buyers, while another 26% want to remain ina 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.
