Tenant retention is one of the most crucial ways to drive value in an apartment community.

"Today is a historic day for Chicago transit as we begin the largest project in CTA history to modernize CTA rail service for the next century and rebuild the Red Line, the CTA's busiest line," said Chicago Mayor Lori Lightfoot.

The transformation of The Pizitz would have been a lot less expensive had they started from the ground-up, but to Bayer, it was worth it to restore the building for the city to enjoy.

Buying isn't easy for Opportunity Funds in this current low cap rate environment—with scores of bidders chasing assets, returns have shrunk.