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CHICAGO-It’s clear that apartments are the most preferred asset in the Chicago area, with vacancy for the city and suburbs hovering around 6.5%, according to a third quarter Marcus & Millichap market report. However, even low vacancy is having trouble pushing rents off their stable position, new development is non-existent and there’s still not good enough lending for large purchases.

Deals still exist, says Stephen Rachman, a VP of investments for the company. “Multifamily debt has never been more attractive. I would argue we’re in a seller’s market,” he says. “Demand is led by well-located assets, which sets off a bidding frenzy.”

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