CHICAGO, ILLINOIS (October 31, 2022) - As more and more remote workers choose to rent in the suburbs rather than the traditional urban centers, local and out-of-state investors are looking to move into the strong Chicago apartment building market.
The recently closed portfolio of 164 units to New Jersey investors illustrates the demand centered around Chicago, noted Alex Malzone, associate vice president of Northmarq's St. Louis office (serving the Chicago and the greater Midwest).
“Many local investors are involved in acquisitions of less than 50 units, while national and international firms are investing in larger properties,” he said. “Investors are attracted to the market stability and the diverse economy as well as the long-term growth potential.”
Other topics covered include:
- Apartment rents, interest both on the rise
- Seller appetite
- Available capital
- A look ahead to 2023