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Apartment Investment Advisors Tallies “Benchmark“ Q3
Apartment Investment Advisers (AIA) has closed out a “benchmark” third quarter with more than $130 million in multifamily sales volume, having brokered 15 transactions totaling 25 buildings and 489 units across Chicago. AIA said this level of activity underscores that investors have been unstoppable in their pursuit of neighborhood apartment investments despite negative headlines.
Jack Cassin, managing broker, AIA, described Chicago’s multifamily market over the last several years as bulletproof. “Yet the race against rates that started first quarter and created higher levels of transactional velocity could end in the fourth quarter as interest rates near a tipping point eclipsing cap rates,” he added.
Cassin said Chicago multifamily can see a positive rebirth on the national stage when several market forces have aligned. Those include local government getting a better handle on crime, real estate tax bills coming into clearer focus, continuing rent growth and the Federal Reserve beginning to pull back on monetary policy.
- ◦Sale/Acquisition
