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Trio of Downtown Chicago Apartment Buildings Goes on the Market
A trio of downtown multifamily buildings is on the market, testing investors’ enthusiasm for Chicago apartments amid growing uncertainty about the future, Crain’s Chicago Business reported. Newmark has the listings for Next, a 310-unit tower on the Near North Side; the Seneca, a 286-unit vintage building in Streeterville; and Emme, a 199-unit property in the West Loop.
With downtown apartment rents at all-time highs–although data from Integra Realty Resources suggest that rent growth is decelerating–it should be an opportune time to sell an apartment building. However, rising interest rates and turbulent financial markets could limit the number of investors that bid on the properties and what they’re willing to pay, reported Crain’s.
Chicago has some baggage of its own: Many real estate investors are avoiding the city, worried that rising assessments will result in big property tax hikes, brokers and landlords have told Crain’s.
- ◦Sale/Acquisition
