A Multifamily Winner
Commercial Observer
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Steady demand and anemic supply has made Chicago an unlikely destination for multifamily investors to park money, especially as Sun Belt markets slap on little too much inventory. Also for today: One of the nation’s largest homebuilders is planning a big project in Florida’s Broward County.
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— Tom Acitelli, Deputy Editor
Chicago Multifamily Has Become Popular by Threading the Supply and Demand Needle
The Second City has sprinted ahead when it comes to attracting investor interest in multifamily investments. In an intriguing turn in the market, Chicago has become somewhat of a dark horse investor’s darling. It’s long been characterized as a slow and steady market, without the well of development found in the Northeast or in the fast-growing population centers of the Southeast or Southwest. There’s a reason Equity Residential, the multifamily behemoth based in the city that the late tycoon Sam Zell founded, doesn’t invest in its hometown. “Equity was always hard to get in Chicago,” said Tyler Hague, executive vice president of Midwest multifamily advisory for Colliers. “Most institutions would just tell you ‘No’ before you finish the word ‘Chicago.’ And, so, because of that, nothing’s been built.”
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Lennar Paid $53M for 75 Acres Near Outer Corner of Broward County in South Florida
Lennar Homes, one of the country's largest homebuilders, paid $52.5 million for developable parcels on the edge of Florida’s Broward County to expand its residential fiefdom, property records show. The 75-acre site at 15990 Loxahatchee Road in Parkland is zoned for 205 single-family homes. It faces the Everglades National Park and is surrounded by Lennar’s Parkland Bay and Cascata at Miralago communities. The seller, Brian Tuttle, assembled the parcels between 2015 and 2017, paying nearly $14 million in total, according to records. In 2021, the investor secured the zoning for the residential community.
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Business Development Manager- Ask me how you can invest in multi-family real estate with 100% financing and build wealth quickly.
1moGlad I was able to get into multifamily with very little down.