Marketing Multifamily

Marcus & Millichap's Scott Harris and Kyle Shoemaker have seen an uptick in potential buyers for multifamily investment sales in the last six months. They're currently marketing two suburban path properties: a 342-unit, $26M  asset in Portage, Ind., and a 252-unit new construction complex for $22.9M in Fairview Heights, Ill., a suburb of St. Louis. Kyle's marketing strategy focuses on institutional, hybrid, and  private buyers. He informs buyers that these properties may not be in A+ markets, but their location demographics are better suited for renters rather than buyers, which means the properties are likely to stay stabilized.
It takes a lot of time and energy to put those assets up for sale in the submarkets that may not be as  well-known, but buyers have been very aggressive and the company now sees a much more defined market, since some sales are setting pricing precedents.Operationally, apartments are running very smoothly and occupancy is higher than last year. The company hopes natural drivers will turn out more deals in the next 12 months.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

Major Movie Studio Campus Breaks Ground: The Chicago Deal Sheet

CRE Finance Sentiment Index Falls To 3-Year Low As Economic Fears Mount

RN3 Enters Dutch Logistics Market With DHL Sale-Leaseback Deal

Bears Stadium Saga Shifts Toward Potential Public Ownership Play

KKR's Chris Lee On Finding Opportunities As CRE Begins A 'Regime Change'

Morningstar To Relocate Global HQ To Renovated Thompson Center

CoreCivic Gets Third Leader In A Year After CEO Resigns

Lululemon Inks Mag Mile Deal: The Chicago Deal Sheet

Construction Tech Firm Kahua Secures Bain Capital Investment At $1B Valuation

Bankrupt Pennsylvania City Gets Nearly $100M Injection, But Visions For Revitalization Diverge

Deer Park Town Center Trades For $125M, Suburban Retail Buying Spree Rolls On

Las Vegas-Based Investor Pays $95M For Massive Suburban Chicago Retail Center