MULTIFAMILY GLEE

Marquette's Jim Cunningham tells us Chicago multifamily returns are simply "euphoric" right now. Sure, some areas like the Northwest quadrant have a bit of softness, but he expects rents to go up another 4% to 8% in 2012. Investors' passion for multifamily is changing the picture, though. Downtown prices hit $500k/unit sometimes last year, and that's when returns start to get questionable and you start to walk away from deals, he adds.
Marquette and Davis Cos bought The Apartments at Woodfield Crossing in Rolling Meadows out of foreclosure a year ago. After a $9M repositioning, rents have bumped up 15% to 20%.

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