| As if on cue right after Bisnow's Multifamily Summit last week, another tall apartment tower traded hands in Chicago: the 221-unit Parc Huron in River North, snapped up for a reported $110M, though the participants in the deal aren't talking. Not long ago, our sources were telling us that there might be irrational exuberanceon the coasts among apartment buyers but not in level-headed Chicago. Is it still the case? (Will we succumb to eastern attitudes of irrational exuberance and thin crust pizzas?) Eric Enloe, managing director of Integra Realty Resources, doesn't think the market has gone to crazytownquite yet, though he tells us big trades are getting 10 or 15 or even 20 offers. "And that's just the city. I'm almost more blown away by the action in the suburbs." Enloe calls the bidding “aggressive,” but not overboard, because there's enough demand to keep the properties full, certainly for a few years. |
RATIONAL EXUBERANCE?
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Integra Realty Resources
, Parc Huron
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