| Discussing Chicago’s multifamily market with Walker & Dunlop VPJoel Kaplan is like discussing economics 101. Macro level: Joel’s team at the commercial real estate finance firm has seen large banks, life companies, and conduits return to the market after a long winter (in some cases winters). Also, besides the demand for Class- A/B assets, C properties are finally garnering financing again. Micro level: some condo projects are converting to rental apartments, dramatically affecting supply. For example, the South Loop Submarket in Chicago will have 333 new rental units online due to theLexington Park Condo Tower going rental. Joel also notes that many affordable housing communities will convert to market-rates ascompliance periods expire. Despite the increase of investment opportunities in Chi-town, it’s actually not enough to handle the demand (not that anybody’s complaining). For more info on Walker & Dunlop, go here. |
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