The multifamily building investment market cooled in September compared to the month prior, when nearly $300 million was spent to acquire more than 700 units throughout the city.
September saw investors spending $13.75 million on multifamily buildings in the area. The most expensive multifamily acquisition of the month was the $5.9 million spent to buy a downtown Evanston property with ground-floor retail.
Two of the top 5 multifamily sales of the month were in the suburbs, while three were for buildings in far-flung areas of the city.
Total volume of new residential construction in the Chicago area has fallen this year compared to last year, but ongoing office construction and corporate relocations are expected to maintain demand for new apartments.
Here are the top 5 multifamily sales, compiled by The Real Deal using Cook County property records.
1. 831 Foster Street, Evanston | $5.9 million
Evanston-based investors Farnsworth-Hill sold their downtown Evanston building to Abbas Kanji. The mixed-use building has ground-floor retail.
2. 5110 North Glenwood Avenue | $4.425 million
This Andersonville walkup netted Hayes Properties $4.425 million when it sold to Richard L. Haines.
3. 1638 West Greenleaf Avenue | $4.25 million
This Rogers Park courtyard apartment complex was sold by Invitation Homes to a New York-based entity known as 1638 West Greenleaf Holdings.
4. 2827 East 76th Street | $2.68 million
This 1920s-era apartment complex across the street from Rainbow Beach in South Shore was sold by Mirko Mrsic to a venture known as 7600 South Shore LLC.
5. 30 South Spring Avenue, LaGrange | $2.4 million
The nearly 10,000-square-foot apartment building in LaGrange was sold by 30 South Spring LLC and bought by Miniature Mile Prop Ventures. The sale closed Sept. 19.Recommend0 recommendationsPublished in