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MIA Update – Chicago Commercial Real Estate

Bears to unveil details of Arlington Heights stadium  – Team signed agreement to buy former racetrack (The Real Deal – Chicago / September 02, 2022)

Meet Quintin Primo, Chicago’s inside man on Google’s Loop landing Capri Investment executive chairman talks Thompson Center, wins, losses, and more (The Real Deal – Chicago / September 01, 2022) By Sam Lounsberry

How Oakland Tenants Forced Their Landlord to Turn Over the Keys    (Jacobin – 2022) by MATHILDE LIND GUSTAVUSSEN

The Nation’s Housing Affordability Problem Has Reached Illinois, But We Are Finding Solutions

Mike Mini from The Chicagoland Apartment Association (CAA) argues in his latest guest commentary to The Daily Line (The Daily Line)

Morgan Properties Expands in Midwest With $410M in Purchases

The Pennsylvania-based firm acquired two portfolios totaling nearly 3,000 units. (Multi-Housing News)

21-Story Development Kicks Off in Central Chicago

Developer Vista Property broke ground on 741 North Wells, a 168-unit multifamily project in the downtown Chicago area. (Multi-Housing News)

Construction begins on $43 million affordable housing project in Auburn Gresham

The project from a joint venture of Imagine Group and Evergreen Real Estate Group will redevelop two vacant sites. (Chicago Business Journal)

Ryan Cos. Begins Construction of Chicago Community

The six-story, 320,000-square-foot building will be located in downtown Elmhurst and is slated for completion in 2024.  (Multi-Housing News)

JV Breaks Ground on Chicago Affordable Community

The mixed-use building is the result of a joint venture between Imagine Group and Evergreen Real Estate Group. (Multi-Housing News)

Avanath JV Acquires $220M Workforce Community

This represents the largest single-asset sale in Los Angeles County this year.  (Multi-Housing News)

CAR to induct Leon I. Walker of DL3 Realty Advisors into Hall of Fame – Chicago Agent Magazine Local News

The Chicago Association of REALTORS® (CAR) will induct Leon I. Walker, managing principal of DL3 Realty Advisors, LLC, into its Hall of Fame. (Chicago Agent Magazine)

Michaels, DL3 Realty Set to Move Forward on Park Station Lofts in Chicago

The mixed-income, mixed-use, family community will be the first to meet the requirements of the Woodlawn Affordable Housing Preservation Ordinance. (Newswire)

The U.S. Middle Class Is Getting Squeezed in 2022

Middle-income Americans have built up less savings, lost more in the market downturn and face higher average inflation in 2022. WSJ’s Dion Rabouin uses three key data points to explain.  (Wall Street Journal)

With Evictions Looming, Cities Revisit a Housing Experiment from the ‘70s (The New York Times)

What’s Driving Multifamily Real Estate During the Pandemic? (D Magazine)

Road to Recovery? Confidentiality Agreements for Industrial, Multifamily Properties Bounces Back (Globe St., Aug. 20, 2020)

Assistance Programs are Keeping the Multifamily Market Mostly Intact – For Now (Long Beach Business Journal, Aug. 13, 2020)

Fannie Mae Announces New Measures to Support Residential Tenants in Enterprise-Financed Multi-Family Housing (PR Newswire, Aug. 6, 2020)

Chicago Is Looking Better To Investors, Especially Outside Downtown Core

Despite high vacancy rates, Chicago’s office market is gaining investor interest outside the downtown area, especially in the northern and western suburbs. (Bisnow)

Woodlawn apartments named for affordable housing advocate

The Mattie Butler Apartments were named in honor of the Woodlawn East Community and Neighbors founder, who championed affordable housing for decades. (Chicago Sun-Times)

Apartment Industry & Its Residents Contribute $3.4 Trillion to the National Economy (National Multifamily Housing Council, Sep. 10, 2019)

Multifamily Housing (United States Department of Housing and Urban Development)

Multifamily Housing Law and Legal Definition (USLegal)

MIA – Headwinds Reporting for property owners

US  falls into ‘housing recession’ as mortgage rates, building costs surge

Builder confidence has plummeted for eight consecutive months, its worst streak since 2007. (New York Post)

How the New Rate Environment Impacts Multifamily

By (Multi Housing News)

By (Multi Housing News)

How the Housing Shortage Became a Crisis

By (Multi Housing News)

Two Loop office buildings face loan trouble

The properties could add to the wave of distress that has washed over the Loop office market since the beginning of the pandemic. (Crain’s Business Chicago)

Could this Loop office building become apartments?

The owner of a vintage building just steps from LaSalle Street has joined the list of downtown landlords framing their properties as potential residential conversions. (Crain’s Business Chicago)

Affordable housing investor makes 2 deals on the South Side

Jonathan Rose Cos. said it will keep rents low while making repairs and improvements on the 485 units (Chicago Sun-Times)

Five charts explaining why inflation is at a 40-year high — The Washington Post

Persistent supply chain backlogs and high consumer demand for goods have kept prices elevated. (apple.news

Chicago ranks second on best cities in the world list

It’s also the only American city to make Time Out’s top 10 (Crain’s Chicago Business)

Mortgage Rates Fall to 5.30%, Reflecting Recession Fears

Mortgage rates recorded their largest decline this year as investors raise their bets that the economy is headed for a downturn. The average rate on a 30-year fixed-rate mortgage is down from 5.70% last week. (WSJ)

 

NYC commercial real estate facing record vacancies, low occupancy: ‘People are not coming back’

The Peebles Corporation founder and CEO Don Peebles provides perspective on the dramatic slowdown of the commercial real estate market in New York City (Fox Business)

Google Is Buying The Thompson Center For $105 Million

The famed building will be sold to the tech giant, which will “entirely” redevelop the Thompson Center into an office suite for its workers, Gov. JB Pritzker said. (Block Club Chicago)

Soft Landing Or Deep Recession? Whatever Is On The Horizon Isn’t Like Any Other Downturn

The Federal Reserve’s measures to fight inflation have many economists predicting a recession, but it wouldn’t be like any other modern down cycle. (Bisnow)

Explainer: What is a recession?

Economists are warning a global recession could be on the way. But what is a recession and how can we tell if one is happening? (World Economic Forum)

US Bond Market Flashes Recession Warning as Yield Curve Inverts

A closely-watched part of the US yield curve inverted Monday as investors dumped short-term debt on concerns that aggressive rate hikes will lead to an economic slowdown. (Bloomberg)

Explainer: U.S. yield curve inverts again: What is it telling us?

A closely watched part of the U.S. Treasury yield curve inverted on Monday for the first time since April following hotter-than-anticipated inflation data last week. (Reuters)

There are 2 very different kids of recessions—and the U.S. is likely headed for one

Recessions are an “unavoidable fact of economic life” and they don’t all look like the Great Financial Crisis, economist Stephen Miran says. Some are more “garden-variety.” (Fortune)

Inflation Unexpectedly Reaccelerated to 8.6% in May, Hitting a Fresh Four-Decade High

Bitcoin dipped about $500 on the news, trading around the $29,500 level in the minutes following the report. (Coindesk)

A Review of Past Recessions

Here we look at the biggest economic declines in the U.S. since the Great Depression. Investopedia)

How Multifamily Owners and Operators Are Seizing the Day (Globe St.,)

How New Executive Orders Will Affect Multifamily Property Owners (Forbes, )

Finance Rates for Small Multifamily Real Estate Find Stability (Globe St.,)

Multifamily Property Values Outperform Since Covid (Yield Pro)

Urban or Suburban? After Coronavirus, Suburban Multifamily Properties May Have the Edge (Bis Now)

The Pandemic Will Force Smart Multifamily Properties to Have a Conversation about Data Privacy (Forbes)

Next Generation of Renters Won’t Be Easy to Satisfy — They Want Lower Costs, And Better Amenities (Bisnow, Oct. 9, 2019)

Apartments: The Low-Impact Green Investment (Commercial Property Executive)

Investing in Multifamily Property

As Cap Rates Compress, Multifamily Investors See Value-Add Potential In Newer Properties

Over the years, investors haven’t been getting the same benefit for buying older properties that they used to, and more are choosing newer properties. (Bisnow)

Episode 145: NFL Tight End Turned Chicago Real Estate Investor with Matt LaCosse

Ever wonder how professional athletes are investing to set themselves up for life after their sports career? NFL Tight End Matt LaCosse joins us to shine light on this exact journey. (Straight Up Chicago Podcast)

New Edition Singer Ronnie DeVoe Talks Recharging His Career Through Real Estate

Dealing with financial woes while residing in Los Angeles, where the cost of living is astronomical, DeVoe relocated to Atlanta, Georgia, in 2001 and dove into real estate investing through the mentorship of a real estate agent. (Forbes)

Loop office tower owner looks to capitalize on Google effect

Developer John Buck is putting his LaSalle Street office tower up for sale, testing whether investors will clamor to own property near the Thompson Center. Crain’s Business Chicago)

Recent price gains for Chicago commercial properties among best in the world

But the macro outlook is dimming amid rising interest rates and jitters about a potential recession. “The era of juicy returns is clearly over,” writes one research firm. (Crain’s Chicago Business)

U.S. Needs 4.3 Million Apartments Over Next Decade Just To Tread Water

The U.S. needs a lot more apartments in the very near future (Bisnow)

Investors’ Guide to Multifamily Real Estate Syndications (Forbes)

It’s Still a Good Time to Invest in Apartments (Yield Pro)

Multifamily’s Resilience is Attracting Investors  (BisNow)

How to Create Generational Wealth with Apartment Syndication (Forbes)

Coronavirus Fuels Indecision in Multifamily Investors (National Real Estate Investor)

Five Questions to Ask About Owning Multifamily Real Estate for Cash Flow (Forbes,)

Making the Case for Affordable Housing Investment (Multi-Housing News,)

Property Management

EV Charging Basics for Multifamily Owner  (Multi-Housing News,) September 2, 2022

Hines Launches Apartment Property Management Venture (Globe St.,)

Property Management in the Pandemic: Seven Ways to Prove Customer Experience with Technology (Forbes, Oct. 12, 2020)

Coronavirus Guidance for Property Managers (National Apartment Association)

FHFA Moves to Provide Eviction Suspension for Renters in Multifamily Properties (Federal Housing Finance Agency)

Apartment Dwellers Still Crave Sustainability (RE Journals)

Going Above and Beyond in Property Management (Forbes)

Useful Websites

Multi-Housing News — Provides current news and statistics about the multi-housing industry

National Apartment Association — A trade association for the apartment housing industry

National Association of Residential Property Managers® — A trade association for residential property managers

National Multi Housing Council — Provides a forum for insight, advocacy and action for members and the community

Property Manager — Sells property management software, and shares perspectives and best practices to help manage your property management business

Multifamily Biz — Provides current news about sales, construction and the multifamily industry

Chicago Neighborhood Building Owners Alliance “NBOA”

The Neighborhood Building Owners Alliance (NBOA) is the voice of neighborhood housing in Chicago. It represents Chicago’s small and mid-sized housing providers, most of whom live, hire and buy supplies in the communities they serve.

600+Members – 4,800+Buildings owned or managed – 128,000+Apartment units under ownership or management

The NBOA serves the members of its nine community building owner affiliates. Like those affiliates, the NBOA is a forum for information, professional development and networking.

In addition, the NBOA advocates on behalf of small and mid-sized housing providers. Its team of professionals works to tell the story of neighborhood housing in the media, and to lobby public officials to ensure housing providers are part of housing policy.

The NBOA is an alliance of the following Chicago neighborhood building owner associations:

Their combined membership of more than 600 housing providers owns or manages more than 4,800 buildings and more than 128,000