Multifamily Midwest

Multihousing Markets Spur Activity and an IREJ Conference

The multifamily housing market in Chicago’s downtown and suburban markets continues to spark great interest, from renters and developers to buyers and money sources. It will be the focal point of a conference being held on Thursday, June 30 at the University Club of Chicago.

The multifamily housing market in Chicago’s downtown and suburban markets continues to spark great interest, from renters and developers to buyers and money sources. It will be the focal point of a conference being held on Thursday, June 30 at the University Club of Chicago.

The event is being hosted by the Illinois Real Estate Journal.

According to reports produced by Appraisal Research Counselors, occupancy rates for the downtown and suburban markets were 93.9 percent and 93.6 percent, respectively. In both cases, these rates represented increases from the last quarter, and stable or increasing rates from the year earlier.

Ron Devries, MAI, FRICS, a Vice President of Appraisal Research Counselors, will deliver a keynote address at the conference, to kick off the event.

In addition to steady and increasing occupancies, rents also have done well and are expected to improve further in the year ahead. In published reports Devries says he expects rental rate increases of five to six percent in the suburbs and seven percent in the city.

Following the keynote presentation by Devries, a stellar panel of developers and owners will discuss the Chicago (and suburban) markets at length. The panel, being moderated by Sean Fogarty, HFF, includes Steven Fifield, Fifield Companies; Joel Carlins, Magellan Development; John Murphy, MB Real Estate; Buzz Ruttenberg, Belgravia; and Mark Segal, The Habitat Company.

In that first panel and the two others—The Financing & Investing Arena and Designed & Built to Rent—key leaders in this industry segment will be talking about the news, issues and trends in the multifamily housing marketplace, such as the wave of sales taking place, recent announcements of new planned projects and the financial sources that are lining up to fund acquisitions, conversions and new development.

The cost to attend the conference is $49. Click here to register online