From left: 548 Capital managing partner A.J. Patton, partner Erica Johnson and director of acquisitions Charles Cole (Credit: iStock) A local investment group took a leap this month in its sweeping plan to update and preserve thousands of units of affordable housing in Opportunity Zones across the city’s South and West sides. 548 Capital closed […]
Demand for apartments reaches 5-year high across US
Chicago and Houston skylines (Credit: Unsplash) Across the nation demand for apartments is now at a five-year high, a consequence of slow home sales and economic uncertainty. The number of move-ins during the second quarter shot up 11 percent compared to last year, according to the Wall Street Journal, citing data from RealPage. That surge […]
Pension fund manager gets $500M refinancing on national portfolio
U.S. Cellular Plaza and Wells Fargo interim CEO C. Allen Parker (Credit: Colliers and Wells Fargo) FCA Partners, an investment manager that counts one of the country’s top pension funds as a client, refinanced a national portfolio of commercial and residential property for $500 million. Wells Fargo led a syndicate of banks in providing the […]
Former WeWork exec teams up with Chicago developer to launch amenity and property management platform
Alex Samoylovich (red) and Jacob Rynar (blue) with a Flats Chicago gym (Credit: Facebook and LinkedIn) In developing 8,000 apartment units over 15-plus years, Alex Samoylovich learned quite a bit about the demands of renters and the inefficiencies in multifamily property management. Now the founder of Cedar Street Companies and Flats Chicago is using that knowledge […]
We Need to Know: What’s It Like to Live in an Apartment at the Americana at Brand?
The Internet is grievously divided over the idea of living inside a shopping mall. A scroll through Yelp reviews of the Americana at Brand reveals wildly divergent opinions about what it would be like to reside in one of the mall’s on-site apartments, currently renting for a minimum of $3,100 a month. Are these apartments […]
As brutal cold grips city, mayor invokes emergency powers against bad landlords
Chicago apartment buildings in winter (Credit: iStock) With the city locked down amid wind chills pushing 50 degrees below zero, Mayor Rahm Emanuel issued a rare order Wednesday instructing building inspectors not to wait for permission from landlords before fixing heating systems in rental buildings that violate city code. The mayor directed buildings department Commissioner […]