Apartments

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Marcus & Millichap is proud to present for sale a fully-occupied high yielding 22-unit multifamily portfolio in the western Illinois city of Macomb, home of Western Illinois University. Offering generous rates of return, this portfolio is composed of six separate properties in close proximity to one another consisting of nine two-bedrooms, eight one-bedrooms, and five studios.

The sale highlights the strength of the suburban Chicago apartment market, which has lifted rents and property values over the past several years.

Tight labor market curbs job creation. The U.S. economy added 20,000 jobs in February, the lowest monthly total since September 2017. While the partial government shutdown and winter storms contributed to last month’s meager showing, the pace of hiring should recover in March.

Rent Control reduces the supply of rental units, increases prices for properties not covered and prevents those most in need from benefiting.

A construction wave was supposed to test the downtown market this year, with competition from 4,400 new apartments—an annual record—hampering landlords’ ability to keep hiking rents and possibly even pushing rents down. Overbuilding often ends real estate booms, and the risk of that happening in Chicago seemed to be growing at the end of last year.