A South Side Chicago 100-unit apartment complex hit the market for $6.6 million as demand for multifamily properties in the city outpaces supply.
Axonas Realty is looking for a buyer for its three-building property at 7800, 7806 and 7822 South Laflin in the South Side neighborhood, according to Kiser Group, which is representing the seller. The property consists of studios, one- and two-bedroom apartments with 80 percent of the units renovated with updated kitchens and bathrooms.
It’s rare for such a large-scale building to come to the market in the South Side neighborhood, especially as investors are making a strong push to get into the multifamily market on the South and West sides of Chicago, said Noah Birk, a partner at Kiser Group who is representing the seller.
“Demand is drastically outpacing supply right now, which has led to a record number of transactions at record prices,” Birk said in an e-mail.
Tenants rented nearly 9,000 units in the second quarter — the strongest leasing figure in more than 10 years, according to Marcus & Millichap. Streeterville and River North led the largest total in that quarter at 1,550 units, followed by the Loop at 1,150. The highest price for a multifamily asset in the city paid this year is $175 million for a 1,061-unit apartment complex McClurg Court Center, in Streeterville.
Multifamily property developments are also popular in Fulton Market, a former meatpacking district now filling up with life science and tech companies. LG Development plans to build 664 apartment units across two towers at 1143 and 1150 West Lake streets and New Castle wants to construct a 204-unit apartment tower at 210 North Morgan Street.