Bisnow’s Post

The Impact of Cooperation: Constructing a 99-unit mixed-income apartment building in #Chicago’s Bronzeville neighborhood required developers to navigate a public-private partnership with city and federal agencies and overcome decades of disinvestment in South Side neighborhoods. Learn more about the Multifamily Development of the Year in Chicago below.

🗺 The Cushman & Wakefield GIS Technologies team collaborated on the #Philadelphia Multifamily Construction Boom research report by analyzing migrating populations and the resulting demographic shifts through the power of #GIS

📊 Estimated New Apartment Construction in 2024 🏢 As the U.S. faces an ongoing housing shortage, 2024 is set to see a 518,000 new apartments delivered nationwide, according to recent data from RentCafe. The majority of these new developments are concentrated in Sunbelt metros like Dallas, Austin, and Phoenix, which continue to lead the charge in multifamily construction. Minneapolis is the only Midwestern city to make the top 20, with an estimated 8,400 new units expected by the end of the year. While future completions are expected to taper off significantly after 2025, this year's surge in new apartment construction is a reminder of the dynamic nature of the multifamily market—especially in regions experiencing strong economic and population growth. #Multifamily #RealEstateInvesting #Minneapolis #CRE #InvestmentOpportunities #ArcEquity

In growing NW Atlanta corridor, multifamily project moves forward

In growing NW Atlanta corridor, multifamily project moves forward

CLIENT NEWS: Despite opposition from nearby residents, Miami’s Planning, Zoning and Appeals Board backed zoning changes that will enable a developer to build more than 300 apartments near Legion Park. Less than an hour before midnight, PZAB members voted 5-2 to recommend that 2.58 acres of land at 615 N.E. 64th Terrace be rezoned from T5-R medium density multifamily residential to T6-8L restricted commercial. That would increase the maximum density to 150 units an acre from 65 units an acre. The zoning change is sought by MiMo Bay Apartments II LLC, an affiliate of Ponte Vedra-based ACRE Multifamily Fund IV REIT, led by Michael Van Der Poel. His firm built the 236-unit Adela at Mimo Bay immediately south of the 37-acre Legion Park in 2020. The proposed zoning will enable MiMo Bay to build a 337-unit apartment building with some commercial space and more than 500 parking spaces on 3.25 acres of land bounded by Legion Memorial Park, Northeast Seventh Ave., Northeast 64th Street and Biscayne Boulevard. READ MORE: https://bit.ly/3Th6fAQ

The ongoing housing shortage is creating opportunities in the Midwest, where lower levels of new apartment deliveries mean less competition compared to Sunbelt markets like Dallas, Austin, and Phoenix. In 2024, Minneapolis is the only Midwestern city in the top 20 for new apartment construction, with 8,400 units expected. As the market anticipates a slowdown in new completions after 2025, this supply constraint could benefit Midwest investors by driving demand and stabilizing rents.

In growing NW Atlanta corridor, multifamily project moves forward

Chicago’s Lagging Apartment Construction: What It Means for Rent Prices and the Market A recent report from Apartment List shows that Chicago ranks 45th out of the 50 largest metropolitan areas in new apartment construction per capita, with just 0.7 new permitted units per 1,000 residents in 2023. In contrast, cities like Austin and Nashville are permitting 9.2 and 4.7 units, respectively, for every 1,000 residents. What does this mean for Chicago? With fewer new apartments being built, the demand for existing units will only continue to grow. Limited new supply coupled with strong demand could also make existing multifamily properties more valuable, creating opportunities for investors positioned to take advantage of this dynamic. https://lnkd.in/dPxtcyr3 #RealEstate #ChicagoMarket #MultifamilyInvesting #RentGrowth #UrbanDevelopment #BrenemanCapital #InvestmentOpportunities #SupplyAndDemand

Kansas City is seeing significant apartment development concentrated in seven key submarkets, comprising nearly 4% of the city’s multifamily inventory. Our latest multifamily construction pipeline report explores this trend in detail. Despite a development slowdown, Johnson County remains pivotal for new apartments, while Wyandotte County is emerging as a promising area. Additionally, Kansas City's development pipeline, although smaller than the national average, suggests reduced risk of oversupply. As construction slows, market dynamics are expected to shift by year’s end, potentially reshaping the multifamily landscape. Check out the link below to our comprehensive 2Q24 multifamily construction pipeline report to delve deeper into these insights! Kansas City: https://lnkd.in/giXjrRtK MMG Real Estate Advisors #mmgrea #kansascity #multifamily