Interra Realty Senior Managing Partner Joe Smazal Discusses the Multifamily Market with Globe St.
CHICAGO, IL – Interra Realty Senior Managing Partner Joe Smazal was recently featured in an article from Globe St. on multifamily dealmaking.
Renters Wont Be Becoming Home Buyers
Joe Smazal, senior managing partner, Interra Realty in Chicago, tells GlobeSt.com that in the middle-market space, he’s still seeing healthy sales velocity for well-located assets in Chicagoland.
“Private capital remains interested in acquiring multifamily assets for long-term ownership, and investors have been encouraged by strong rental market and operations in Chicago,” according to Smazal. “We also don’t expect to see much attrition from renters going into first-time homeownership this year.”
Relative to other markets that were more popular over the last couple of years, Chicago has shown a lot of stability and, depending on the specific location within the city, still presents opportunities to acquire deals with cap rates at or above interest rates, Smazal said.
“If we see rates come down and/or less trepidation from the macroeconomic uncertainty, we’ll see the floodgates open.”
Read the full article at Globe St.