Jul
09

Chicago Real Estate Opportunities Expanding

July 09, 2012
Taylor Street

Taylor Street

Interested in buying an apartment or investing in Chicago real estate property? Now may be the perfect time! Many distressed buildings in the area are being bought and completely renovated by property owners throughout town, including Marc Realty LLC.

In fact, Marc Realty Residential LLC, a partnership between Chicago-based Marc Realty LLC and Chicago Apartment Finders, paid $3.51 million last week for a bank owned property in Albany Park. The previous owner had intended to convert the building in to condominiums back in 2006, but had to give the property back to lender since the market crash caused zero units to be sold.

The apartments are now renting for $900 and $1,700 a month, and the building only has two vacancies left. This is just one example of how the best properties and best locations are becoming harder to find in Chicago.

Marc Realty is also currently in the process of renovating another building that will supply an opening of Chicago new homes for buyers. The 14,400 square foot warehouse in Bucktown is being turned into 12 two bedroom apartments and retail space.

While Marc Realty Residential has purchased about 60 distressed buildings for more than $100 million since 2009 and the residential market is starting to recover, it is clear that the opportunities to find good properties are dwindling.

Prospective buyers and investors should not wait. It is time to start shopping for their dream Chicago property today!

About The Author

Read All Stories By Colleen Pinto

Colleen Pinto is currently the Assistant Director of Recruitment and Publicity at Creative Consultants and is a former mRELEVANCE Public Relations intern.

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