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June 18, 2024

'The Darling Of The Party': Investors Flock To Midwestern Multifamily As They Flee Struggling Asset Classes

Chicago’s red-hot industrial market is cooling. Retail’s biggest brag is that now “we suck less, finally.” Office assets are struggling mightily, to put it lightly. 

In a CRE climate featuring more ugly ducklings than Cinderellas, investors say the glass slipper fits best on Midwestern multifamily assets, which are standing out as a relative bright spot these days.

'The Darling Of The Party': Investors Flock To Midwestern Multifamily As They Flee Struggling Asset Classes

Constrained supply has led to better rent growth in Chicago and other formerly overlooked Midwestern and Northeastern cities. This is leading to a general sense of optimism from investors in the asset class, panelists said at Bisnow’s Multifamily Annual Conference Midwest on Thursday at The Ritz-Carlton Chicago. “Most investors would look…

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This Week's Chicago Deal Sheet

Related Midwest broke ground on 400 Lake Shore, a two-tower residential development in Streeterville on the site of the failed Chicago Spire development.

This Week's Chicago Deal Sheet

The first phase of 400 Lake Shore includes a 72-story, 858-foot tower on the northern end of the site that will include 635 apartments, 127 of which will be designated as affordable. “Chicago is a city defined by innovation and tenacity, that continuously rises to meet challenges and exceed expectations,” said 

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LGBTQIA+ Bars Find Resurgence As Queer Culture Shifts, Comes Under Threat

After nearly two decades of decline, the number of bars and restaurants catering to members of the LGBTQIA+ community began ticking back up in the wake of the pandemic. Research from the National Institutes of Health indicates the number of these establishments nationwide grew by 10% from 2021 to 2023.

This shift has occurred despite a challenging, sometimes dangerous landscape for queer communities in particular and an uncertain playing field for the broader economy and real estate industry. But for a community intimately familiar with carrying on in the face of difficult circumstances, keeping these spaces going — and even growing them — is worth the hard days.

“Our queer spaces across the country are incredibly important,” said Danielle Spring, co-owner of Femme, a lesbian restaurant and bar in Worcester, Massachusetts, that welcomes everyone but places a specific focus on providing a haven for members of the LGBTQIA+ community.

“I’m in my 40s, and when we were growing up, we didn't have safe spaces. We invite our patrons to come as they are, no matter how they identify,” Spring said. “We provide the space for them. Anyone who walks in the door, we embrace them.”

LGBTQIA+ Bars Find Resurgence As Queer Culture Shifts, Comes Under Threat

The number of gay bars in the U.S. declined 41% from 2002 to 2019, according to the NIH. The last five years have brought a pandemic that shuttered establishments of all kinds, rapidly escalating prices and a wave of anti-LGBTQIA+ legislation and sentiment in some of the most populous states…

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Shvo's Multibillion-Dollar Plans For Opulence Start To Show Cracks

Shvo's Multibillion-Dollar Plans For Opulence Start To Show Cracks  

Michael Shvo has built his brand on exorbitant luxury. So much so that he is reportedly struggling to find people willing to pay his prices. 

After going on a $3B shopping spree, acquiring and rehabilitating some of the most acclaimed properties across the country, he is struggling to fill his buildings, and investors are turning away from the developer’s promises, The Wall Street Journal and Business Insider reported separately Thursday.  “I…

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