March 26th, 2015
Mulit-Family and Real Estate News Recap V.1
A Grand Reopening for Shamrock Communities
It’s grand opening time for Shamrock Communities LLC. The multifamily real estate investment firm is holding their grand reopening of its two Las Vegas properties on March 13. With the combined units, the improvement project came out to $2.5 million. The properties’ upgrades include exterior improvements, lighting, new leasing offices and security cameras.
The Apartment Industry on the Rise
The apartment industry is now considered one of the strongest sectors coming out of the recession. A new study has shown that the Las Vegas economy really benefited from the rental rise in 2013. The apartment construction, operations and residents spending contributed to $4.5 billion which supported over 45,000 jobs in the metro.
National 2015 Apartment Outlook
Since there were a lot of new properties in 2014, the vacancy levels declined to 4.2 percent since 2013. Freddie Mac’s Economists are predicting that 2015 will be another good year for the multifamily industry due to the millennial generation. Construction of units in buildings with five or more will develop so vacancies will rise.
Must-See Multifamily Developments Coming Online in 2015 and beyond
2015 is all about multifamily developments in Illinois. Here is what to expect:
New City- Will be completed in September 2015. This building will offer 484 units. There is also a new plan that will complement the surrounding area. This includes retailers, a movie theater, bowling, restaurants and more!
Block 37- Will have 694 units which will make it Downtown’s largest apartment development. Renters will be within reach of shopping, restaurants and entertainment. This project will be completed in 2016.