Chicago Multifamily Suffers While Home Sales Market Rebounds, But For How Long?

The ability of renters to keep making their monthly payments buoyed the multifamily market over the past seven months. The dire predictions of early spring, when many observers predicted calamity, have not come true. 

“Relative to other commercial real estate product types, multifamily is still strong,” Kiser Group Managing Broker Lee Kiser said.

But that doesn’t mean the housing market is healthy.

Cracks in the multifamily foundation have appeared as the coronavirus pandemic continued to sour the economy and some residents of large urban properties began to exit.


Bisnow/Brian Rogal

South Loop residential towers

Kiser said the real challenge for the multifamily industry is that the properties most responsible for the sector’s recent success are precisely the ones most likely to suffer in a pandemic. Class-A luxury buildings with a lot of amenities, located near dining and entertainment options and public transportation, just don’t have the same cachet.

“No one

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Real estate” Gilroy auto dealership property suffers loan default

GILROY — A loan default notice has been filed against the Gilroy property that is the location of an automobile dealership, a fresh sign of coronavirus-linked economic woes.

The Gilroy property is the location of South County Chrysler Jeep Dodge Ram, whose telephone recording stated on Tuesday that it was closed due to government-ordered business shutdowns.

The notice of default was filed against South County Properties Gilroy for a mortgage on two sites in Gilroy, Santa Clara County public documents show.

The two parcels include the location where South County Chrysler Jeep Dodge Ram has been operating an auto dealership at 455 Automall Parkway in Gilroy, public documents show.

Kamran Virani, an executive based in Houston, is listed as the principal executive for loan borrower South County Properties Gilroy. Virani and his co-borrower on the loan, Noworen Moeenuddin, couldn’t be reached for comment on Tuesday and in recent days.


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