Ali Ata, AAIM Development Acquire First Multifamily Property
Industry: Real Estate
Ali Ata and his company, AAIM Development, recently acquired their first multifamily residential building for $2.7M to add to their portfolio of commercial retail buildings. The move should have a positive impact on Ata and the company even in the midst of talks of a recession in 2020
Chicago, IL (PRUnderground) December 12th, 2019
The new residential building that Ata acquired is located in the area of Northwest Chicago, near the O’Hare International Airport. Ata said that AAIM plans to acquire more multifamily properties in the coming months to diversify its holdings. The company is making this move due to concerns over trends in the retail business.
Research shows that retail sales in the United States hit a seven-month low in September. This occurred as households cut their spending on automobiles, building materials, and online purchases. Experts said that this reinforces the current concern that consumers will continue to cut back on their spending and that this will trigger a durable slowdown.
On the other side, multifamily residential buildings are expected to remain in high demand in 2020, with multifamily lending being on track for setting next year. According to experts, multifamily property values are rising, and this should continue to draw investors to this aspect of the real estate market.
Chicago is especially considered to be one of the top areas in which to invest in multifamily residential buildings. Rents in this area are rising, which is excellent news for investors. Rental prices are particularly great for Class A holdings despite the fact that rents took a sharp nosedive in the middle of 2018.
One of the main reasons why Ata and AAIM decided to purchase a multifamily property in the Chicago area is that millennials are drawn to the Windy City in droves. This hotspot of a city is drawing an increasing number of businesses, and the more that businesses move there, the greater the chance that more millennials will make the city their home. In fact, millennials already constitute a large percentage of buyers and renters in Chicago.
Disclaimer: The news site hosting this press release is not associated with Ali Ata or AAIM Development. It is merely publishing a paid press release announcement submitted by a company, without any stated or implied endorsement of the person, product, service, or information above.
