Ali Ata (AAIM Development) Purchases Multifamily Building in Chicago
Industry: Real Estate
Ali Ata of AAIM Development, a leading real estate development firm, has purchased a multifamily building in Chicago as part of the company’s efforts to diversify its portfolio in the current economic climate
Chicago, IL (PRUnderground) April 28th, 2020
According to Ata, the retail market has been experiencing a turbulent time. As a result, the futures of many retailers are up in the air. In light of this, AAIM Development decided to create a more diverse portfolio by making its first acquisition in the multifamily residential market. The company bought a 15-unit building in Chicago for $2.7 million.
Due to shutdown orders and social distancing requirements amid the COVID-19 global pandemic, retail sales for March dropped by 8.7%, a record figure. Experts had expected retail sales to be dire, with a 10% drop initially forecasted. According to the official data, the losses ended up being broad-based excluding big-box discount stores, pharmacies, and grocery stores. However, online sales appeared to fare okay, although they were not spectacular.
Multifamily real estate properties, on the other hand, are generally in a better position to weather market volatility. The reason for this is that individuals will always require places to live. In addition, with today’s low-interest rate, investors who are well-capitalized can more simply invest in properties directly. Multifamily properties offer the benefits of greater cash flow, lower investment risk, and tax breaks.
The current Great Lockdown is one of the worst economic downturns during the past century in the United States, with only the Great Depression being worse. As a result, Ali Ata of AAIM Development said he is constantly assessing the market and looking for creative ways to keep the firm’s bottom line strong going forward. According to Ata, AAIM Development looks forward to continuing to grow and thrive in spite of the current financial market.
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About Ali Ata