Chicago multifamily investment sales reached $1.9B in Q1 2026, marking a 116.6% year-over-year increase.
The Chicago commercial real estate market saw a surge in activity during the first quarter of 2026, with multifamily investment volume reaching $1.9B. This performance represents a 116.6% increase compared to Q1 2025, positioning Chicago as the second-most active multifamily market in the U.S. behind the New York metro area. The quarter saw 58 total multifamily deals, an increase of 31.8% year-over-year, as investors favored larger complexes at higher valuations.
Key transactions included the $167M sale of a 1,115-unit high-rise at 5441 N. East River Road in O’Hare and the $126.1M sale of a 42-story downtown tower. Despite a tight vacancy rate of 5.1% and a limited development pipeline, with only 1.6% of inventory currently under construction, institutional interest remains high due to strong fundamentals. Stakeholders are also monitoring the transition of the Cook County Assessor’s office, as incoming assessor Pat Hynes intends to introduce more predictable assessment processes to the local tax environment.
Excavation and pile driving are underway for a new 40-unit residential building located at 6150 North Sheridan Road in Chicago.
Chicago City Council approves a $36 million, 44-unit affordable housing development at 3251 W. Division in Humboldt Park.
The Chicago City Council approved LG Group's 66-unit residential development at 1201 W. Kinzie, a $25 million project scheduled to break ground in late 2026.
GD Holdings acquires 16 luxury condominium units at the St. Regis Chicago for $21 million.
Chicago City Council approves Honore Properties and Peerless Development's 28-story, 340-unit residential tower at 1415 N. Dayton.
Essex Realty Group lists a newly constructed 60-unit multifamily property at 825 E. 61st Street across from the University of Chicago.
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