Steve Kehoe Featured in Chicago Business Journal

The Kehoe Group founder and CEO, Steve Kehoe, was recently featured in an article published by the Chicago Business Journal.  The article:

 

Interest rate hikes don’t slow Pilsen and Logan Square multifamily portfolio sale

Nov 16, 2022, 1:24pm CST

Mark Falanga has been involved in several recent transactions in both the Pilsen and Logan Square neighborhoods that show that despite rising interest rates, there’s a movement toward quality assets in neighborhoods that are in demand.

The CEO of VentureMark Inc., a private equity boutique that invests in real estate, completed the sale of a 12-building multifamily portfolio in Logan Square and Pilsen for $18 million to separate buyers.

The final property sold, a three-story multifamily building at 965 W. 18th St. in Pilsen, went for just over $1.33 million to an undisclosed buyer earlier this month. The mixed-use building’s first-floor retail space is leased to fitness studio Vive Healthy Sport & Nutrition.

Falanga said the recent string of deals, all of a similar asset class to one another, shows Chicago remains affordable especially compared to other major cities.

“One [buyer] was from California, one was from Oregon and one was from New York. I think Chicago is a great discount to a lot of other major metropolitan areas,” he said.

He said that all of the properties were on the market for a short period of time.

“What is clear is that there is still strong demand for quality properties,” he said. “If you’re a young professional in Chicago, and you’re doing pretty well and you’re several years into your career, you could contemplate purchasing a property. I think in cities like San Francisco and New York or Washington, D.C., it’s much more challenging if you’re in the same lifespace in those cities to be able to purchase a place.”

Steve Kehoe of Compass brokered the sale of all of the Logan Square properties and one Pilsen property. Angelo Labriola and Paul Cawthon of SVN brokered the sale of the other Pilsen properties.

Alex Zorn
Staff Reporter
Chicago Business Journal