Three Reasons To Invest In Real Estate In Chicago’s West Town Neighborhood
Welcome to “Five Questions,” a monthly series where Essex Realty Group, Inc. brokers share their observations and experiences gained while working in Chicago’s real estate world. This month we are getting to know Essex Director Jordan Multack.
About The Broker: Jordan Multack joined Essex Realty Group, Inc. in 2016 and focuses on the sale of investment real estate throughout Chicago. Jordan began his career in the ultra-competitive logistics industry, where he learned business acumen, cold calling persistence, problem solving, and accountability. The son of a successful property management company owner, he spent many summers helping to care for multi-family properties. Hauling trash, painting apartments and cleaning hallways gave Jordan an appreciation of what is entailed to successfully operate a property.
Jordan received his Bachelor of Science degree from the University of Illinois at Urbana-Champaign, majoring in Psychology. Outside of work, Jordan is active in several philanthropies, including the Polk Family Charitable Fund, Canine Therapy Corps, JMFF and After Breast Cancer Diagnosis.
Jordan lives with his wife in West Town where they are active members of the community. As a self-proclaimed "foodie," he loves to explore restaurants around the city because he feels the food is the most representative of the culture that resides there.
Q: How do you define what you do everyday?
Jordan: At the end of the day, working in the real estate industry is actually a lot more about working with people than with real estate. I believe my role in the industry is to develop meaningful relationships and to help connect people with opportunities. So, for me, a typical day is spent making calls to owners and investors in my target markets to talk about current listings and share news of recent multifamily sales. In addition to connecting with owners and investors, I spend a significant time managing the deal flow of current and under contract listings and working on proposals to keep that pipeline full. In this industry, it is also incredibly important to stay up to date current on real estate news, look for trends, and watch for legislation that might impact our industry.
Q: Tell me more about the submarket you work as a broker here in Chicago?
Jordan: My core territory is West Town, a sprawling stretch of neighborhoods near downtown Chicago just west of the I-90. Within that territory are quite a few unique submarkets, and I specifically focus on the submarket neighborhoods of Wicker Park, Noble Square, and East Village. Wicker Park is historically the most well-known, and strongest neighborhood in terms of rent growth and tenant interest, but I think investors should try not to forget about the other submarkets within West Town, like Noble Square, East Village, and Ukrainian Village.
There are a variety of reasons an investor should look to invest in multifamily and mixed-use real estate throughout the West Town submarket, but some of the main ones include:
- Location, Location, Location! Noble Square and other West Town neighborhoods are in proximity to River North and Chicago’s Loop, and walking distance to the West Loop and Fulton Market. These areas are booming with businesses and restaurants and will always be a draw for people. The neighborhood also benefits from access to great public transit and easy access to the major highways that run through Chicago including the I-90, I-94, and I-290. Ogden and Ashland Avenue are also major thoroughfares that connect the city to make traveling throughout Chicago quite easy.
- Low Velocity. While investors are always looking for opportunities in West Town, inventory can at times be slim, and larger apartment properties specifically, do not trade very often. Multifamily opportunities in West Town are even more attractive lately due to booming adjacent neighborhoods like the West Loop and Fulton Market. These neighborhoods are home to the offices of many global companies including Google, Facebook, McDonald's and more. As a resident of the area myself, I have noticed that employees at these companies are often looking to live near their offices and are drawn to West Town. Low supply and high demand in this market usually leads to a competitive marketing process.
- Entertainment and Dining. Over the past five years West Town, and specifically Chicago Avenue, has attracted many new exciting restaurants and breweries. This addition of great restaurants and breweries has drawn many residents to the area.
Q: Chicago’s West Town area is home to some fantastic restaurants, which is your favorite?
Jordan: Kasama is my current favorite spot. Located on Augusta Boulevard, just east of Damen, Kasama is a bakery that also serves modern Filipino cuisine created by owners Genie Kwon and Tim Flores. I think they have the best breakfast sandwich in the city. If you go, make sure to get a longanissa, egg, cheese AND hash brown breakfast sandwich from Kasama. Don’t forget the chocolate and salted caramel tart or the boston crème brioche to finish.
Q: Is there one transaction that sticks out to you as a great deal story?
Jordan: Every single deal requires some out-of-the-box thinking or has a pivotal moment that helps facilitate a smooth finish and successful transaction for each side. This business requires you to always be on your toes, ready for anything, and to never stop working a deal until it is complete.
Q: If you could teach someone starting as a broker tomorrow just one thing, what would it be?
Jordan: My advice to anyone starting out in this industry is to always try to balance the highs and lows of this industry. It is easy to stop making phone calls after having a really good conversation with an owner or to hang it up for the rest of the day when a deal falls apart. Anything can happen in this industry on any given day, and the quicker you are able to pivot from one thing to the next will be a huge indicator of one’s success in this industry.
Since 1990, Essex Realty Group, Inc. has served Chicago's investment real estate market as a top multifamily brokerage firm. Contact us today to learn more about our recent multifamily and mixed-use property sales, or click HERE.
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