3 noteworthy multifamily projects for July 2024

These three multifamily projects on our radar include an artist-inspired complex, seven-acres of senior housing, and a budget-conscious rental community.

The Smith No. 99 in Boston, Mass., is a new 305,000-sf mixed-use apartment community featuring 304 market rate and affordable housing units.

In downtown Chicago, the site of the planned Chicago Spire, at the confluence of Lake Michigan and the Chicago River, has sat vacant since construction ceased in the wake of the Great Recession. In the next few years, the site will be home to a new two-tower residential development, 400 Lake Shore.

The challenge of finding an available rental continues to increase for Americans nation-wide. On average, there are eight prospective tenants vying for the same vacant apartment.

As the demands of urban living continue to evolve, the need for a tranquil and refined home environment has never been more pronounced.

About a year ago our industry was abuzz with an idea that seemed like a one-shot miracle cure for both the shockingly high rate of office vacancies and the worsening housing shortage. The seemingly simple idea of converting empty office buildings to multifamily residential seemed like an easy and elegant solution. However, in the intervening months we’ve seen only a handful of these conversions, despite near universal enthusiasm for the concept. 

As cities grow, their office inventories remain largely stagnant. Yet despite changes to the market—including the impact of hybrid work—opportunities still exist. Enter: “Midlife Metamorphosis.”

Multifamily rents rose for the fourth month in a row, according to the May 2024 National Multifamily Report. Up 0.6% year-over-year, the average U.S. asking rent increased by $6 in May, up to $1,733.