Ali Ata of AAIM Development, a top property development firm, has several Chicago real estate projects as it looks forward to a booming 2022.
Currently, Ali Ata has contracts for acquiring two multifamily apartment complexes and a retail center. This spring, the company expects to complete the $25 million acquisition. The first apartment building, near Chicago’s southside, features sixty units.
Meanwhile, the second building, located near a college campus’s northside, features twenty-four units. The retail facility is in the suburbs of Chicago and spans 15,000 square feet.
Among other projects, Ali Ata has recently capitalized on lower interest rates in February by refinancing several of its buildings, valued at $23 million in total. This enabled the company to make significant savings.
AAIM Development has also completed the year-long, $1.5 million rehabilitation of its Burbank building. The facility is now fully leased and contains both retail and residential tenants.
Finally, AAIM Development has completed the eight-month-long, $2 million redevelopments of its retail building located along with Chicago’s North Clark. The building is now completely leased to retail and medical users.
According to Ali Ata, suburban and urban rent growth is expected throughout 2022 due to increased disposable income and higher wages this year. As a result, multifamily apartment complexes are anticipated to remain a substantial investment in the coming months, with suburban area rent growth expected to outpace growth in the urban setting.
Retail is furthermore poised for success in 2022, according to Ali Ata. This year, it is expected that high-quality retail will draw greater interest from today’s institutional investors.
Ali Ata said he looks forward to taking full advantage of multifamily, retail, and other investment opportunities throughout Windy City to achieve its long-term real estate goals.
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