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village at mission farmsby Dan Rafter

Downtown Minneapolis. St. Louis. Indianapolis. Downtown Chicago. Ann Arbor, and not just for student housing. The list of Midwest markets in which apartment rents are soaring, vacancies are plummeting and new multi-family buildings are rising is a long one.

And Sue Blumberg, senior vice president and managing director with the Chicago office of NorthMarq Capital, says that multi-family’s hot streak isn’t about to end soon.

“When will investor demand for multi-family cool off? When will the construction of new apartment buildings slow? When — not if, but when — interest rates start to hopefully gradually increase,” Blumberg said. “Only then will it taper off. And it looks like that won’t happen for three to five years.”

Blumberg is far from alone in her assessment of the still red-hot multi-family market in the Midwest. Commercial-lending pros across the Midwest agree that investors still consider multi-family the most desirable…

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