Ali Ata Purchases and Plans to Rehabilitate Multifamily Residential Building in Illinois
Ali Ata of AAIM Development, a leading property development firm, recently closed on the purchase of a 30-unit multifamily residential building in Illinois.
The building, which can be found at 8401 S. Harlem Ave. in Burbank, Ill., is located on Chicago’s North Shore and overlooks Lake Michigan. According to Ata, AAIM Development will perform a complete rehabilitation/upgrade of all units, including installing new heating and air conditioning systems. Ata said these changes will provide immense value to future tenants, thus contributing to tenant retention and a strong bottom line for AAIM Development going forward.
According to Ata, Chicago’s multifamily real estate market contracted sharply in response to COVID-19, which led to the loss of about 250,000 jobs by the end of 2020’s third quarter. Unfortunately, this resulted in a rise in Chicago’s multifamily vacancy rate. In addition, the major economic disruption brought about by COVID-19 prevented many individuals from being able to pay their rent, which caused rent to decline in 2020. The market continues to experience some easing in 2021 as well.
However, a new supply of multifamily properties is anticipated to continue to arrive unabated in 2021. In light of this, now is an excellent time for investors to pour money into multifamily residential buildings in Chicago, according to Ata.
Over the years, AAIM Development has developed a reputation throughout Chicago for its high level of success in both business investments and real estate development. AAIM Development’s Ali Ata, who graduated from the University of Illinois at Chicago, is especially well known for his strong business acumen, coupled with the many contributions that he has made to the community. Ata, who views AAIM Development as a way of giving back to the community, said he looks forward to continuing to provide high-quality multifamily housing to people in the Windy City.
Disclaimer: The news site hosting this press release is not associated with Ali Ata or AAIM Development. It is merely publishing a paid press release announcement submitted by a company, without any stated or implied endorsement of the person, product, service, or information above.
