N
oah Properties is making its move in the 2025 multifamily market with the listing of North Oak Lofts, a luxury rental complex in Chicago's Galewood neighborhood. The property features 237 units, ranging from two to four bedrooms, starting at $2,500 per month. Developed by Bart Przyjemski's firm over several phases, the complex consists of over 30 small-scale multiunit buildings.

    The development was financed through a series of construction mortgages, with Noah Properties taking out an $87 million loan in 2019 and a $46 million loan in 2021. Despite a tight lending environment and high interest rates last year, which led to lower-than-desired prices for some sellers in Chicago, the market is showing signs of momentum.

    Chicago was one of the top 10 most sought-after cities for renters last year, according to RentCafe. Meanwhile, other developers are also testing the waters in the 2025 market, including Lipe Property Company's listing of its 97-unit River West apartment building, Nevele22. The sale of JLL Income Property Trust's 28-story West Loop apartment building for $76.3 million and FPA multifamily's purchase of Vantage Oak Park for $78.2 million also indicate a growing interest in the market.

    The Avondale Luxury Residences, another property in Noah Properties' portfolio, was watchlisted by its lender last year due to a low debt service coverage ratio, but an extension is under review. Despite these challenges, the multifamily market in Chicago and its suburbs appears to be gaining traction, with investors showing interest in properties like North Oak Lofts.