Why Investors Should Be Paying Attention to Investment Opportunities in the North & Northwest Suburbs
September 30, 2021

Welcome to “Five Questions,” a monthly series where Essex Realty Group, Inc. brokers share their observations and experiences gained while working in Chicago’s real estate world. This month we are getting to know Essex Director Anthony Citriglia.

About The Broker: Anthony joined Essex in 2019 with a primary focus on multifamily investment sales in the north and northwest suburbs of Chicago.

Before joining Essex, Anthony worked with @properties Commercial, where he specialized in the transactions of retail, hospitality, and multifamily properties. Prior to that, Anthony worked in the hospitality industry, which helped shape the way he provides personalized services to his clients.

Anthony lives in Portage Park in a small multi-family building he owns and operates. Outside of work, Anthony enjoys practicing Yoga, Muay Thai (Thai boxing), and cooking for friends and family. Anthony is an active member of the Six Corners Association and the Portage Park Neighborhood Association.

Anthony attended Lakeland College and is currently obtaining his CCIM accreditation.

Q: How do you define what you do every day?

Anthony: My day starts off at 5 AM every day. I like to have what I call my miracle morning, which usually consists of meditating, working out, and spending time with my wife and daughter. After that, I hit the ground running! Most of my day consists of phone calls, meetings with property owners, proposals, and property tours. I do my best to squeeze all the juice I can out of the day and still leave sometime in the evening for family and a little fun.

Q: How has the market changed since you first began your real estate career?

Anthony: Throughout my career, I have been fortunate to work in a great market. I started in brokerage six years ago, and since then, all I have seen is growth. COVID proved to be no more than a mere hiccup in our current real estate cycle; if anything, it helped the multifamily sector. Multifamily is a much more stable asset compared to other investment vehicles out there. Combine that stability with low-interest rates and fear of inflation, and it has been a no-brainer for many investors. I am lucky to say that since I started, I've consistently seen rising prices and increased demand.

Q: If you could teach someone starting as a broker tomorrow just one thing, what would it be?

Anthony: I would want to teach the importance of prospecting! The most important thing a new broker can do is set time each and every day to look for new business. Making phone calls, meeting owners, and presenting proposals are the most dollar-productive activities you can do. I would also remind a new broker that to find success, they need to get comfortable with being uncomfortable. It can be a bit nerve-racking prospecting at first since you are most likely connecting with someone you have never met, but that is what real estate is all about, making connections and building relationships.

Q: Why should investors pay attention to opportunities listed throughout the north and northwest suburbs?

Anthony: Yes, my main territories include the cities located throughout the north and northwest suburbs here in Chicago. Lately, I specifically have seen the Niles multifamily market take-off. In the last 14-months, I have worked on six different multifamily transactions, which helps illustrate how popular the area is with investors lately.

One reason investors are drawn to the north and northwest suburbs, and Niles specifically, is because its convenient. Situated just north of the northwest side of Chicago, Niles gives you all the comforts and suitability of a suburb, while still giving you quick and easy access to Chicago and some of its vibrant northwest neighborhoods including Edison Park, Sauganash and Jefferson Park.

There is also a large supply of rental buildings and strong consistent demand from renters. There are a number of six-flats located throughout Niles and the north/northwest suburbs and properties this size provide a low barrier of entry for a new investor just getting into investment real estate and are a profitable starting point for someone starting a portfolio. Plus, the area experiences consistent rental demand and there has been steady rental increase year after year, which makes investing in the area a solid choice. There are also a lot of value-add opportunities available on the market. Niles investment properties are typically owned by long-term owners and filled with long-term tenants, many of them renting well below market. There is a clear investment strategy here as a new owner has the opportunity to add-value by updating the units that have been occupied for a long time by the same renter and then bringing rents to market rates.

Q: What is your favorite thing to do when you are not touring properties?

Anthony: Traveling, cooking, and spending time with my daughter! if I'm not touring the wine vineyards in Burgundy, you can find me in my back yard smoking a 12-hour brisket on my Traeger with my 1-year old at my side.

Since 1990, Essex Realty Group, Inc. has served Chicago's investment real estate market as a top multifamily brokerage firm. Contact us today to learn more about our recent multifamily and mixed-use property sales, or click HERE.

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