SUMMER NEIGHBORHOOD SPOTLIGHT with Alex Summers

Broker Q&A – Alexander Summers, Senior Advisor

Summer is often a highly active season for both listings and acquisitions. What patterns are you noticing this summer specifically across Chicago's multifamily market?

From my perspective, the biggest trend this summer is renewed confidence across Chicago's multifamily market.  Buyers and sellers have adjusted to the "new normal," helping narrow the bid-ask spread and bring more properties to market. Buyers have become more comfortable underwriting deals, while sellers are gradually becoming more realistic with pricing—although many are still testing the market.

We're seeing strong demand for quality multifamily assets, particularly well-located workforce housing and value-add opportunities in neighborhoods with strong rental demand and limited new supply. Investors continue to pursue properties with upside through renovations, operational improvements, or future rent growth, while stabilized assets with strong in-place cash flow continue to attract significant interest.

Overall, transaction activity has increased noticeably. There are more property tours, more offers, and a healthier, more balanced market than we've seen over the past few years.

How do infrastructure improvements and transit accessibility continue to influence pricing and long-term upside in West Side neighborhoods?

Infrastructure improvements and transit accessibility continue to be major drivers of value throughout Chicago's West Side. Investors closely watch neighborhoods that benefit from CTA access, Metra stations, roadway improvements, and public investment because they improve connectivity, attract residents, and support long-term appreciation.

We've seen neighborhoods near transit corridors and major redevelopment projects generate increased investor interest as buyers position themselves for future growth. While current cash flow is always important, improved infrastructure often creates long-term upside by making neighborhoods more desirable for both residents and businesses.

Neighborhoods like Pilsen and Hermosa have attracted increasing attention from both investors and owner-occupants in recent years. What do you believe is driving that interest, and how have these markets evolved?

I've personally watched neighborhoods like Pilsen evolve dramatically throughout my career. The very first building I sold, nearly 13 years ago, was at 2100 W. Cullerton, and it traded for roughly $40,000 per unit. Recently, I submitted an offer on a value-add property in Pilsen at approximately $130,000 per unit. That alone speaks volumes about how much the neighborhood has grown and matured.

Both Pilsen and Hermosa continue to attract investors and owner-occupants because they offer a compelling combination of affordability, strong rental demand, and long-term growth potential. Ongoing investment, improved amenities, and convenient access to transportation and employment centers have made these neighborhoods increasingly attractive.

From an investor's perspective, there are still opportunities to create value through renovations and better management while benefiting from consistent tenant demand. As these neighborhoods continue to evolve, we're seeing increased competition from both local and out-of-state buyers who recognize their long-term appreciation potential.

Given your background as a collegiate soccer player in Chicago, how has your connection to the city and competitive mindset translated into how you navigate fast-moving multifamily deal flow?

I love this question because I always say that real estate is a contact sport. The more relationships you build, the more opportunities you'll create. Success in this business isn't just about finding deals—it's about building trust, staying connected, and working together to solve problems and close transactions.

One of the things I enjoy most is working alongside my teammates at Triton Realty Group. Everyone brings different strengths to the table, and when we combine those strengths, we're able to deliver better results for our clients. My competitive background taught me that championships aren't won individually—they're won by great teams. The same is true in commercial real estate. Every successful closing is a team effort, and we're always chasing the next "World Cup" deal.

As someone with over a decade of experience and more than $150 million in transaction volume, what advice would you give someone considering their first multifamily investment in today's market?

Like many investors, I was nervous before taking on my first deal. What I've learned over the years is that there are many ways to get involved in commercial real estate without taking on all of the risk yourself. Partnering with experienced investors, participating in syndications, or joining a joint venture can be great ways to gain experience while building confidence.

My biggest piece of advice is simple: don't let fear keep you on the sidelines. At some point, you have to step outside your comfort zone and take action. The best lessons come from real-world experience, and every deal—whether it goes exactly as planned or presents unexpected challenges—helps you become a smarter and more confident investor.

To begin a conversation, contact Alex at alex@tritonrealtygroup.com or (773) 733 - 1153