Putting in the Work: Joseph Connelly's Early Rise in Chicago Real Estate
In an industry where experience often speaks volumes, Joseph Connelly of SVN Chicago Commercial multifamily group is proving that fresh perspectives combined with dedication can lead to promising success. With a background in construction management and electrical engineering, Connelly has quickly established himself as a notable presence in the firm’s multifamily investment sales practice, which specializes in properties throughout the Chicago metropolitan area.
Connelly’s journey to commercial real estate wasn’t conventional. After college, he cut his teeth working on major construction projects, including Amazon warehouse developments. This hands-on experience with building systems and infrastructure would later prove invaluable in his real estate career. “Having that construction experience, seeing buildings, seeing where it needs work in certain areas – it does help translate to the current job well,” Connelly reflects.
At SVN, Connelly has wasted no time making his mark. His first major project involved working on a portfolio of 27 buildings comprising 527 units throughout Chicago – an unusually large assignment for a newcomer that helped shape his approach to the business. Today, his practice focuses primarily on Chicago’s south and west sides, along with select opportunities in areas like Wicker Park and the West Loop. His market coverage spans both emerging neighborhoods and established submarkets, where he typically aims to handle multifamily transactions from $1 million up through mid-market deals, allowing him to identify opportunities across Chicago’s diverse investment landscape.
His recent success includes a notable transaction in Lombard, DuPage County, which achieved one of the highest price-per-door figures in that market for a low-rise garden-style property. The deal highlights some interesting market dynamics in the suburbs, particularly in DuPage County, where transaction volume has been notably constrained. “There have been about 15 transactions this year to date over a million dollars in DuPage County,” Connelly notes, suggesting this represents a significant change from previous years’ activity. This scarcity of inventory has created intense competition for quality assets in suburban markets.
The current market presents a complex landscape. “I would say we’re in a buyer’s market,” Connelly observes. “Rates more than doubled within two years, which significantly disrupted market dynamics. Sellers’ expectations still haven’t aligned with the current debt environment.”
According to Connelly, this disconnect has shaped which deals are gaining traction in the Chicago market. He sees properties with assumable debt as particularly attractive, allowing buyers to take over existing financing with favorable terms and refinance when the debt matures. Value-add opportunities in emerging neighborhoods continue to find favor among investors seeking higher yields, though truly distressed assets are becoming increasingly rare, especially in rapidly developing neighborhoods like Wicker Park. “Everyone always likes distressed,’ Connelly notes, ‘but distressed assets are becoming thinner and thinner in Chicago’s A & B markets, even as they remain common in the South and West side.”
SVN’s collaborative culture and unique fee structure have proven to be significant advantages in this environment. The firm’s policy of splitting fees 50-50 with other brokers – unique in the industry – has helped facilitate more successful transactions. This approach, combined with SVN’s nationwide network of over 2,500 brokers and regular deal-sharing calls, creates a powerful platform for serving clients effectively.
Looking ahead to 2025, Connelly maintains an ambitious vision for growth in Chicago’s multifamily sector. Despite being relatively new to the industry, he’s already setting aggressive targets. “The goal is to double every year,” he says, referring to both listings and income. While acknowledging market uncertainties, particularly around interest rates, he’s observed increasing optimism among property owners and expects transaction volume to improve, especially as the debt markets stabilize.
For Connelly, he’s banking on the payoff that comes from of unwavering commitment. “Anyone joining the industry has to put in the hours non-stop,” he says, adding it’s especially in the crucial first year. It’s an approach that has clearly served him well, as he continues to build his presence in Chicago’s competitive commercial real estate market.
