From $500 Receivership to 850 Units: How the Motew Brothers Built MO2 Properties

Joe Smazal sits down with Kenny and Michael Motew of MO2 Properties — two brothers who've quietly built one of Chicago's most active middle-market multifamily operations to ~850 units across ~80 buildings, while staying relentlessly hands-on. They get into how the business has evolved from six-flat walk-up rehabs into ground-up new construction and adaptive reuse (office-to-resi, a church conversion, a West Loop deal), why ground-up surprised them by being easier, and the 691 new-construction project that took 5+ years and four parcels to assemble. The conversation covers their decision to double down on Chicago when others fled post-COVID, the realities of raising deal-by-deal investor money versus a fund, a down-zoning fight on Logan Boulevard and how they resolved it by actually sitting down with the city, and why communication is their #1 retention tool. They share hard numbers on the current market (67% retention, 5%+ on renewals, 8% on new leases), why Logan Square is outperforming, and candid advice for young investors trying to buy their first building today — plus a reminder that AI has its place, but they still go through every single lease renewal by hand. Finally we preview one of their latest buildings in the heart of West Town!