Marcus & Millichap has brokered the $10.3-million sale of a 13-story community in Chicago’s Streeterville neighborhood. Located at 227 E. Walton Place, the property consists of 25 condos which the buyer, a group of private investors based in California, plans to convert into rental apartments. The price per unit amounted to $412,000.
“The incredible demand for apartments in Streeterville made this property extremely desirable to investors. The individual condo owners were also pleased with the final sale terms, which produced a fair market price that would be difficult for them to attain individually,” Kyle Stengle, senior vice president of investments with Marcus & Millichap, said in a prepared statement.
In addition to Strengle, the team of brokers included Senior Vice Presidents Austin Weisenbeck and Sean Sharko as well as Associate Brewster Hague.
The Harry Weese-designed building was completed in 1956, featuring spacious two- and three-bedroom units. Most of them have been recently updated with granite countertops, maple cabinetry and hardwood flooring. To add value to the community, the buyer plans to improve the rooftop deck and part room. The community also encompasses 19 parking spaces and additional private storage in the basement.
The property, which was declared a landmark place in 2012, is two blocks east of North Michigan Avenue and one block west of North Lake Shore Drive. The location provides residents access to a variety of shopping, dining and entertainment destinations such as Water Tower Place, Navy Pier and The Museum of Contemporary Art Chicago.
Image courtesy of Marcus & Millichap