Marcus & Millichap Arranges Chicago Apartment Sale
- Dec 31, 2020
Marcus & Millichap has brokered the $11.7 million sale of DUET, a two-building, 31-unit community in Chicago’s Lincoln Park neighborhood. Senior Vice President Investments Kyle Stengle and First Vice President Investments Steve Rachman of the Chicago Downtown office exclusively marketed the property on behalf of the seller and procured the buyer.
Located at the corner of Lincoln Avenue and Montana Street, the asset changed hands in a 1031 exchange. The buyer only purchased the residential portion of the buildings, while the ground-floor retail section remained under the same ownership.
Developer BlitzLake Partners acquired the two adjacent sites at 2448 and 2462 N. Lincoln Ave. in 2014 and 2015, respectively. BlitzLake demolished the existing pair of buildings and constructed two new, four-story residential structures, including 5,600 square feet of commercial space. The project came online in 2018. Piekarz Associates was the architect, while Summit Design and Build LLC acted as general contractor.
The sites are now identified as 904 and 909 W. Montana St. The Fullerton station on the CTA’s Red and Brown Lines is a five-minute walk from the property, which is located 5 miles north of Downtown. The community features studio, one- and two-bedroom units with private balconies, stainless steel appliances and white kitchen countertops. Common-area amenities include a fitness center, fob-controlled entry system and bike storage.
Earlier this month, Marcus & Millichap brokered the sale of Solare Apartments, a 240-unit community in Santa Ana, Calif. The 10-building asset changed hands for $63.8 million.