Marcus & Millichap Closes Chicago Multifamily Deal
- Sep 18, 2018
Marcus & Millichap has arranged the sale of Madison Renaissance, a 34-unit community located in Chicago’s South Austin neighborhood. The asset was sold for $1.5 million to a private investor. Eric Bell, an investment specialist with the company, marketed the asset and represented both the seller and the buyer in the deal.
Located at 5629 W. Madison St., the building encompasses a mix of one- to four-bedroom units and features ground-floor retail space. It is a low-income housing tax credit (LIHTC) property completed at the beginning of the last century, featuring a high level of occupancy. The brokers characterize it as a value-add opportunity offering double-digit cash-on-cash returns.
The property is several blocks from Interstate 290 and Loretto Hospital, close to Columbus Park and Emmet Elementary School. Residents benefit from proximity to several public transportation options, including the CTA’s Blue and Green lines. Approximately 15 miles away, in Streeterville, Marcus & Millichap closed another deal this summer involving a 13-story apartment building which sold for $10.3 million.
Image courtesy of Marcus & Millichap