Marcus & Millichap Facilitates Chicago Sale
- Jan 14, 2019
Marcus & Millichap has arranged the sale of an 81-unit community in Chicago for $12.3 million. The sale price equates to $151,235 per unit, which represents a new per-unit record for vintage multifamily buildings in the North Side neighborhood. The brokerage firm represented the seller and secured the buyer, an out-of-state investor.
Located at 1345 W. Estes Ave., in Chicago’s Rogers Park neighborhood, the community is approximately 11 miles from the city’s downtown. The property is also close to CTA bus stops and the Morse Red Line station. Besides these, the community is situated near shopping, dining and entertainment options, including Ravenswood Center and Gateway Center Plaza. Additional nearby recreational opportunities include the Loyola Park and Loyola Beach, which provides access to the Lake Michigan shoreline.
Constructed in 1930, the community is a courtyard building, comprising a mix of studio, one-, two- and three-bedroom units, ranging from 600 to 1,200 square feet. Additionally, the buyer of the property also plans to renovate the units and the corridors of the building.
“Many of these buildings are a value-add play, drawing investors who can update them and bring rents to market levels,” said James Ziegler, investment specialist at Marcus & Millichap, in prepared remarks.
The brokerage team included Ziegler and Associate Keith Zelenika. The firm also brokered the sale of View High Lake, a 309-unit property in Kansas City, Mo.
Image courtesy of Marcus & Millichap
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