Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it brokered the $10.3 million deconversion sale of 227 East Walton Place, a 13-story multifamily building in Chicago’s Streeterville neighborhood. The buyer, a group of private investors based in California, plans to convert the property’s 25 condos back into rentals.
Working out of Marcus & Millichap’s Downtown Chicago and Chicago Oak Brook offices, Kyle Stengle, Austin Weisenbeck and Sean Sharko, senior vice presidents of investments, and Brewster Hague, associate, facilitated the transaction. The sale price equates to $412,000 per unit.
“The incredible demand for apartments in Streeterville made this property extremely desirable to investors,” said Stengle. “Our extensive deconversion experience led to a successful transaction so the buyer could quickly add these units to the rental market. 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.”
Located at 227 E. Walton St., the Harry Weese-designed building was built in 1956 and sits a half block west of Lake Shore Drive and one block south of Oak Street Beach. Twenty units in the building provide 1,325 square feet of living space with two bedrooms and two baths. The other five comprise three one-bedroom and two three-bedroom units. Most residences have been recently updated with granite countertops, maple cabinetry and hardwood flooring. The property also offers 19 parking spaces and additional private storage in the basement.
“The building will satisfy renters who want spacious living downtown at a more reasonable rate than a similar-sized unit in a newly constructed building,” said Stengle. “We also provided a plan to improve amenity spaces like the rooftop deck and party room – features desired by many downtown renters that will create additional value for the buyer.”
The proximity to public transit and numerous retail, restaurant and cultural attractions adds to the property’s appeal, noted Stengle. Residents are a short walk from high-end retailers at Water Tower Place and along the Magnificent Mile. Dining options, from four-star international restaurants to small pubs, abound in Streeterville, and popular entertainment destinations like Navy Pier and The Museum of Contemporary Art Chicago are just blocks from the building.
Known as a walk-to-work neighborhood, Streeterville is also home to many large employers, including Northwestern Memorial Hospital.
About Marcus & Millichap
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.