Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of an apartment property located in Chicago’s Wicker Park neighborhood, according to David G. Bradley, regional manager of the firm’s Chicago Downtown office. The asset sold for $1,910,000.
Kyle A. Stengle, senior vice president investments, and Ryan Wewerka, an associate, in Marcus & Millichap’s Chicago Downtown office handled the transaction.
The property, located at 1645 W. Le Moyne St., will be developed by the new owner into 16 apartments featuring 12- and 14-foot ceilings, with parking in the basement. Previously zoned RT-4, the zoning was changed to RM-5.5 prior to closing. Future tenants will enjoy living in the highly desired Wicker Park neighborhood just a short walk to several Chicago Transit Authority bus stops as well as the Damen Blue Line train stop.
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 over 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.