Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it brokered two multifamily sales on Chicago’s North Side for a combined $7.5 million, according to David G. Bradley, regional manager of the firm’s Chicago Downtown office.
Kyle Stengle, senior vice president of investments in the Chicago Downtown office, exclusively marketed the properties on behalf of the sellers.
“With both transactions, the buyers were looking for stable yield as an alternative investment to equities,” said Stengle. “As we close out 2019, multifamily properties continue to attract investors eager to diversify their portfolios with strong income-producing assets.”
The first property, 1044 W. Newport Ave., is a two-story, nine-unit building in Chicago’s Lakeview neighborhood that sold for $4.05 million, or $450,000 per unit, one of the submarket’s highest prices of the year, according to CoStar. Both the buyer and seller were local partnerships. Originally built in 1928 as an electrical substation, the property now has duplexed one- to three-bedroom units featuring higher-level finishes, including hardwood plank floors and modern kitchens with quartz countertops and stainless steel appliances. The property also has a shared rooftop deck and benefits from proximity to public transportation, including the Southport and Belmont Brown Line stations and Addison Red Line station.
The second property, 3507-11 N. Elston Ave. in Chicago’s Avondale neighborhood, is a four-story, 12-unit building that sold for $3.5 million, or about $291,000 per unit. The seller was based out of California and the buyer was Chicago-based Breneman Investments. Built in 2009, the property has a mix of two- and three-bedroom apartments that feature hardwood floors, updated kitchens with granite countertops and stainless steel appliances, and private decks. It is near several CTA bus routes and the Addison Blue Line station.
Stengle specializes in multifamily and mixed-use property investments. Year to date, he has closed or has under contract approximately $85 million in transactions, with an additional $65 million in active listings.
About Marcus & Millichap
With nearly 2,000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.