Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of DUET, located in the heart of Lincoln Park at the corner of Lincoln Ave and Montana St in Chicago, IL, according to Joseph Powers, regional manager of the firm’s Chicago Downtown office. The asset sold for $11,700,000.
Kyle A. Stengle and Steve Rachman, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a local partnership. The buyer, who was in a 1031 exchange, was also secured by Kyle A. Stengle and Steve Rachman.
DUET, constructed in 2018, is located at 904 and 909 W Montana St in Chicago, IL. The property was vertically subdivided prior to closing, with the buyer purchasing only the residential portion and seller continuing to own the commercial portion. The apartments consist of studios, one bedroom units, and two bedroom units.