Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Forest City Properties, a 111-unit apartment portfolio located in Loves Park and Rockford, IL, according to Joe Powers, regional manager of the firm’s Chicago Downtown office, and Todd Lindblom, regional manager of the firm’s Milwaukee office. The asset sold for $8,275,000.
Eric Wagner and James Ziegler, investment specialists in Marcus & Millichap’s Chicago Downtown and Milwaukee offices, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Eric Wagner and James Ziegler,
Since 2019, James and Eric have closed 15 deals in the area totaling $40 million across 700 units.
Forest City Properties are located in five locations throughout Loves Park and Rockford, IL. All properties in the portfolio are located in very desirable locations. Each unit has a separate entrance and 99 percent of the units have a one or two car garage. The properties received numerous capital improvements, including new siding, blacktopped driveways, windows, and interior renovations.