Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced it has brokered the $9.8 million sale of 5120 S. Harper Ave., a 61-unit multifamily property in Chicago’s Hyde Park neighborhood.
Marcus & Millichap’s Jack Stanton, associate, represented the seller, a private Chicago-based company that had owned and operated the building for 22 years. Marcus & Millichap’s James Ziegler, first vice president, procured the buyer, a local family-run LLC.
“The deal closed at a low 5 percent cap rate, demonstrating that despite rising interest rates, investor demand for stabilized Chicago multifamily remains very strong,” said Stanton.
“The asset’s stability and great location near the lakefront and forthcoming Obama Presidential Center helped drive up interest and support the overall value of the property,” added Ziegler.
Constructed in 1924, the vintage property is located three blocks from Lake Michigan, with amenities including shared laundry facilities and a bike room. At time of sale, the building was 95 percent occupied. The buyer plans to update some apartments now and rehab additional units over time.