Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Central Park Apartments, a 48-unit multifamily property located in Racine, Wisconsin.
Eric Bell and Jordan Callaway, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a private investor group and procured the buyer, a private investor.
“This buyer was able to assume the in-place Freddie Mac loan with a 3.07% interest rate,” said Callaway, first vice president of investments.
Central Park Apartments, located at 4215 Durand Avenue, is a low-income housing tax credit apartment community. Built in 1967, the property features 48 two-bedroom units across 45,600 rentable square feet and underwent major renovations from 2013 to 2015, during which all units were fully updated and common areas improved.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
