Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a six-property, 38-unit multifamily property portfolio in the Noble Square neighborhood of Chicago, Illinois.
“The portfolio offering drew strong interest and was under contract within a month of hitting the market, which speaks to the continued demand for well-located multifamily assets in Chicago,” said Tyler Preissing, associate investments. “The buyer saw immediate
value and plans to renovate the remaining un-updated units while continuing operations. Investor demand in Noble Square remains robust, driven by the area’s stability, rental growth, and long-term upside potential.”
Preissing and James Ziegler, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, private investor, and procured the buyer, a local investment group.
The portfolio features a mix of one-, two- and three-bedroom units, many of which have been recently renovated. Located near Milwaukee Avenue and within walking distance of the CTA Blue Line and several bus routes, the properties offer convenient access to
downtown and surrounding neighborhoods. The portfolio also includes 10 income-producing garage spaces.
The six properties are located at 1516 N. Greenview Avenue, 1452 N. Greenview Avenue, 1350 N. Greenview Avenue, 1302 N. Cleaver Street, 1362 W. Crystal Street and 1049 N. Marshfield Avenue.
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.
