Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Crescent Creek Apartments, a 96-unit multifamily property in Peoria, Illinois.
“Crescent Creek represents one of the larger multifamily transactions in Peoria this year and highlights the growing interest we’re seeing in secondary and tertiary Midwest markets from both regional and out-of-state investors,” said Yianni Mouflouzelis, associate
investments. “Peoria’s multifamily sector continues to show strong momentum, and Crescent Creek is a clear example of the type of value-add opportunity that is drawing capital to the area.”
Mouflouzelis and Patrick Suffield, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the Washington-based seller, and procured the Chicago-based buyer.
Located at 2901–2979 W. Cannes Drive, Crescent Creek Apartments sits on 5.66 acres and includes 76,800 rentable square feet. Built in 1972, the unit mix consists of studio, one-bedroom and two-bedroom apartments. The buyer plans to execute a full renovation
program to modernize the units and enhance the property’s long-term performance. The location offers proximity to shopping, dining, Bradley University and cultural attractions such as the Peoria Zoo and Riverfront Museum.
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.
