Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 5019 North Ashland Avenue, a seven-unit multifamily property in Chicago, Illinois.
“This was a rare opportunity to acquire a fully renovated asset in a prime North Side location,” said Kyle Stengle, senior managing director investments. “The buyer, an out-of-town investor from Springfield, Illinois, closed all-cash and plans to operate the building with a focus on future rent growth. With large units, in-unit laundry, and proximity to both Uptown and Andersonville, the property is well-positioned for long-term performance.
Stengle, investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, Drew Breneman.
5019 North Ashland Avenue is a boutique apartment building on the northwest edge of Uptown, just south of Andersonville. Built in 1908 and renovated in 2018, the property features two- and three-bedroom units with updated finishes. Residents benefit from proximity to Clark Street’s retail and dining corridor, multiple CTA transit options, the lakefront, and convenient access to Lake Shore Drive and downtown Chicago.
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.
