Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 1634 West Thorndale Avenue, a 12-unit multifamily property in Chicago, Illinois.
“We received an overwhelming response from investors drawn to the building’s spacious layouts and prime Edgewater location,” said Steve Rachman, managing director investments. “Multiple all-cash offers drove the final sale price to more than 17% above our asking price. We remain bullish on the multifamily market in Chicago due to strong renter demand and a lack of new development on the horizon.”
Rachman, Kyle Stengle and Ben Sacor, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.
Built in 1924, the property features six one-bedroom and six two-bedroom floor plans across 11,400 rentable square feet. Located in Chicago’s Edgewater neighborhood, it is minutes from the new Peterson/Ridge Metra Station and close to Lake Michigan, Loyola
University, and the dining and retail destinations of Andersonville and Edgewater.
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.
