Marcus & Millichap Inc.
Marcus & Millichap Inc.
05/08/2024 | Press release | Distributed by Public on 05/08/2024 22:00
Marcus & Millichap Arranges Record Setting Sale of 32-Unit Multifamily Property in Chicago
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Marcus & Millichap Arranges Record Setting Sale of 32-Unit Multifamily Property in Chicago
August 05, 2024
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CHICAGO, August 5, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 1518-1528 W. 99th Street, a 32-unit apartment property located in Chicago, Illinois. The property sold for $3,692,000, or $115,375 per unit, setting the record for the highest price per unit sale in Beverly.
"Out of state, primarily coastal capital continues to seek higher returns in Chicago, often outpricing local private investors," said Jack Stanton, partner of the Stengle Stanton Group of Marcus & Millichap. "Neighborhoods in the South and Southwest sides of the city have consistently been the beneficiaries of this increased demand, as evidenced in the record setting price per unit for the neighborhood."
Stanton, investment specialist in Marcus & Millichap's Chicago Downtown office, arranged the sale of the property and represented the seller, a Chicago based private investor. Steven Weinstock, Broker of Record in Illinois, assisted in closing the transaction.
1518-1528 W. 99th St. features 32 two-bedroom units in the Beverly suburb of Chicago. Built in 1959, the apartment property is situated on 0.46 acres in close proximity to Interstate 57.
"Out of state, primarily coastal capital continues to seek higher returns in Chicago, often outpricing local private investors," said Jack Stanton, partner of the Stengle Stanton Group of Marcus & Millichap. "Neighborhoods in the South and Southwest sides of the city have consistently been the beneficiaries of this increased demand, as evidenced in the record setting price per unit for the neighborhood."
Stanton, investment specialist in Marcus & Millichap's Chicago Downtown office, arranged the sale of the property and represented the seller, a Chicago based private investor. Steven Weinstock, Broker of Record in Illinois, assisted in closing the transaction.
1518-1528 W. 99th St. features 32 two-bedroom units in the Beverly suburb of Chicago. Built in 1959, the apartment property is situated on 0.46 acres in close proximity to Interstate 57.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. 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 clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.