CBRE recently arranged the sale of 516 W Arlington, an 8-story, 14-unit multifamily property in the Lincoln Park neighborhood of Chicago. Highland Real Estate Partners LLC paid $ 10,350,000 in a transaction reportedly set a record for price per unit in Lincoln Park at $739,000. CBRE’s Justin Ross and Danny Byrne represented the seller.
“Lincoln Park’s low supply of developable sites has insulated the area from the new construction,” said Ross. “Limited new supply has translated into stronger performance metrics across the board with better absorption, higher retention rates, and consistent rent growth that made this multifamily asset particularly attractive to investors, only lasting sixteen days on the market.”
Built in 2022, 516 W Arlington is fully occupied and includes a rooftop deck, private garage parking, and private balconies. The property is proximate to the major intersections of Halsted Street, Lincoln Avenue and Fullerton Avenue.
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