Marcus & Millichap has completed the sale of a six-property, 38-unit multifamily property portfolio in the Noble Square neighborhood of Chicago, Illinois. The properties sold for a collective $7.925 million.
The six properties are located at 1516 N. Greenview Ave., 1452 N. Greenview Ave., 1350 N. Greenview Ave., 1302 N. Cleaver St., 1362 W. Crystal St. and 1049 N. Marshfield Ave. Tyler Preissing and James Ziegler, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, private investor, and procured the buyer, a local investment group.
“The portfolio offering drew strong interest and was under contract within a month of hitting the market, which speaks to the continued demand for well-located multifamily assets in Chicago,” said Preissing. “The buyer saw immediate value and plans to renovate the remaining un-updated units while continuing operations.” The portfolio features a mix of one-, two- and three-bedroom units, many of which have been recently renovated.
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