January 25, 2019
Marcus & Millichap’s Stephen Lieberman and Peter Doughty have arranged the sale of five multifamily/office mixed-use properties in the North Shore suburb of Evanston, IL. The portfolio sold for $7,008,000.
“The buyer was a family office operation interested in expanding their existing self-managed portfolio while the interest rate environment remained relatively low,” said Lieberman, first VP investments in Marcus & Millichap’s Chicago Downtown office. “The portfolio included five mixed-use, live/work office buildings that were aggregated by the seller over a 20-year horizon.”
He added that each property has been “extensively renovated and operates as modernized office/live-work space. While all the properties were stabilized at the time of sale, there are strategic areas to enhance revenue and returns over time.”
Totaling 29 units, the portfolio includes 1611 Simpson St. (pictured); 537 Custer Ave.; 1128 Florence Ave.; 1715 Church St. and 1703-11 Darrow Ave.; and 2144 Ashland Ave.
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