January 11, 2019
A four-story, 81-unit apartment building at 1345 W. Estes Ave. in Chicago’s Rogers Park neighborhood has traded in a deal arranged by Marcus & Millichap. The $12.25-million sale price was the highest for Rogers Park multifamily since 2016, and also set a new per-unit record for a vintage apartment building in the neighborhood.
James Ziegler, investment specialist in Marcus & Millichap’s Chicago Downtown offices, exclusively marketed the property on behalf of the private seller. Ziegler and Keith Zelenika also secured and represented the buyer, an out-of-state investor.
“As investors seeking good cash-flow deals look beyond the coasts, they are discovering excellent opportunities in Chicago neighborhoods like Rogers Park, where prices have been slower to appreciate,” said Ziegler.
Out-of-state buyers represented half of the neighborhood’s sales in 2018. “Many of these buildings are a value-add play, drawing investors who can update them and bring rents to market levels,” Ziegler said.
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