October 9, 2019
Marcus & Millichap’s Kyle Stengle brokered two multifamily sales on Chicago’s North Side for a combined $7.5 million.
The first property, 1044 W. Newport Ave., is a two-story, nine-unit building in Chicago’s Lakeview neighborhood that sold for $4.05 million, or $450,000-per-unit, one of the submarket’s highest prices of the year, according to CoStar. Both the buyer and seller were local partnerships.
The second property, 3507-11 N. Elston Ave. in Chicago’s Avondale neighborhood, is a four-story, 12-unit building that sold for $3.5 million, or about $291,000-per-unit. The seller was based out of California and the buyer was Chicago-based Breneman Investments.
“With both transactions, the buyers were looking for stable yield as an alternative investment to equities,” said Stengle. “As we close out 2019, multifamily properties continue to attract investors eager to diversify their portfolios with strong income-producing assets.”
Pictured: 3507 N. Elston
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