Marcus & Millichap Real Estate Investment Services has arranged the sale of a seven-unit apartment property located in Chicago. The asset sold for $705,000.
Joe Smazal and James Clough, investment specialists in Marcus & Millichap’s Chicago downtown office, had the exclusive listing to market the property on behalf of the seller, a limited liability company; the buyer, a private investor, was also secured and represented by the agents. Dean Giannakopoulos, an associate director with Marcus & Millichap Capital Corp., financed the transaction at 76 percent loan to cost with a rate in the mid to high threes.
The asset is located at 1643 N. Spaulding Ave. in the Humboldt Park neighborhood of Chicago. All seven apartments are spacious two-bedroom layouts. All units were renovated in 2008 to “condo quality” featuring granite countertops, stainless steel appliances, in-unit washers and dryers, new windows, roof, electrical, plumbing and updated porches. There are five outdoor parking spaces in the rear of the property.
