Marcus & Millichap brokered the sale of DUET, located in the heart of Chicago’s Lincoln Park neighborhood, according to Joseph Powers, regional manager of the firm’s Chicago Downtown office. The asset sold for $11,700,000.
Kyle A. Stengle and Steve Rachman, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a local partnership. The buyer, who was in a 1031 exchange, was also secured by Kyle A. Stengle and Steve Rachman.
DUET, constructed in 2018, is located at 904 and 909 W. Montana Street. The property was vertically subdivided prior to closing, with the buyer purchasing only the residential portion and seller continuing to own the commercial portion. The apartments consist of studios, one-bedroom units and two-bedroom units.
