Marcus & Millichap announced the sale of a 34-unit apartment property located at 5629 W. Madison Street in Chicago, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset, located in the city’s Austin neighborhood, sold for $1,550,000.
Eric P. Bell, an investment specialist in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of an institutional seller. The buyer was a private investor also secured and represented by Bell.
Known as Madison Renaissance, the building is a low-income housing tax credit (LIHTC) property comprising a mix of one-, two-, three- and four-bedroom units. With a high average occupancy, the property offered double-digit cash-on-cash returns. It also benefits from its proximity to public transportation, including the CTA’s Blue and Green lines.