Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 12-unit apartment property located in Addison, IL, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $990,000.
Christopher Malay, associate, and Eric P. Bell, executive managing director, and investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was secured and represented by Malay and Bell. The listing generated nine showings and five offers and went from contract to close in 45 days.
The property located at 41 East Blecke Avenue in Addison, Illinois consists of two studio / one-bathroom units and ten one-bedroom / one-bathroom units. The building features on-site laundry, individual storage lockers, a private backyard, and a recently repaved 22-car parking lot. In the last 10 years, the building received numerous capital improvements including two Peerless boilers, water heater, copper plumbing, windows, soffits, and exterior walkway.
