Marcus & Millichap has brokered the sale of three multifamily properties totaling $13,350,000 in Chicago’s Lakeview neighborhood. Kyle Stengle, senior vice president investments in Marcus & Millichap’s Chicago Downtown office, exclusively marketed the properties on behalf of the sellers in separate transactions.
“These deals highlight the fervent investor demand for Chicago apartment properties in desirable locations like Lakeview,” says Stengle.
The recently sold properties include 3426 N. Southport Avenue, a 6,100-square foot mixed-use property with ground floor retail and three apartments. Located in the high-demand Southport retail corridor, the property sold for $3,450,000. A 13-unit property at 926-928 W. George Street traded for $3,875,000 while one block from Wrigley Field, the 24-unit 1106 W. Newport Avenue sold for $6,025,000.
“More owners are placing their properties on the market to capitalize on elevated pricing. The average price per unit is roughly 45 percent higher than the previous cyclical peak,” said Stengle. “Buyer demand for well-located assets will also continue despite rising interest rates.”
