Marcus & Millichap announced the sale of an apartment property located in Chicago’s Wicker Park neighborhood, according to David G. Bradley, regional manager of the firm’s Chicago Downtown office. The asset sold for $1,910,000.
Kyle A. Stengle, senior vice president investments, and Ryan Wewerka, an associate, in Marcus & Millichap’s Chicago Downtown office handled the transaction.
The property, located at 1645 W. Le Moyne Street, will be developed by the new owner into 16 apartments featuring 12- and 14-foot ceilings, with parking in the basement. Previously zoned RT-4, the zoning was changed to RM-5.5 prior to closing. Future tenants will enjoy living in the highly desired Wicker Park neighborhood just a short walk to several Chicago Transit Authority bus stops as well as the Damen Blue Line train stop.