Marcus & Millichap brokered the sale of 405 Austin Street Apartments, a 14-unit apartment property located in Downers Grove, Illinois, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $1,450,000.
Eric P. Bell, senior managing director and investment specialist 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, a private investor, was secured and represented by Bell. Financing was obtained on behalf of the buyer by Dean Giannakopoulos, senior vice president, and Frank Montalto, senior director, Marcus & Millichap Capital Corporation.
The property is located at 405 Austin Street in Downers Grove, near the Metra Train station and features on-site parking. The property was a rare opportunity to acquire a well-maintained property in a strong location.
