Marcus & Millichap brokered the sale of 8-12 W. Terrace, a 10-unit apartment property located in Villa Park, Illinois, according to Joe Powers, regional manager of the firm’s Chicago Downtown office. The asset sold for $900,000.
Patrick Suffield, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured by Patrick Suffield.
Suffield had over 20 showings on the property and the deal fell out of contract during March of 2020 due to the COVID-19 pandemic. Suffield was able to find another buyer who secured financing during an unstable market with concerns about tenant collections.
Suffield has now listed or sold over 360 units in three different states in the last 18 months valued at roughly $55 million. Suffield primarily works the Midwest markets with an emphasis in Wisconsin, Michigan and Illinois.
