Marcus & Millichap brokered the sale of three contiguous multifamily and mixed-use properties located in Chicago’s Lincoln Park neighborhood, according to Joe Powers, regional manager of the firm’s Chicago Downtown office. The assets sold for $3,075,000.
Kyle A. Stengle, an investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an investor based out of Indiana. The buyer, Webster Racine, LLC, was procured by Kyle Stengle. The buyer plans to invest money back into the buildings over time to continually upgrade and improve the asset.
The properties, located at 1157-59 W. Webster Avenue and 2149-51 N. Racine Avenue, feature both apartments and retail spaces, and are less than one block away from DePaul University, home to approximately 24,000 students, making it a prime location for off-campus living. The retail was fully occupied by Cotelac & Carol’s Cleaners at the time of sale.