Marcus & Millichap closed the $670,000 sale of 919 Greenbrier Road, a 24-unit apartment property, home to the Tau Kappa Epsilon fraternity, located in Dekalb, Illinois. Eric P. Bell, a senior managing director in the firm’s Chicago Oak Brook office, exclusively marketed the property on behalf of the seller. The buyer was represented by Adam Fortino, a senior associate in Marcus & Millichap’s Chicago Oak Brook office.
The 48-bed property has had major capital improvements over the last year including a new boiler, upgraded fire safety system, installation of 32 security camera and new kitchen area. The 24-room property is comprised of one one-bedroom/one-bathroom unit, 22 double rooms and one triple-occupant room. Tau Kappa Epsilon is on a five-year modified gross lease which started at the beginning of the 2018-2019 school year.