Marcus & Millichap closed the sale of 1518-1528 W. 99th Street, a 32-unit apartment property in Chicago. The property sold for more than $3.69 million or $115,375 per unit, setting the record for the highest price per unit sale in Chicago’s Beverly neighborhood.
“Out of state, primarily coastal capital continues to seek higher returns in Chicago, often outpricing local private investors,” said Jack Stanton, partner of the Stengle Stanton Group of Marcus & Millichap. “Neighborhoods in the South and Southwest sides of the city have consistently been the beneficiaries of this increased demand, as evidenced in the record setting price per unit for the neighborhood.”
Stanton, investment specialist in Marcus & Millichap’s Chicago Downtown office, arranged the sale of the property and represented the seller, a Chicago based private investor. Steven Weinstock, Broker of Record in Illinois, assisted in closing the transaction.
1518-1528 W. 99th St. features 32 two-bedroom units in the Beverly suburb of Chicago. Built in 1959, the apartment property is situated on 0.46 acres in close proximity to Interstate 57.
