Marcus & Millichap closed the sale of Central Park Apartments, a 48-unit multifamily property in Racine, Wisconsin. The property sold for $4.5 million, or $93,750 per unit.
Eric Bell and Jordan Callaway, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a private investor group and procured the buyer, a private investor.
Central Park Apartments, located at 4215 Durand Ave., is a low-income housing tax credit apartment community. Built in 1967, the property features 48 two-bedroom units across 45,600 rentable square feet and underwent major renovations from 2013 to 2015, during which all units were fully updated and common areas improved.
