Marcus & Millichap closed five multifamily/office mixed-use properties in Evanston, Illinois, according to David G. Bradley, regional manager of the firm’s Chicago Downtown office. The portfolio sold for $7,008,000.
“The buyer profile was a family office operation interested in expanding to their existing self-managed portfolio, while the interest rate environment remained relatively low,” said Stephen Lieberman, first vice president investments in Marcus & Millichap’s Chicago Downtown office.
Lieberman and Peter Doughty, an associate in Marcus & Millichap’s Chicago Downtown office, represented the seller and procured the buyer.
“The portfolio included five mixed-use, live/work office buildings that were aggregated by the seller over a 20-year horizon. Each building has been extensively renovated and operates as modernized office/live-work space,” Lieberman said. “While all the properties were stabilized at the time of sale, there are strategic areas to enhance revenue and returns over time.”
The properties, all located in Evanston, include the six-unit 1611 Simpson Street, six-unit 537 Custer Avenue, three-unit 1128 Florence Avenue, seven-unit 1715 Church Street and 1703-11 Darrow Avenue and the seven-unit 2144 Ashland Avenue.
