Marcus & Millichap announced the sale of a 30-unit apartment property located at 353 W. Hawthorne Circle in Mt. Prospect, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset sold for $2,650,000.
Eric P. Bell and Christopher J. Malay, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, secured and represented the buyer, a private investor who is a repeat client of the firm and purchased the asset through a 1031 exchange.
Comprising of five six-unit buildings, the property includes 15 one-bedroom/one-bathroom and 15 two-bedroom/one-bathroom units. Recent capital improvements include unit renovations, as well as new roofing, plumbing, tuckpointing and intercom systems. The property is located less than a mile to Interstate 90 and within walking distance of shopping centers.