Marcus & Millichap announced the sale of a three-building, 40-unit apartment portfolio located in North Chicago, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The portfolio sold for $1,540,000.
Eric P. Bell, an investment specialist in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the portfolio on behalf of the private seller. The buyer, a private investor, was also secured and represented by Bell.
The buildings in the portfolio are located at 2400 24th Place, 2403-2407 24th Place and 2501-2509 24th Street in North Chicago. Together, they comprise a mix of one-bedroom/one-bathroom and two-bedroom/two-bathroom units, with high historical occupancy and many long-term tenants. Located between Interstate 94 and Lake Michigan, the properties offer easy access to Chicago as well as proximity to the Naval Station Great Lakes.
