Marcus & Millichap announced the sale of Riverside Apartments, a 72-unit apartment property located in Rockford, Illinois, according to David G. Bradley, regional manager of the firm’s Chicago Downtown office. The asset sold for $2,425,000.
James Ziegler, a senior associate in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private investor. Ziegler also represented the buyer.
Riverside Apartments is located at 3701 Trilling Avenue, just over four miles from downtown Rockford. The unit mix is comprised of eight studio/one-bathroom units, 44 one-bedroom/one-bathroom units and 22 two-bedroom/one-bathroom units. The property is a well-located asset within the Rockford market with potential to add value by raising rents to conform with the current rental market.