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Marcus & Millichap's Jack Stanton and James Ziegler brokered the sale of a 51-unit apartment property in the Hyde Park neighborhood on Chicago's South Side

Hyde Park Apartments Trade After 22-Year Hold 

Marcus & Millichap’s Chicago Downtown office brokered the $9.8-million sale of 5120 S. Harper Ave., a 61-unit multifamily property in Chicago’s Hyde Park neighborhood.  

Associate Jack Stanton represented the seller, a private Chicago-based company that had owned and operated the building for 22 years. First VP James Ziegler procured the buyer, a local family-run LLC.   

“The deal closed at a low 5% cap rate, demonstrating that despite rising interest rates, investor demand for stabilized Chicago multifamily remains very strong,” said Stanton. 

“The asset’s stability and great location near the lakefront and forthcoming Obama Presidential Center helped drive up interest and support the overall value of the property,” added Ziegler.    

Constructed in 1924, the vintage property is three blocks from Lake Michigan, with amenities including shared laundry facilities and a bike room. Currently it’s 95% occupied. The buyer plans to update some apartments now and rehab additional units over time.   


Inside The Story

Marcus & Millichap Chicago Downtown

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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