Marcus & Millichap Arranges Sale of Apartment Complex in Suburban Chicago
Marcus & Millichap has arranged the sale of a 54-unit apartment portfolio located in Midlothian, IL. The nine-building complex sold for $4,100,000, or 95 percent of list price.
Investment specialists Christopher Malay, Associate, and Eric P. Bell, Executive Managing Director, of the Marcus & Millichap Chicago Oak Brook office were hired to exclusively market the portfolio on behalf of the seller, a limited liability company. The buyer, a New York-based limited liability company who acquired the portfolio to increase economies of scale within the Midlothian rental market, was also represented by Malay and Bell.
The scattered-site portfolio is assembled in two locations, along 147th Street and Keystone Avenue, located within a half-mile of one another. Within the last three years, the portfolio received numerous capital improvements including new roofs, windows, boilers, water heaters and re-paved parking lots. Each building features on-site laundry facilities, individual storage lockers, and private parking lots.
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