Marcus & Millichap Arranges Sale of Lincoln Park Mixed-Use Property

Marcus & Millichap brokered the sale of 935-937 W. Armitage Ave., a mixed-use multifamily and retail property in Chicago’s Lincoln Park neighborhood. The property sold for $6.6 million.

“This offering attracted significant interest due to its A+ Lincoln Park location, upside in the multifamily rents, newly signed lease with Wintrust Bank and prominent corner presence,” said Kyle Stengle, senior managing director of investments. “The buyer plans to invest in both the interior and exterior of the property to further enhance the asset. We continue to see strong demand for well-located multifamily and mixed-use properties, driven by a healthy rental market and Lincoln Park’s irreplaceable location.”

Stengle, investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, 935 W. Armitage, LLC, and procured the buyer, 935 Armitage, LLC. The property features eight multifamily units and a retail space occupied by Wintrust Bank. The multifamily component includes a mix of one-, two- and three-bedroom units across 9,745 rentable square feet.