Old Town Multifamily Property Changes Hands

Marcus & Millichap completed the sale of 1503 North Wieland Street, an eight-unit multifamily property located in Chicago’s Old Town neighborhood. The property sold for $2.5 million.

“Investor interest in this property was exceptionally strong given its location in Old Town, attractive unit mix and long-term rental stability,” said Kyle Stengle, senior managing director of investments. “The transaction ultimately attracted a 1031 exchange buyer seeking a well-positioned asset in one of Chicago’s most established and supply-constrained multifamily submarkets.”

Stengle, investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer, Sedgwick Properties LLC. Built in 1899, the property features five one-bedroom units and three two-bedroom units across 5,310 square feet. It is steps from Wells Street and North Avenue, offering immediate access to active retail and dining corridors.