Search for Stable Yield Drives North Side Apartment Deals
Marcus & Millichap’s Kyle Stengle brokered two multifamily sales on Chicago’s North Side for a combined $7.5 million.
The first property, 1044 W. Newport Ave., is a two-story, nine-unit building in Chicago’s Lakeview neighborhood that sold for $4.05 million, or $450,000-per-unit, one of the submarket’s highest prices of the year, according to CoStar. Both the buyer and seller were local partnerships.
The second property, 3507-11 N. Elston Ave. in Chicago’s Avondale neighborhood, is a four-story, 12-unit building that sold for $3.5 million, or about $291,000-per-unit. The seller was based out of California and the buyer was Chicago-based Breneman Investments.
“With both transactions, the buyers were looking for stable yield as an alternative investment to equities,” said Stengle. “As we close out 2019, multifamily properties continue to attract investors eager to diversify their portfolios with strong income-producing assets.”
Pictured: 3507 N. Elston
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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 GlobeSt.com 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).