CHICAGO, IL - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, today announced it has brokered the $9.8 million sale of 5120 S. Harper Ave., a 61-unit multifamily property in Chicago’s Hyde Park neighborhood.
Marcus & Millichap’s Jack Stanton, associate, represented the seller, a private Chicago-based company that had owned and operated the building for 22 years. Marcus & Millichap’s James Ziegler, first vice president, 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 located three blocks from Lake Michigan, with amenities including shared laundry facilities and a bike room. At time of sale, the building was 95% occupied. The buyer plans to update some apartments now and rehab additional units over time.
About Marcus & Millichap (NYSE: MMI): Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com