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.
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout