Press Releases
Marcus & Millichap Arranges Sale of 25-Unit Apartment Property in Chicago
October 22, 2024
CHICAGO, Oct. 22, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 2253 W 111th St., a 25-unit apartment property located in Chicago, Illinois. The property sold for $2,983,500, or $119,340 per unit.
“The buyer saw tremendous upside in the property's flexible floor plans, with the potential to convert the existing two-bedroom units into three-bedrooms,” said Jack Stanton, partner of the Stengle Stanton Group. “This added another layer of value to an already well-located, cash flowing asset in a rapidly appreciating submarket.”
Stanton and Kyle Stengle, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the listing to market the property on behalf of the seller, a longtime local private owner.
2253 W 111th St. features 25 two-bedroom floor plans across 31,185 rentable square feet. Built in 1928, the property is situated on .35 acres in the Morgan Park neighborhood of Chicago. The asset is located near I-57 with access to Morgan Park Academy and Chicago Public Library.
“The buyer saw tremendous upside in the property's flexible floor plans, with the potential to convert the existing two-bedroom units into three-bedrooms,” said Jack Stanton, partner of the Stengle Stanton Group. “This added another layer of value to an already well-located, cash flowing asset in a rapidly appreciating submarket.”
Stanton and Kyle Stengle, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the listing to market the property on behalf of the seller, a longtime local private owner.
2253 W 111th St. features 25 two-bedroom floor plans across 31,185 rentable square feet. Built in 1928, the property is situated on .35 acres in the Morgan Park neighborhood of Chicago. The asset is located near I-57 with access to Morgan Park Academy and Chicago Public Library.
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About Marcus & Millichap, Inc. (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, 2024, the company had 1,712 investment sales and financing professionals in over 80 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
