Press Releases
Marcus & Millichap Arranges Sale of 24-Unit Multifamily Property in Cherry Valley, Ill.
March 17, 2026
CHERRY VALLEY, Ill., March 17, 2026 – 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 Briar Gardens Apartments, a 24-unit multifamily property located in Cherry Valley, Illinois. The property sold for $2,675,000, or $111,458 per unit.
“Briar Gardens achieved one of the highest price-per-unit sales in the market for a property of its vintage, highlighting the strong demand we’re seeing for well-located multifamily assets in the Rockford area,” said Patrick Suffield, director investments. “With most of the units already renovated, the new ownership plans to complete upgrades to the remaining units and add in-unit washers and dryers to further enhance the property.”
Suffield, investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the local seller, and procured the regional buyer.
Briar Gardens Apartments is situated on 1.5 acres at 7572 Cherryvale North Blvd. Built in 1975, the property includes a mix of one- and two-bedroom units across 8,800 rentable square feet. It is near Cherryvale Mall and several national retailers and restaurants, including Menards, Walgreens and Starbucks.
“The Rockford multifamily market continues to show strong fundamentals, with limited housing supply, steady rent growth and vacancy rates remaining in the single digits,” Suffield added. “Combined with increasing investor interest in Midwest markets and new development activity in Cherry Valley, the area is emerging as an attractive destination for multifamily investment.”
“Briar Gardens achieved one of the highest price-per-unit sales in the market for a property of its vintage, highlighting the strong demand we’re seeing for well-located multifamily assets in the Rockford area,” said Patrick Suffield, director investments. “With most of the units already renovated, the new ownership plans to complete upgrades to the remaining units and add in-unit washers and dryers to further enhance the property.”
Suffield, investment specialist in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the local seller, and procured the regional buyer.
Briar Gardens Apartments is situated on 1.5 acres at 7572 Cherryvale North Blvd. Built in 1975, the property includes a mix of one- and two-bedroom units across 8,800 rentable square feet. It is near Cherryvale Mall and several national retailers and restaurants, including Menards, Walgreens and Starbucks.
“The Rockford multifamily market continues to show strong fundamentals, with limited housing supply, steady rent growth and vacancy rates remaining in the single digits,” Suffield added. “Combined with increasing investor interest in Midwest markets and new development activity in Cherry Valley, the area is emerging as an attractive destination for multifamily investment.”
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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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
