Press Releases
Marcus & Millichap Arranges Sale of 120-Unit Multifamily Property in Skokie, Illinois
September 02, 2026
SKOKIE, Ill., Sept. 2, 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 Lotus Gardens, a 120-unit multifamily property in Skokie, Illinois, approximately 16 miles northwest of downtown Chicago.
“Opportunities to acquire a property like Lotus Gardens are rare, as assets in this submarket are often held for decades due to the area's enduring appeal,” said Eric Bell, executive managing director investments. “After more than 40 years of ownership by the same seller, the property's strong location and solid fundamentals attracted significant interest.”
Bell and Jordan Callaway, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the private long-term seller, and procured the private local buyer.
Lotus Gardens is situated on 2.54 acres at 8501 Lotus Ave., about 12 miles east of O'Hare International Airport. Built in 1971, the property features 80 one-bedroom, one-bathroom units and 40 two-bedroom, one-bathroom units across 97,920 square feet. The three-story property features elevator access, approximately 120 off-street parking spaces and five covered parking spaces, a swimming pool, on-site coin operated laundry and one storage space for each unit. The new owner plans to continue modernizing and enhancing an already well-maintained asset.
“Opportunities to acquire a property like Lotus Gardens are rare, as assets in this submarket are often held for decades due to the area's enduring appeal,” said Eric Bell, executive managing director investments. “After more than 40 years of ownership by the same seller, the property's strong location and solid fundamentals attracted significant interest.”
Bell and Jordan Callaway, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the private long-term seller, and procured the private local buyer.
Lotus Gardens is situated on 2.54 acres at 8501 Lotus Ave., about 12 miles east of O'Hare International Airport. Built in 1971, the property features 80 one-bedroom, one-bathroom units and 40 two-bedroom, one-bathroom units across 97,920 square feet. The three-story property features elevator access, approximately 120 off-street parking spaces and five covered parking spaces, a swimming pool, on-site coin operated laundry and one storage space for each unit. The new owner plans to continue modernizing and enhancing an already well-maintained asset.
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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.
