Multifamily N Illinois

Marcus & Millichap brokers $11.25M sale of multifamily property in Libertyville

  

Marcus & Millichap announced the sale of Cook Apartments, an 86-unit apartment building in Libertyville, Illinois for $11.25 million.

Working out of Marcus & Millichap’s Chicago Oak Brook office, Andrean Angelov, first vice president of investments and Ryan D. Engle, senior vice president of investments, represented the seller, a limited liability company. Scott D. Harris, senior managing director of investments, represented the buyer, also a limited liability company.

“The village of Libertyville is seeing an influx of renters and strong investment, which includes plans for a new Metra station and the revitalization of the former Motorola Mobility campus on U.S. 45,” Engle said in a statement. “This sale, with a closing price higher than the list price, shows the demand for high-quality multifamily buildings in suburban Chicago, particularly in near-transit locations that offer both walkability and convenient access to the city.”

The property is located at 201 E. Cook Ave. on a lot of nearly 2 acres and consists of studios, one- and two-bedroom apartments which were fully leased at the time of sale.