Multifamily Midwest

Marcus & Millichap completes multifamily sale

Marcus & Millichap Real Estate Investment Services has announced the sale of Riverside Trail Apartments, a 60-unit apartment property located in Lyons, Ill., according to Steven Weinstock, regional manager of the firm’s Oak Brook office. The asset commanded a sales price of $3,510,000 or $58,500 per unit.

Marcus & Millichap Real Estate Investment Services has announced the sale of Riverside Trail Apartments, a 60-unit apartment property located in Lyons, Ill., according to Steven Weinstock, regional manager of the firm’s Oak Brook office. The asset commanded a sales price of $3,510,000 or $58,500 per unit.

Ryan Engle, a multi-family investment specialist in Marcus & Millichap’s Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a local bank.  The buyer was a private individual who was secured and represented by James Clough a vice president of investments at Marcus & Millichap’s Chicago Downtown office.

Riverside Trail Apartments is located at 7860 West Ogden Avenue. As the result of multiple offers, the property sold in less than 90 days from the date it first became available and closed at 97.5 percent of original list price.