Multifamily Midwest

Marcus & Millichap sells 65-unit multifamily property

Marcus & Millichap Real Estate Investment Services has sold 6920 S. Crandon Ave., a 65-unit 11-story affordable multifamily property located in Chicago’s South Shore neighborhood. The asset commanded a sales price of $4.1 million.

Marcus & Millichap Real Estate Investment Services has sold 6920 S. Crandon Ave., a 65-unit 11-story affordable multifamily property located in Chicago’s South Shore neighborhood. The asset commanded a sales price of $4.1 million.

Scott Harris, a senior vice president investments, Ryan Engle, a vice president investments in Marcus & Millichap’s Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a developer, was also secured by Harris and Engle.

6920 S. Crandon Ave. currently operates under a Housing Assistance Payment (HAP Contract) administered by the Chicago HUD office. The HAP Contract was recently renewed.