CHICAGO, IL - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, today announced it has brokered the $10.5 million sale of 227 East Walton Place, a landmarked 25-unit multifamily property in Chicago’s Streeterville neighborhood.
Designed by noteworthy Chicago architect Harry Weese, the building was completed in 1956 and designated a Chicago landmark in 2012.
Kyle Stengle, senior managing director investments in Marcus & Millichap’s Chicago Downtown office, along with Sean Sharko and Austin Weisenbeck, senior managing directors investments in the firm’s Chicago Oak Brook office, represented the seller, Brad Management, which previously worked with the same brokerage team to acquire the property in 2018 through a condo deconversion. The new owner is Altitude Capital Partners.
“Even in the midst of interest rate uncertainties, this deal illustrates the high demand for well-located assets, especially in core downtown neighborhoods like Streeterville,” said Stengle, whose team procured multiple offers and closed at the initial contract price. “We were able to maximize the value of the property by placing a premium on the building’s incredible potential due to its location, size of units, updated apartment amenities, views and lobby area, relative to newly constructed buildings downtown.”
The 13-story building is composed almost entirely of large two-bedroom, two-bath units. Of the 25 units, 24 have been updated, a majority in the last three years. Those apartments feature hardwood floors, updated kitchens with granite countertops and stainless steel appliances, and in-unit stacked washer/dryer. Each unit has additional storage space in the basement.
Common areas, which the buyer intends to modernize further, include a rooftop deck with built-in grills and spacious elevator lobbies. In addition, the property includes 19 surface and garage parking spaces.
Located less than a block from DuSable Lake Shore Drive and near multiple public transportation options, the property offers superior accessibility and proximity to downtown attractions including the Magnificent Mile, Museum of Contemporary Art, Navy Pier and Oak Street Beach.
About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com
About Altitude Capital Partners: Altitude Capital Partners (“ACP”) is an investment management firm that acquires and develops or repositions lower middle market multifamily assets through a vertically-integrated and value-added management approach. The firm brings deep knowledge of the lower middle market with more than 20 years of active investment and management experience of institutional and public capital across real estate and direct lending. Since 2000, the ACP team has invested in more than $250M in common and preferred equity in various real estate projects with a total value exceeding $1.0B. For more information please visit www.altitude-cp.com