The Stengle Stanton Group, a partner at Marcus & Millichap, recently closed the sale of 2253 W 111th St., an apartment complex in Chicago, Illinois. The property was sold for $2,983,500 or $119,340 per unit.
According to Jack Stanton from the group,”the buyer recognized the potential for growth in this property due to its adaptable floor plans that could potentially be converted into three-bedroom units.” This added value to an already well-located and profitable asset situated in a rapidly appreciating submarket.
Stanton and Kyle Stengle from Marcus & Millichap’s Chicago Downtown office were responsible for listing and marketing the property on behalf of its longtime local private owner.
Built in 1928 on .35 acres of land in Morgan Park neighborhood of Chicago,the apartment complex offers 25 two-bedroom units spread over31 ,185 rentable square feet. It is conveniently located near I-57 with easy access to Morgan Park Academy and Chicago Public Library.
This news was originally published by Connect CRE.
