Walker & Dunlop has successfully arranged the sale of Marine Terrace Apartments, a 190-unit multifamily property in Chicago’s Uptown neighborhood. The former condo building was sold for $29.5 million on behalf of client Rany Management and lender Prime Finance by Walker & Dunlop’s Milwaukee Capital Markets team, led by Dean Huber and Brien Martin.
The property, located at 4180 N Marine Drive in Beuna Park between Wrigleyville and Lake Michigan, will undergo updates including a rooftop deck and ground-floor fitness room. This transaction marks the completion of Rany Management’s condo deconversion at the complex which was closed within just 40 days after loan application despite its complexity.
Marine Terrace Apartments offers convenient access to amenities such as the lakefront trail spanning over 18 miles along with beaches and parks nearby. Retail options are also easily accessible with Jewel-Osco, Aldi, Target all within walking distance from the complex.
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