GLEN ELLYN, ILJune 16, 2020 –  Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of a 12-unit apartment property located in Glen Ellyn, IL, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $1,060,000.

The buyer, a private investor, was secured and represented by Randolph Taylor, associate, and multifamily investment specialist in Marcus & Millichap’s Chicago Oak Brook office.

The property is located at 30 Briar St in Glen Ellyn, Illinois with easy access to Interstate 355. The property is a well-maintained, fully-occupied, 12 unit multifamily property consisting of all two-bedroom, one-bath units. The property was sold to a repeat buyer for the agent and the firm in an all-cash transaction.

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research, and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. 



AURORA, IL, October 10, 2019 –  Marcus & Millichap (NYSE: MMI) , a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of  a 12-unit apartment property located in Aurora, Ill, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $785,000.

Randolph Taylor, an investment specialist in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.  The buyer, an individual/personal trust, was also secured and represented by Randolph Taylor.

The property is located at 557-559 Ashland Ave in Aurora, Ill and is a twelve-unit multifamily property consisting of all two-bedroom two-bath units on the Southside of Aurora bordering Montgomery, Ill. The property was fully occupied at the time of the sale. This is an example of the effectiveness of the Marcus & Millichap platform moving capital across the country, as an outstate Seattle, WA buyer was able to realize greater returns in the Midwest, specifically in the suburban Chicago market, versus their local market. Continue reading “MARCUS & MILLICHAP ARRANGES THE SALE OF AN AURORA, ILL APARTMENT BUILDING”


A New York real estate investor paid $94 million for an apartment complex in north suburban Vernon Hills, another addition to the long list of suburban Chicago multifamily properties that have changed hands this year.

A venture of Azure Partners acquired the Oaks of Vernon Hills, a 336-unit property on U.S. Highway 45, from the joint venture that recently developed it, according to Lake County property records. The deal underscores the hunger investors have had for apartments in the Chicago suburbs in 2017, almost certainly the strongest year ever for suburban multifamily deals.

It’s the first apartment acquisition in the Chicago area for Azure, which owns 15 multifamily and retail properties mainly along the East Coast, according to Real Capital Analytics, a New York-based research firm. Azure bought the property in a joint venture with Harbor Group International, a Norfolk, Va.-based real estate firm.

Azure and Harbor Group paid $94 million, or about $280,000 a unit, for the Oaks, buying it from a venture formed by Chicago-based Reva Development, Hamilton Partners of Itasca and Deutsche Asset & Wealth Management, a unit of Deutsche Bank, according to a deed.

The developers built the complex in two steps, finishing the 304-unit first phase in fall 2015 and the second, encompassing 32 units, in spring 2016, according to the Reva website. Reva and Azure representatives did not return calls.

Suburban apartment values have jumped in recent years amid expectations that occupancies will remain high and rents will keep rising. And high prices have allowed many developers to sell their projects at a hefty profit. In August, the developers of the Reserve Glenview sold the 239-unit property for nearly $81 million, well above what it cost to build.

It’s unclear how much the Oaks cost to develop; the 30-acre property at 770 E. U.S. Highway 45 was encumbered by a $44.3 million construction loan, according to county records.

Peter Evans, managing partner of the Chicago office of brokerage Moran, arranged the sale for Reva and its partners.

It has been a busy year for apartment brokers. With a flurry of year-end deals, total suburban apartment sales in 2017 are expected to eclipse the record $1.66 billion set last year.

Average effective rents at the Oaks range from $1,505 per month for one-bedroom units to $3,200 for a three-bedroom, according to CoStar Group, a real estate data provider. The average apartment rents for $1.89 per square foot, roughly the same as a year ago. The property is 94.3 percent occupied, up from 88.1 percent a year ago, according to CoStar.


Source: Crain’s Chicago Business

Chicago apartment landlord Stuart Handler is continuing his push into the suburbs, dropping $53 million on a housing complex in west suburban Bloomingdale.

A venture led by Handler acquired Stratford Place, a 342-unit property near Stratford Square Mall, said Handler, CEO of TLC Management. The seller was a venture of San Francisco-based Friedkin Realty Group, which paid $52.5 million for it in December 2012.

It’s Handler’s fifth big suburban apartment deal since the end of 2014, when he began to expand beyond his base in Chicago and Evanston. Using a slow and steady approach and targeting the mid-market, he has amassed a portfolio of about 4,500 units, including more than 1,500 outside the city and Evanston.

Handler, who doesn’t bring in outside investors on his deals, aims to buy one more property in the Chicago area by the end of the year.

He has nothing fancy in mind for Stratford Place, a property that he classifies as B-plus. The 27-acre complex at 232 Butterfield Road, which has an occupancy rate in the mid-90 percent range, was completed in 1991. He expects to spend $1 million or so sprucing it up but doesn’t see a need to do much more.

“It’s a strong asset now,” he said. “We’re just going to move it up to another level.”

Suburban apartment landlords have been operating at a high level for the past several years, a period of rising rents, occupancies and property values. The median net suburban apartment rent per square foot rose 3.7 percent last year, according to Chicago-based consulting firm Appraisal Research Counselors. Rents were up 22 percent over five years.

Handler remains optimistic about the market, but with interest rates rising again, he doesn’t expect property values to rise much more.

“It’s not as hot as it has been, but it’s still good,” Handler said.

Friedkin Realty, meanwhile, still likes the Chicago market and has been scouting the suburbs and downtown for more properties to buy, said Morton Friedkin, founder and chairman of the company. Friedkin Realty owns eight properties totaling more than 2,100 apartments in the Chicago suburbs. In its most recent acquisition, the firm paid $42 million for a 144-unit building in Des Plaines.

Though other suburban multifamily properties have sold for big gains the past few years, Stratford Place bucked that trend, with Handler paying roughly what Friedkin bought it for more than four years ago.

“We overpaid, and he underpaid,” quipped Friedkin.

He expects Stratford Place to fare well under Handler, who can give it more attention than he could from 1,800 miles away.

“Stuart’s local to the area,” Friedkin said. “He’s there to stay, and he’s an operator.”

Source: Crains Chicago Business May 15th 2017 Alby Gallun

Investor Pays 60 million for Naperville Arbors of Brookdale Apartments

Investor Pays 60 million for Naperville Arbors of Brookdale Apartments

A local landlord sold a Naperville apartment complex for $60 million, nearly twice what it paid for the property when the real estate market was in the dumps.

Prime Property Investors sold the Arbors of Brookdale, a 281-unit property on the suburb’s northwest side, to Friedkin Realty Group, a San Francisco-based investor that has been a busy buyer and seller of apartments in suburban Chicago, according to DuPage County property records.

The deal is the latest of many showing how investors that bought during the bust have been handsomely rewarded for taking the risk. Prime paid $32 million for the Arbors in December 2009, as the market was bottoming out, and cashed out earlier this month for $59.7 million, or $212,000 a unit, county records show.

Prime rode the market higher, but it also spent $2.1 million on new roofs, mechanical systems and other improvements, said Michael Zaransky, the company’s co-founder and co-CEO. In addition, the firm also renovated about 40 apartments in the past couple years, allowing it to raise rents on some units by as much as $200 a month, he said.

The property’s appreciation “wasn’t just a market timing thing,” he said.

The property’s rental revenue rose 140 percent over the nearly seven years Prime owned it, Zaransky said. Friedkin Realty plans to continue the apartment renovation plan, said Morton Friedkin, the firm’s founder and chairman, a move that could further boost the property’s revenue.

“There’s additional income to be realized,” he said. “I think the property has lasting value. It’s got great architecture and great location.”

How much further Friedkin Realty will be able to raise rents will depend on the market, which has been on a roll for the past several years. The median suburban rent per square foot has risen nearly 32 percent—about 4 percent annually—since Northbrook-based Prime bought the Arbors in 2009, according to a report from Appraisal Research Counselors, a Chicago-based consulting firm.

Wagering that rents will keep rising, investors continue to bid up prices of apartment buildings, tempting many landlords to cash out. By mid-year, major suburban Chicago apartment sales totaled $750 million and, taking into account what’s currently on the market, they could top the full-year record of $1.2 billion set in 2007, according to Appraisal Research.

The Arbors is considered a mid-tier, or Class B, multifamily property, with monthly rents ranging from $1,225 for a one-bedroom unit to $2,100 for a three-bedroom, the report shows. The property at 1373 Ivy Lane was 100 percent occupied at the time of the sale, Zaransky said.

With the Naperville sale, Prime no longer owns any apartment buildings in suburban Chicago, leaving it with properties in Texas and Denver. Yet that doesn’t mean it’s leaving the Chicago market, Zaransky said.

“We’re still active in looking and would love to own other assets here,” he said. “I still think the suburban Chicago apartment market is strong and vibrant.”

Friedkin Realty, meanwhile, owns more than 2,700 apartments in the Chicago suburbs and is looking for more. It is in the final stages of buying another suburban apartment complex, Friedkin said, declining to provide more details because of a confidentiality agreement.

Source: Chicago Real Estate Daily, Crains Chicago Business August 31st, 2016 By Alby Gallun