Marcus & Millichap Inc.
11/18/2024 | Press release | Distributed by Public on 11/18/2024 17:38
Marcus & Millichap Brokers $25.7 Million Multifamily Asset Sale in Chicago
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Marcus & Millichap Brokers $25.7 Million Multifamily Asset Sale in Chicago
November 18, 2024
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CHICAGO, Nov. 18, 2024 - 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 Canterbury Court Apartments, a 16-story, 176-unit multifamily asset with 1,268 square feet of ground floor retail in the Gold Coast neighborhood of Chicago, Illinois. The property traded for $25.7 million.
"The seller is a long-time client who over the years has been increasingly interested in selling this marquee asset," said Nicholas Kanich, first vice president investments in Marcus & Millichap's Chicago Downtown office. "We advised on the best strategy to meet their goals and ultimately chose to engage with a reputable local purchaser who put forth a compelling offer with minimal contingencies and quick timetables that led to a successful transaction." Kanich represented the seller, a local family office, and procured the buyer, Becovic Holdings Corporation. Kyle Stengle of Marcus & Millichap assisted in providing valuation. Jordan Multack of Greenstone Partners provided additional representation.
"This building is a Gold Coast landmark with tremendous potential, and we're excited to unlock it," said Isa Becovic, president, Becovic Holdings Corporation. "We plan to invest in necessary upgrades and improvements, ensuring exceptional service for our residents, all without displacing anyone or compromising affordability."
The property's Gold Coast location places it from minutes from The Loop, Chicago's central business district, close to Lake Michigan and Lincoln Park. Residents are near award-winning restaurants, and nightlife along State Street and Rush Street. Loyola University's Water Tower Campus and Northwestern University are within walking distance, and public transportation is close by at the Clark/Division and Chicago Avenue subway stations.
Canterbury Court Apartments' residential unit mix is 142 studios, 26 one-bedroom/one-bath units, 2 two bedroom/two-bath apartments and six units utilized by previous ownership. The property's first floor retail tenant is the Zebra Lounge piano bar, which has been on the property since it was completed in 1929. "The historic piano bar represents a longstanding tradition in the city of Chicago and will remain here for years to come," added Kanich.
"The seller is a long-time client who over the years has been increasingly interested in selling this marquee asset," said Nicholas Kanich, first vice president investments in Marcus & Millichap's Chicago Downtown office. "We advised on the best strategy to meet their goals and ultimately chose to engage with a reputable local purchaser who put forth a compelling offer with minimal contingencies and quick timetables that led to a successful transaction." Kanich represented the seller, a local family office, and procured the buyer, Becovic Holdings Corporation. Kyle Stengle of Marcus & Millichap assisted in providing valuation. Jordan Multack of Greenstone Partners provided additional representation.
"This building is a Gold Coast landmark with tremendous potential, and we're excited to unlock it," said Isa Becovic, president, Becovic Holdings Corporation. "We plan to invest in necessary upgrades and improvements, ensuring exceptional service for our residents, all without displacing anyone or compromising affordability."
The property's Gold Coast location places it from minutes from The Loop, Chicago's central business district, close to Lake Michigan and Lincoln Park. Residents are near award-winning restaurants, and nightlife along State Street and Rush Street. Loyola University's Water Tower Campus and Northwestern University are within walking distance, and public transportation is close by at the Clark/Division and Chicago Avenue subway stations.
Canterbury Court Apartments' residential unit mix is 142 studios, 26 one-bedroom/one-bath units, 2 two bedroom/two-bath apartments and six units utilized by previous ownership. The property's first floor retail tenant is the Zebra Lounge piano bar, which has been on the property since it was completed in 1929. "The historic piano bar represents a longstanding tradition in the city of Chicago and will remain here for years to come," added Kanich.
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About Marcus & Millichap, Inc. (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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.