Marcus & Millichap Inc.
10/23/2024 | Press release | Distributed by Public on 10/23/2024 12:20
Marcus & Millichap Brokers $4.4M Sale of 48-Unit Apartment Property in Peoria, Illinois
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Marcus & Millichap Brokers $4.4M Sale of 48-Unit Apartment Property in Peoria, Illinois
October 23, 2024
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PEORIA, Ill., Oct. 23, 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 Oakridge Apartments, a 48-unit apartment property located in Peoria, Illinois. The property sold at list price for $4,400,000, or $91,667 per unit.
"The firm's platform proved useful, as an out-of-state client we recently closed with-primarily focused on the Chicago metropolitan area-was looking to expand his portfolio into tertiary markets with higher yields and immediate scale. Oakridge Apartments met those needs," said Christopher Malay, associate.
David Tarnoff, Patrick Suffield and Yianni Mouflouzelis, investment specialists in Marcus & Millichap's Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an Illinois limited liability company. Malay and Eric Bell, investment specialists in the firm's Chicago Oak Brook office, procured the buyer, a California-based investment group.
Built in 1990 and 2013 by previous ownership, Oakridge Apartments consists of four, 12-unit buildings featuring a mix of one-, two- and three-bedroom units across 4.36 acres. Located at 2700 W Willowlake Dr., the property is near Interstate 74 and Illinois Route 6, offering access to Northwoods Mall and The Shoppes at Grand Prairie.
"The firm's platform proved useful, as an out-of-state client we recently closed with-primarily focused on the Chicago metropolitan area-was looking to expand his portfolio into tertiary markets with higher yields and immediate scale. Oakridge Apartments met those needs," said Christopher Malay, associate.
David Tarnoff, Patrick Suffield and Yianni Mouflouzelis, investment specialists in Marcus & Millichap's Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an Illinois limited liability company. Malay and Eric Bell, investment specialists in the firm's Chicago Oak Brook office, procured the buyer, a California-based investment group.
Built in 1990 and 2013 by previous ownership, Oakridge Apartments consists of four, 12-unit buildings featuring a mix of one-, two- and three-bedroom units across 4.36 acres. Located at 2700 W Willowlake Dr., the property is near Interstate 74 and Illinois Route 6, offering access to Northwoods Mall and The Shoppes at Grand Prairie.
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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.