Multifamily

CREST HILL, ILL. — Marcus & Millichap has arranged the sale of 1500 Pioneer Road, a 16-unit apartment property in Crest Hill, about 35 miles southwest of Chicago, for $1 million. Adam Fortino, Ryan Engle and Andrean Angelov, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Engle and Fortino. The apartment property includes four studios and 12 two-bedroom units spanning approximately 500 to 850 square feet respectively. The property has undergone many recent capital improvements including a brand new roof and privacy fence.

CHICAGO — Marcus & Millichap has arranged the sale of an eight-unit apartment property located in Chicago for $1.7 million. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago office, marketed the property on behalf of the seller, a local investment group, and the buyer, a limited liability company. The property is located at 3600 N. Oakley Ave., about six miles north of the Loop, in the upscale north side neighborhood of Roscoe Village. The multifamily building recently underwent extensive renovations, including the addition of granite countertops, individual HVAC and stainless steel appliances.

CHICAGO — Weis Builders has completed five low-rise multifamily buildings at Lake Park Crescent, a $44 million redevelopment in Chicago. The initial 24 units are located at the south end of the property, on the corner of Lake Park and Bowen Avenue. The project will replace the 1960s-era public housing and provide mixed-income housing within both low and midrise buildings. The Davis Group contracted Weis Builders to add a total of 132 units to the community. Weis will also build a midrise building and three-story parking ramp, as well as site preparation for future buildings.