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CHICAGO — Marcus & Millichap has brokered the sale of The Farcroft, a mid-rise multifamily community located at 1337 West Fargo Ave. in Chicago’s Rogers Park neighborhood. A locally based operator has purchased the 13-story building from a private partnership for $8.05 million, with a cap rate of 5.63 percent. The property houses two studios, 72 one-bedroom and 12 two-bedroom units. Capital improvements to the building, which was built in 1928, include a new elevator, a façade restoration, the replacement of nearly all the windows and a new boiler. Eric Bell in the Chicago office of Marcus & Millichap represented the seller; Doug Fischer of Essex Realty represented the buyer in the transaction.

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