Located in the Edgewater community, the building is in a rare submarket that has seen modest rent increases as well as a lower vacancy rate. The only other submarket that can make that claim this year is southeast Cook County, according to Marcus & Millichap Real Estate research.
The deal was brokered entirely by Marcus & Millichap Real Estate Investment Brokerage Co. senior investment associate Lee Kiser. The seller was an unidentified Palatine-based investor.
The deal is part of a market trend of a deep pool of willing buyers despite weak market fundamentals, including a class-A vacancy rate of 9.5%, according to Marcus & Millichap's most recent local market report. The price per unit is up 16% over the same period a year ago, according to the brokerage firm, while capitalization rates range from 7.5% for class A buildings to 8.25% for class-B assets.
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