1345 W. Estes Ave.CHICAGO–Marcus & Millichap recently brokered the $12.3 million sale of 1345 W. Estes Ave. in Rogers Park. The sale of the 81-unit apartment set a per-unit record for vintage apartment buildings in the area, and is indicative of a trend that sees out-of-town investors targeting the area.
“As investors seeking good cash-flow deals look beyond the coasts, they are discovering excellent opportunities in Chicago neighborhoods like Rogers Park, where prices have been slower to appreciate,” said James Ziegler, investment specialist at Marcus & Millichap.
The last three years has seen a significant uptick in deals involving out-of-state investors. In 2016, 18% of multifamily buyers in the area were from outside of Illinois. In 2017 that number jumped to 32%, and in 2018 it grew to 50%.
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