Downtown Condos Luring Multifamily Investors

227 E. Walton Pl., a 13-story multifamily building in the Streeterville neighborhood, has 25 condos that a new buyer will convert into rentals.

CHICAGO—Converting Chicago condos into rental units continues to be an attractive bet for investors, including those from out of town that want a piece of the city’s vibrant rental market. Marcus & Millichap says it brokered the $10.3 million deconversion sale of 227 E. Walton Pl., a 13-story multifamily building in the Streeterville neighborhood. The buyer, a group of private investors based in CA, plans to convert the property’s 25 condos back into rentals.

Working out of Marcus & Millichap’s downtown Chicago and Chicago Oak Brook offices, Kyle Stengle, Austin Weisenbeck and Sean Sharko, senior vice presidents of investments, and Brewster Hague, associate, facilitated the transaction. The sale price equates to $412,000 per unit.