CHICAGO-Two North Side multifamily rental properties have changed hands in separate deals just under $10 million each. A 166-unit class B property at 6807 N. Sheridan Rd. in the Rogers Park neighborhood changed hands for $9.75 million while a 108-unit “four-plus-one” building at 525 W. Oakdale St. in Lakeview sold for $9.6 million.

“Despite the volatile national economy, Chicago apartments remain sound investments,” opines Estella Kiser, senior associate with Marcus & Millichap Real Estate Investment Brokerage Co., which was the sole broker in the Rogers Park deal. “The property is well-located in its submarket and has been extensively renovated, creating a solid long-term investment.”

Market conditions helped Inland Real Estate Sales, Inc. achieve a sales price of $88,000 per unit for 525 W. Oakdale St., extremely high for a “four-plus-one” building. Built in the 1960s and ‘70s, four-plus-ones feature off-street, covered parking at ground level or slightly below grade, with four stories of rental units starting at the second floor. While not necessarily the first choice of investors, the product type’s popularity has grown as parking becomes increasingly scarce, Inland brokers note.

“The main advantage to this type of building in this location is the availability of parking,” says senior broker Ronald Traub, who co-brokered the deal with Inland sales associate Galina Patterson. “Since parking in the Lakeview area is in short supply, the off-street, enclosed parking that comes with the building is almost invaluable.”

Horizon Group IX, LLC bought the building in an area that is seeing continued condominium conversion and rehab activity from Oakdale Limited Partnership.

Steve Livaditis of Marcus & Millichap represented the buyer, Chicago-based Kopley Group, of the 78-year-old, 98,000-sf building on Sheridan Road. The property was 97% occupied at the time of sale, which closed in 12 weeks.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.