CHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Farcroft, (top right photo) an 86-unit mid-rise apartment building in Chicago. The sales price of $8.05 million represented $93,605 per unit. The cap rate was 5.63 percent.
Eric Bell, a senior vice president investments and a senior director of Marcus & Millichap’s National Multi Housing Group in Chicago, represented the seller, a private partnership.
Doug Fisher of Essex Realty (middle left photo) represented the buyer, a Chicago-based operator.
“This investment was a prime candidate for condominium conversion due to its excellent location and condition,” says Bell. “Given the changes in the market, the property will undergo further renovation and continue to operate as an apartment building.” Designed by noted regional architect Charles Wheeler Nicol and built in 1928, the 13-floor property is located at 1337 West Fargo Ave. in Chicago’s Rogers Park neighborhood.
The Farcroft is comprised of two studio apartments, 72 four-room, one-bedroom/one-bath units and 12 five-room, two-bedroom/one-bath units. Capital improvements to the building include a new elevator, tuckpointing, a five-year facade restoration, replacement of nearly all the windows and a new boiler.
Press Contact: Stacey CorsoCommunications Department(925) 953-1716
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