Marcus & Millichap Closes Chicago Multifamily Deal

Marcus & Millichap has arranged the sale of Madison Renaissance, a 34-unit community located in Chicago’s South Austin neighborhood. The asset was sold for $1.5 million to a private investor. Eric Bell, an investment specialist with the company, marketed the asset and represented both the seller and the buyer in the deal. Located at 5629 W. Madison St., the building encompasses a mix of one- to four-bedroom units and features ground-floor retail space. It is a low-income housing tax credit (LIHTC) property completed at the beginning of the last century, featuring a high level of occupancy. The brokers characterize it as a value-add opportunity offering double-digit cash-on-cash returns.