Chicago apartment building sells for $10.8 million

Marcus & Millichap Real Estate Investment Brokerage Co. brokered the sale of an 88-unit apartment property in Chicago, the company said this week.

DeWitt Place apartments sold for $10.75 million, representing a price of $122,159 per unit and $284 per square foot, the company said.

The property, built in 1924, is located at 900 N. DeWitt Place, and features 37,840 rentable square feet. The 88 units are comprised of 48 unfurnished studios, 35 furnished studios, four one-bedroom/one-bath units and one penthouse.

The 11-story mid-rise building has amenities including a controlled entry system, management office, available maid service, laundry facility, bike storage and a rooftop deck with city views.

Marcus & Millichap vice president/investments Eric Bell teamed with Shaun Buss to represent the seller in the transaction. Bell and Michael Marks secured the buyer.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage focused exclusively on real estate investments.

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