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Multifamily Sales Close in Loop, Uptown

CHICAGO-Polk Street Station at 732 S. Financial Pl. sells for $21.9 million, or $158,696 per unit, while the $5.9-million sale of 1338-54 W, Argyle Ave. represents a price of $126 per sf, a high-water mark for the Uptown neighborhood.

By Mark Ruda | Updated on October 15, 2002

CHICAGO-Two recent multifamily sales in the South Loop and Uptown neighborhoods speak to the continued strength of the market. While the 138-unit building at 732 S. Financial Pl. commanded a $21.9-million sales price, the $5.9-million sale of a 98-unit double-courtyard building at 1338-54 W, Argyle Ave. was record-setting for the neighborhood.

Lee Kiser, whose Kiser Group of Marcus & Millichap was involved in both deals, tells GlobeSt.com the $126 per sf price paid by the buyers of the Uptown building surpassed the $110 per sf paid at 4242 N. Sheridan Rd.

The capitalization rate on the Uptown deal was 5.48%, but Kiser cautions against using that figure as a new area standard. About 80 of the units are rented on a month-to-month basis, with below-market rents, he explains.

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