The "private seller" is based in Chicago, says John Olar, an associate VP of investments and director of Marcus & Millichap's national multi-housing group, who is marketing the buildings. The owner is "selling, as they were really an add-value buyer," Olar says. "They are also a condominium developer and these buildings were in their pipeline for conversion purposes."

The seller had acquired the buildings within the past five years and renovated them for condominium conversions but, given the current housing market, has decided to sell the buildings, he says. All three of the buildings have undergone significant capital improvements in the past few years, Olar says. The owner had done improvements to the roofs, windows, elevators, electrical systems and boilers in addition to redoing the parking. A fitness center was installed at 7447 S. Shore Dr., he says.

The properties are all near Lake Michigan and the building at 7447 S. Shore Dr. "sits right on the lake and has its own private beach," Olar says. The building at 7345 S. Shore Dr. has a solarium with "unobstructed views of downtown and the lake," he says. The three buildings have a combined occupancy of 97%, Olar tells GlobeSt.com.