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Investor Pays $7M for 90-Unit Apt Complex

CHICAGO-The 92%-occupied property of studios and one- and two-bedrooms at 6954 N. Sheridan was sold by a private owner.

By Cari Brokamp | Updated on October 15, 2008

CHICAGO-Marcus & Millichap has represented both buyer and seller in the acquisition of the 90-unit North Side multifamily property for $6.9 million. The building, at 6954 N. Sheridan, is 92% occupied. The property, which dates back to the 1970s, was sold by private investor Steve Pekic and purchased by north side investor David Gassman.

James Clough, VP of investments in Marcus & Millichap’s Chicago O’Hare office, and Jack Cassin and Bill Cassin, senior associates in the Downtown Chicago office, represented both parties in the sale. Pekic plans to reinvest the money into another property, according to the company. The building solicited a strong amount of interest in the time it was on the market, Cassin says. “There’s a lot of misconceptions about the market, but there’s no shortage of buyers for property on the north side of Chicago,” Jack Cassin tells GlobeSt.com.

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