86-Unit Cook Apartments Complex Sold For $11M

LIBERTYVILLE, IL - From Marcus & Millichap: Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Cook Apartments, an 86-unit apartment building in Libertyville, Ill., a north suburb of Chicago about 40 miles from downtown. The sale price of $11.25 million equates to $130,814 per unit.

Working out of Marcus & Millichap’s Chicago Oak Brook office, Andrean Angelov, first vice president of investments and Ryan D. Engle, senior vice president of investments, represented the seller, a limited liability company. Scott D. Harris, senior managing director of investments, represented the buyer, also a limited liability company.

“The village of Libertyville is seeing an influx of renters and strong investment, which includes plans for a new Metra station and the revitalization of the former Motorola Mobility campus on U.S. 45,” said Engle. “This sale, with a closing price higher than the list price, shows the demand for high-quality multifamily buildings in suburban Chicago, particularly in near-transit locations that offer both walkability and convenient access to the city.”

Located at 201 E. Cook Ave., the five-story Cook Apartments complex was built in 1972 and sits on lot of nearly 2 acres. Comprising a mix of studios, one- and two-bedroom apartments, the community was fully leased at the time of sale.

The property is located less than a half mile from the Metra station and downtown Libertyville, where shopping and dining options line Milwaukee Avenue. The Tri-State Tollway, offering access south to Chicago and north toward Wisconsin, is a little more than 2 miles away.

Independence Grove Forest Preserve, Butler Lake Park and Adler Memorial Park are all within walking distance and include trails for biking. In addition, the property is in proximity to several lakes and waterways.

About Marcus & Millichap (NYSE: MMI)

With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com

Photo courtesy of Marcus & Millichap