Webster Racine, LLC Purchases MultiFamily Property On W Webster Ave, Chicago For $3,080,000

The multifamily and mixed-use properties at 1157-59 W. Webster Avenue and 2149-51 N. Racine Avenue in Chicago's Lincoln Park neighborhood were sold for $3,075,000. The assets feature both apartments and retail spaces, and are strategically located less than one block away from DePaul University. The retail spaces were fully occupied by Cotelac & Carol’s Cleaners at the time of sale.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $3,080,000.00
• Seller's Representative: Kyle Stengle (Marcus & Millichap)
• Buyer: Webster Racine, LLC
• Exclusive Listing Broker: Kyle A. Stengle (Marcus & Millichap)
• Seller: Investor based in Indiana
• Buyer's Plan: Invest back into buildings for continuous upgrades
• Prime Location: Close to DePaul University with around 24,000 students

Kyle A. Stengle, an investment specialist from Marcus & Millichap's Chicago Downtown office, brokered the deal between the seller, an investor from Indiana, and the buyer, Webster Racine, LLC. The buyer intends to revitalize the properties over time by investing in enhancements and improvements. The prime location near a large university makes these properties attractive for off-campus living, further enhancing their investment potential.