Altitude Capital Partners Acquires MultiFamily In Chicago For $10.5M

Located at 227 E Walton Pl, Chicago, IL, 60611, the recently sold property is a landmarked 25-unit multifamily building in Chicago's Streeterville neighborhood. The property, designed by famous architect Harry Weese, was constructed in 1956 and earned Chicago landmark status in 2012. The building comprises mainly large two-bedroom, two-bath units, with 24 out of the 25 units having been updated in recent years. Each unit boasts hardwood floors, modern kitchens with granite countertops and stainless steel appliances, as well as in-unit washer/dryer. Additional storage space is available in the basement, with common areas due for further modernization, including a rooftop deck with built-in grills and spacious elevator lobbies. The property also features 19 surface and garage parking spaces, offering excellent accessibility and proximity to various attractions such as the Magnificent Mile, Museum of Contemporary Art, Navy Pier, and Oak Street Beach.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $10,500,000.00
• Seller's Representatives: Kyle Stengle(Marcus & Millichap), Sean Sharko(Marcus & Millichap)
• Buyer: Altitude Capital Partners

Marcus & Millichap, a prominent commercial real estate brokerage firm, orchestrated the $10.5 million sale of the property. Kyle Stengle, a senior managing director investments at Marcus & Millichap's Chicago Downtown office, along with Sean Sharko and Austin Weisenbeck, senior managing directors investments in the firm's Chicago Oak Brook office, represented the seller, Brad Management. The buyer, Altitude Capital Partners, is the new owner of the 13-story multifamily building. Altitude Capital Partners intends to further enhance the property by modernizing the common areas and maintaining the high standard of the updated units.