5617–5619 S Michigan Avenue sold after generating multiple offers within the first 30 days of marketing, ultimately closing at $141,667 per unit. This pricing represents the highest sale price per unit achieved in the Washington Park submarket in several years and ranks as the second highest sale price per unit on record. The only higher trade occurred in 2021 at a comparable per unit level, supported by a superior unit mix and historically low interest rates.
The buyer was a local investor drawn to the property’s pristine stone façade, modernized interiors, and strong in place cash flow, as well as its location in the rapidly developing Washington Park neighborhood, positioned just west of Hyde Park, University of Chicago, and the Museum of Science and Industry.
CRER Multifamily Brokerage Track Record in Chicago
CRER continues to service Chicago multifamily brokerage market with a proven history of maximizing value for apartment building sellers and identify opportunities for Buyers. Recent notable closings include:
- CRER Sell the largest multifamily sale recorded in Bronzeville in 2025
- Gold Coast Building sold for 4.75% in place cap rate
- Value-add mixed use Building sold by CRER
These transactions highlight CRER’s ability to source qualified buyers, underwrite complex portfolios, and close deals efficiently across Chicago’s South Side investment corridor.
Looking for your Next Chicago Multifamily Investment:
New CRER Listing: Hyde Park Portfolio | Large Units | 7.07% cap rat
- Hyde Park multifamily portfolio consisting of (3) stately apartment buildings located near the University of Chicago, one of the most powerful institutional anchors in the Midwest. Together the buildings feature an impressive (81) bedrooms and (43) bathrooms across (22) oversized residential units averaging 1,377 sf per unit.
Thinking About Selling Your Chicago Apartment Building. Request a Confidential Valuation
If you own an apartment building in Chicago, now is a strategic time to explore a sale. Recent closings across the city show that properly marketed properties are achieving strong pricing even as interest rates fluctuate.
I specialize in helping owners:
- Determine true market value
- Identify value add potential
- Position their property to achieve maximum sale proceeds
- Navigate a confidential and efficient sales process
Whether you own a mid sized walk up, or a larger apartment asset, I would be happy to provide a confidential valuation and discuss current buyer demand in your submarket.
Contact Steven Rapoport Stevenr@crer.com at 847 863 2707
