Chicago Real Estate Resources (CRER), Inc. is pleased to announce that Managing Partner Steven Rapoport has successfully closed the sale of an 8-unit apartment building located at 10 to 12 West Chestnut Street in the heart of Chicago’s Gold Coast. The property sold for $3,425,000, which equals $428,125 per unit, reflecting a strong 4.75% in place cap rate demonstrating continued demand for well-located Chicago multifamily buildings.
Investor interest in the Gold Coast remains high. The buyer pursued this opportunity due to its value-add potential and the long term strength of this high barrier to entry location. This transaction reinforces the Gold Coast as one of Chicago’s most sought after neighborhoods for apartment building investors.
Nearby recent notable sales include the 280 unit building just east at 8 W Chestnut sold the prior year to Farallon Capital Management for $85,200,000 or $304,286 per unit. And a 6-unit property at 64 East Cedar sold in 2019 for $1,500,000 or $250,000 per unit, then underwent renovation and resold as a luxury asset for $501,667 per unit.
Chicago Apartment Market Update. Why Investors Continue to Target Chicago Multifamily Buildings
Chicago remains one of the strongest and most stable apartment markets in the United States. Vacancy has been declining since early 2024, and Chicago now maintains one of the lowest vacancy rates among the top 40 U.S. metros.
Chicago rented out about 7,500 apartments in the past year but only added about 4,800 units to the market. Because more people want apartments than there are new units available, vacancies are shrinking and rents are rising. With steady demand and not enough new supply, Chicago’s apartment market is bouncing back faster than many other major cities.
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:
- $6,700,000 23-unit mixed use sale in Wicker Park
- $10,000,000 sale of a 51-unit Bronzeville Multifamily Portfolio
- Market setting mixed-use investment sale near UIC
These results demonstrate CRER’s expertise in pricing strategy, marketing exposure, and negotiation for Chicago apartment buildings of all sizes.
Looking for Chicago Apartment Building Investment Opportunities
If you are seeking your next multifamily acquisition, contact Steven Rapoport to discuss current and upcoming opportunities, including a $6,000,000 three building Hyde Park portfolio offered at a 7.07% cap rate. This is an excellent example of the strong yield opportunities still available in Chicago’s multifamily market.
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
