Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Orchard Estates, a 156-unit apartment building in Alsip, Ill., a south suburb of Chicago. The sale price of $11.1 million equates to more than $71,000 per unit.

Ryan D. Engle, first vice president of investments in Marcus & Millichap’s Chicago Oak Brook office, represented the private seller and also procured the buyer.

“This sale highlights strong investor demand for stabilized, well-maintained multifamily assets in suburban Chicago,” said Engle. “Orchard Estates will provide new ownership with immediate cash flow while simultaneously offering upside potential.”

Built in 1973, Orchard Estates, located at 4600 W. 122nd St., comprises six three-story buildings on a 6.2-acre lot. The community includes 72 one-bedroom apartments and 84 two-bedroom units that, collectively, were 96 percent occupied at the time of sale.

Alsip, with a population of 19,158 and a median household income of $53,517, is situated approximately 25 miles south of downtown Chicago, bordering the suburbs of Oak Lawn, Blue Island and Orland Park.

Providing ample options for commuters, Orchard Estates is in proximity to the Tri-State Tollway and Interstate 57. Nearby entertainment and dining options include Rivercrest Shopping Center, home to numerous stores, eateries and an 18-screen movie theater. The property is also near the Lake Katherine Nature Center and Botanic Gardens, Fountain Hills Golf Club and The Meadows Golf Club of Blue Island.

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.

Marcus & Millichap recently brokered the $11.1 million sale of Orchard Estates, a 156-unit apartment building in Alsip, Ill.