Walker & Dunlop completes $35m sale of mixed-use university property in Chicago
Walker & Dunlop announced today that it arranged the sale of The Arcade Residences in Chicago for $35 million. Built in 2019, the mixed-use property includes 58 rental units and 9,643 square feet of retail space.
Walker & Dunlop’s Chicago investment sales team worked with the owner, Borecki Real Estate, during the development’s construction. Once fully leased, Borecki selected Walker & Dunlop to represent them in the disposition.
“The recent sales environment has seen most core transactions priced between $325,000 and $400,000 per door,” said Todd Stofflet, managing director of investment sales at Walker & Dunlop. “With this sale, we capitalized on our expertise in the market and relationships with the buyer to set record pricing in the Chicagoland area.”
The Arcade Residences are located on the border of Chicago’s Edgewater and Rogers Park neighborhoods, directly adjacent to Loyola University’s campus on the shore of Lake Michiga