Marcus & Millichap brokers $11 million sale of Libertyville apartments

Marcus & Millichap, a commercial real estate investment services firm, announced the sale of Cook Apartments, an 86-unit apartment building in Libertyville.

The sale price of $11.25 million equates to $130,814 per unit.

Working out of Marcus & Millichap's Oak Brook office, Andrean Angelov, first vice president of investments and Ryan D. Engle, senior vice president of investments, represented the seller, a limited liability company. Scott D. Harris, senior managing director of investments, represented the buyer, also a limited liability company.

"The village of Libertyville is seeing an influx of renters and strong investment, which includes plans for a new Metra station and the revitalization of the former Motorola Mobility campus on U.S. 45," Engle said. "This sale, with a closing price higher than the list price, shows the demand for high-quality multifamily buildings in suburban Chicago, particularly in near-transit locations that offer both walkability and convenient access to the city."

Located at 201 E. Cook Ave., the five-story Cook Apartments complex was built in 1972 and sits on lot of nearly 2 acres. Comprising a mix of studios, one- and two-bedroom apartments, the community was fully leased at the time of sale.

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