$20.4M Lincoln Park trade clears at $208K a unit

The $20.4 million sale of 1515 N Fremont St., a 98-unit Lincoln Park building with roughly 4,000 square feet of commercial space, produces a per-unit price of about $208,000 across the residential and retail square footage, handing mid-sized multifamily investors a fresh comp in one of Chicago's prime infill neighborhoods. Marcus & Millichap handled the deal; Connect CRE first reported the trade.

Kyle Stengle, senior managing director of investments in Marcus & Millichap's Chicago Downtown office, represented seller Jack Duncan of Thesis Investment Group and procured buyer Bill Silverstein of Beal Properties, a private real estate investment office. Stengle credited the property's location, scale, fundamentals, and limited supply, per Connect CRE, and the building sits about four miles from the Loop, within walking distance of CTA stations, Oz Park, and the Peggy Notebaert Nature Museum.

At 98 units with a retail component, the asset is large enough to be a meaningful single property for a private office yet small enough for a local operator to hold without institutional partners. The $208,000-per-unit price implies the buyer is underwriting existing cash flow and location rather than future lease-up or construction risk. That is the clearing level for this slice of Lincoln Park: private capital is still paying eight figures for mid-sized multifamily it can manage itself.

The trade doesn't reset the market so much as confirm where Lincoln Park mid-sized multifamily already clears, which leaves sellers with an open exit door and the next buyer of a similar building with commercial space starting at $208,000 a unit.