Walker & Dunlop Completes $35 Million Sale of Mixed-Use University Property in Chicago, IL
BETHESDA, Md., August 28, 2023--(BUSINESS WIRE)--Walker & Dunlop, Inc. announced today that it arranged the sale of The Arcade Residences located in Chicago, IL for $35 million, representing one of the highest-priced sales per door in Chicago. Built in 2019, the mixed-use property includes 58 rental units and 9,643 square feet of retail space.
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The Arcade Residences (Photo: Business Wire)
Walker & Dunlop’s Chicago Investment Sales Team, led by Todd Stofflet and Jason Stevens, worked with owner, Borecki Real Estate, during the development’s construction. Once fully leased, Borecki selected Walker & Dunlop to represent them in the disposition, and the team secured the sale over market pricing for the client, representing one of the highest priced sales per door in Chicago.
"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 beautiful campus on the shore of Lake Michigan. The Arcade Residences are centered along the intersection of Broadway, Devon, and Sheridan, corridors full of shops, salons, restaurants, and bars. They are also a 1-block walk from the Loyola Red Line station, providing quick access to Chicago’s bustling central business district.
"Loyola University suffers from a lack of purpose-built off-campus housing options for students, with the nearest student apartment building over six miles away, and the weighted average distance from campus for Class-A options being over 10 miles from campus," said Jason Stevens, managing director of Investment Sales at Walker & Dunlop. "The Arcade Residences efficiently satisfies the rapidly accelerating demand for student housing near Loyola’s campus with unbeatable proximity."
Offering students and young professionals privacy and social space, The Arcade Residences boasts en-suite bathrooms in every bedroom, a shared tenant lounge, a high-end fitness center, and a shared roof deck complete with fire pits and grills for resident use. Additionally, over 90% of the retail space is occupied by strong tenants such as Bank of America and Verizon.
Walker & Dunlop is a leader in multifamily property sales, having completed nearly $20 billion in property sales volume in 2022. The firm is also one of the top providers of capital to the U.S. multifamily market. Over the same period, Walker & Dunlop originated $44 billion in debt financing volume, including lending over $36 billion for multifamily properties. To learn more about our capabilities and financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
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Contacts
Investors:
Kelsey Duffey
Investor Relations
Phone 301.202.3207
investorrelations@walkeranddunlop.com
Media:
Nina H. von Waldegg
VP, Public Relations
Phone 301.564.3291
info@walkeranddunlop.com
