Apartment Building on North Michigan Sells for $14 Million

A building located at 165 North Michigan Avenue has been sold to a private investor for $14 million.
The edifice boasts 18 one-bedroom, one-bathroom units, 24 two-bedroom, two-bathroom units, and three three-bedroom, two bathroom units — 45 apartments in all, with 45 corresponding parking units. The property features patios and balconies as well.
According to the real estate website “Zillow,” the one-bedroom units average 800 square feet, the two-bedroom offerings 1,000 square feet, and the three-bedroom apartments 1,500 square feet.
The five-story structure was built in 1964. Zillow estimated its sales price at $13,640,800 and the monthly mortgage at $53,209.
Priscilla Nee, an agent with CBRE Group, represented a Los Angeles-based private trust in selling the structure.
“The property’s desirable Pasadena location and significant value-add opportunity attracted both private and institutional buyers, resulting in multiple offers and a final sales price above the listed price,” said Nee in a press statement issued by CBRE on Jan. 10.
“This is a high-barrier-to-entry market with average housing values above $900,000,” she continued. “Properties of this size rarely become available.”
According to CBRE research, multifamily property acquisitions reached $48.3 billon in the United States during the third quarter of 2018, the highest total since the fourth quarter of 2015.
The greater Los Angeles market accounts for 27 percent of the total, a figure that places it among the top three metropolitan areas in that particular category.