Marcus & Millichap Brokers $20.4 Million Sale of 98-Unit Lincoln Park Multifamily Property
Marcus & Millichap has arranged the $20.4 million sale of 1515 N Fremont St., a 98-unit multifamily property with approximately 4,000 square feet of ground-floor commercial space in Chicago's Lincoln Park neighborhood, the firm announced Aug. 20, 2026.
Beal Properties, a private real estate investment office, acquired the asset from Thesis Investment Group. Kyle Stengle, senior managing director investments in Marcus & Millichap's Chicago Downtown office, represented the seller, Jack Duncan of Thesis Investment Group, and procured the buyer, Bill Silverstein of Beal Properties.
The transaction prices the property at approximately $208,000 per unit based on the 98-unit count and $20.4 million sale price.
Location Cited as Primary Demand Driver
Stengle attributed buyer interest to the property's position within one of Chicago's most sought-after residential submarkets.
"It was clear that the location was the driving force behind the demand," Stengle said. "This is an A-plus location in a highly desirable market, and buyers immediately recognized the long-term value and stability that comes with owning an asset in a location like this. The combination of an exceptional location, sizable scale, strong fundamentals, and limited opportunities in the market made this a very attractive investment and ultimately resulted in a successful sale."
Situated approximately four miles from Chicago's Loop, 1515 N Fremont St. sits within walking distance of several Chicago Transit Authority stations, including North/Clybourn, Armitage, and Sedgwick. The property also benefits from proximity to the North & Kingsbury Center, Blackhawk/Halsted, and the Clybourn Corridor, providing residents with access to shopping, dining, and services. Nearby amenities include Oz Park, Lincoln Park, and the Peggy Notebaert Nature Museum.
Asset Profile: 2016 Construction, Studio Units
Built in 2016, 1515 N Fremont St. is a controlled-access building offering studio apartments with eight- to 10-foot ceilings, built-in desks and dressers, in-unit washers and dryers, and solid-core wood doors. Common amenities include a work and play lounge, barbecue and picnic areas, indoor bicycle storage, and package locker service.
The studio-focused product targets renters who prioritize location and finishes over unit size, a format that has drawn investor interest in Chicago's infill submarkets as affordability constraints and smaller household sizes sustain demand for efficiently designed apartments.
Chicago Multifamily Market Context
The transaction comes as Chicago's multifamily market is posting tight vacancy and steady rent growth. Metro occupancy has been running near 95%, above the 10-year average of approximately 93.8%, supported by limited new supply additions. Lincoln Park has seen rent growth of roughly 3% over the past 12 months alongside vacancy compression, reflecting durable renter demand in well-located, non-luxury infill product.
Chicago multifamily investment sales have generally been clearing at cap rates in the 5.5% to 6.8% range depending on asset class, submarket, and vintage. No cap rate was reported for this transaction. The Lincoln Park submarket's land-constrained character and zoning environment have kept new supply in check, a dynamic Stengle referenced when noting "limited opportunities in the market."
Marcus & Millichap closed 8,818 transactions in 2025 with a total sales volume of approximately $50.9 billion. The company operates more than 80 offices across the United States and Canada.
Sources
Marcus & Millichap Press Release — $20.4 Million Sale of Chicago Multifamily Property