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Key Points
The estate of late Chicago-based investor John A Brown sold a 49-unit vintage apartment building in Lincoln Park to Horizon Realty Group for $17.3 million, a deal brokered by Interra Realty's Colin O'Malley.
The sale of the 1915-era property equates to $353,000 per unit and was completed in late December.
The strong price highlights the advantage of mid-market multifamily properties in Chicago, which are performing well despite challenging market conditions and a low pipeline of new high-rise construction.