Walker & Dunlop Completes $35M Sale of Mixed

Apr 17, 2024

Walker & Dunlop arranged the sale of The Arcade Residences 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.

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.

“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 Stevens. “The Arcade Residences efficiently satisfies the rapidly accelerating demand for student housing near Loyola’s campus with unbeatable proximity.”

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.