CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $2 million sale of a two-building, 13-unit multifamily portfolio in Chicago’s Norwood Park and Edison Park neighborhoods. The transaction equated to $153,846 per unit.
Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the local private buyer. Senior Managing Partner Joe Smazal represented the seller, a local private partnership.
“This portfolio offered a rare opportunity, as the far northwest neighborhoods see a limited number of apartment buildings come to market,” said Waterloo. “Investors are intensely interested in properties on nice residential streets near public transit, which is why assets like these are resilient to the high-interest-rate environment.”
Located in Chicago’s Norwood Park neighborhood, 6024 N. Navarre Ave. offers eight units with one- and two-bedroom layouts. The property is two blocks from the Norwood Park Metra station and is served by multiple CTA bus routes.
The second property, 6745 N. Olmsted Ave. in Edison Park, houses five units. It is across the street from the Edison Park Metra station and is also served by multiple CTA bus routes.
Both buildings have easy access to dining, shopping and entertainment options along Northwest Highway and Harlem Avenue. The properties are a short drive from the Kennedy Expressway for trips downtown, or a 15-minute drive to O’Hare International Airport.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com