CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $4.1 million sale of a 35-unit mixed-use multifamily building in Chicago’s West Ridge neighborhood. The transaction equated to $117,142 per unit.
Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the buyer, Teko Menetti. Interra Senior Managing Partner Joe Smazal represented the seller, a local private investor.
“The fundamentals for vintage assets like this one are very strong in Chicago – and will be for some time – as there is a lack of new supply fulfilling the growing demand for workforce housing,” said Smazal. “Multifamily investors know this, which is why we toured a dozen well-qualified prospects and received multiple written offers after only three weeks on the market.”
Located at 2801 W. Lunt Ave., the building includes 28 one-bedroom and three two-bedroom units, as well as four ground-level commercial spaces. The courtyard building was constructed in 1932 and presents value-add potential.
This is the second property that Interra Realty has transacted in West Ridge in the past month. The firm recently brokered the $1.8 million sale of 6254 N. Whipple St., a 16-unit apartment building that sold for the first time in over 50 years.
2801 W. Lunt is a short distance from dining, shopping and entertainment options near the intersection of McCormick Boulevard and Touhy Avenue, including Lincolnwood Town Center. In addition, the property is served by multiple CTA bus routes.
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