CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $1.365 million sale of a two-building, 20-unit multifamily portfolio in Chicago’s West Garfield Park and Austin neighborhoods. The transaction equated to $68,250 per unit.
Interra Associate Sam Gutierrez represented the local private buyer in the off-market deal. Interra Director Max Grossman represented the confidential seller.
“This transaction illustrates the continuing demand for value-add assets on Chicago’s West Side, even in this high-interest-rate environment,” said Gutierrez. “The buyer plans to continue capital improvements at these buildings, which will help increase their revenue over time.”
Located in Chicago’s West Garfield Park neighborhood, 4334-40 W. West End Ave. was built in 1914 and offers 12 two-bedroom units and one three-bedroom unit. Approximately half of the apartments have undergone cosmetic renovations including new flooring, kitchens and bathrooms. Each unit has its own furnace, and the property was outfitted with new hot water tanks. The property is served by the CTA’s Pulaski Green Line station and multiple CTA bus routes.
The second building, 5019 W. Maypole Ave. in the Austin neighborhood, includes four one-bedroom and three two-bedroom units. Built in 1927, the property has undergone recent renovations including a new porch. It is a half-mile from the Laramie Green Line station and near several 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