CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $4.2 million sale of a 16-unit apartment building at 5073 N. Wolcott Ave. in Chicago’s Ravenswood neighborhood. The price per unit was $262,500.
Interra Senior Managing Partner Joe Smazal represented the buyer, ICM Properties, a local real estate investor. Smazal also represented the seller, a private New York-based investor. The vintage walk-up property, built in 1927 and located on a corner lot, sold for full list price and was fully occupied at the time of sale.
“Properties like this one in a prime, quiet, walkable North Side neighborhood near dining, shopping and transportation continue to receive significant investor interest,” said Smazal. “Closing the deal for full list price is an indicator of strong sales velocity and activity for quality multifamily in good Chicago locations.”
The boutique property includes 13 two-bedroom and three three-bedroom apartments. All residences feature modernized kitchens and bathrooms, and the building has on-site laundry and additional storage lockers.
5073 N. Wolcott is located near numerous restaurant, retail and nightlife options in the Ravenswood, Andersonville and Lincoln Square neighborhoods. In addition, the property is less than a half-mile from the Ravenswood Metra station and CTA’s Damen Brown Line station and close to multiple 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