CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $2.135 million sale of 1433 W. Ardmore Ave., a 13-unit multifamily building in Chicago’s Edgewater neighborhood. The transaction equates to $164,230 per unit.
Interra Director Joe Braun represented the private seller. Interra Associate Tommy Richard represented the undisclosed local buyer. This is the first time the asset has traded hands in nearly 50 years.
“This transaction is a good example of the enduring demand we’re seeing for value-add opportunities in Chicago, particularly those assets where an extensive repositioning can unlock additional value,” said Richard. “Neighborhoods like Edgewater and Andersonville continue to demonstrate strong rental fundamentals, giving investors confidence that opportunities exist to deliver a higher-end product and achieve strong returns in these supply-constrained areas.”
Originally constructed in 1927, the building includes 10 one-bedroom and three two-bedroom layouts. The buyer plans a full gut rehab of the property, which is currently less than half occupied, including reconfiguring the existing units and adding new ones.
“The limited pipeline of new multifamily construction, combined with sustained renter demand, continues to create a favorable environment for sellers of well-positioned assets in Chicago,” said Braun. “Our deep relationships across the market allowed us to identify a highly qualified buyer and secure a strong offer before the property was broadly marketed.”
Located less than a mile from Kathy Osterman Beach, 1433 W. Ardmore is close to dining and shopping offerings along Clark Street. The area is served by the Peterson/Ridge Metra station along the Union Pacific North Line, the CTA’s Thorndale Red Line station and 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 $3 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