CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $3.56 million sale of 5724-26 N. Mozart St., a 13-unit courtyard apartment building in the Peterson Park area of Chicago’s West Ridge neighborhood. The transaction equates to $273,846 per unit.
Interra Director Joe Braun represented the buyer, Paul Fortman. Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra represented the seller, an affiliate of Root Property Group. The building was fully occupied at the time of sale.
“There continues to be demand for quality apartment buildings in Chicago that offer buyers a stable and predictable investment opportunity,” said Braun. “This turnkey asset allowed the buyer to acquire a well-maintained building without the uncertainty or capital commitment of a major redevelopment.”
Constructed in 1931, the property features 13 two-bedroom units. The updated apartments include granite countertops, stainless steel appliances, in-unit laundry, individual HVAC systems, fireplaces, separate dining rooms and private balconies. The property includes two courtyards, one with a fountain and seating area, as well as on-site garage parking.
“The North Side continues to benefit from a limited pipeline of new apartment construction and favorable rent fundamentals for existing properties,” said Smazal. “Those conditions helped position this property for a successful marketing process, ultimately resulting in a sale at the full asking price.”
5724-26 N. Mozart is close to dining and shopping offerings along Lincoln and Peterson avenues. Multiple green spaces, including those that border the nearby North Branch of the Chicago River, are also within walking distance. The area is served by the CTA’s Brown Line, Metra’s Union Pacific North Line and 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 $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