Interra Realty brokered two multifamily sales in Chicago to the same out-of-state buyer. In the West Loop, it brokered the sale of an eight-unit property for $1.975 million and a 11-unit mixed use building in Andersonville’s North Side for $3.05 million. Director Jeremy Morton and senior managing partner Brad Feldman represented both parties in these transactions, with 1619 – 1621 W Warren Blvd trading at a price per unit of $246,875 and 1554 W Hollywood Ave selling at a rate of 277,273 per unit respectively.
Morton commented on this trend saying “Out-of state investors are drawn to Chicago due to its consistent returns compared to other markets like those found in Sun Belt states that have seen dramatic fluctuations when it comes to rent prices” He continued by noting how attractive neighborhoods such as Andersonville or West Loop remain stable despite market changes throughout other areas .
Industry experts will be gathering June 13th 2023 at The W Chicago City Center Hotel for Connect Midwest: Multifamily & Adaptive Reuse Trends where more information about this topic can be discussed further .
