**Interra Realty Brokers $10.8M Sale of North Side Multifamily Portfolio**
Interra Realty has successfully brokered the $10.8 million sale of a seven-building multifamily portfolio located in Chicago’s West Ridge neighborhood. The garden-style portfolio comprises a total of 94 units, averaging approximately $114,894 per unit.
Joe Smazal, Senior Managing Partner at Interra Realty, represented both the buyer and the seller in the transaction. The buyer, a confidential local investor, assumed the seller’s CMBS loan as part of the deal. The seller is a private investor based on the West Coast.
“With strong demand for workforce housing on Chicago’s North Side, there has been sustained interest in well-located middle-market properties,” said Smazal. “Closing at 99% of list price after being on the market for less than a week, this deal reinforces investor confidence in this submarket and this asset class.”
The buildings are located at 6705-37 North California Avenue and include a unit mix of 38 studios, 53 one-bedroom apartments, and three two-bedroom apartments. The portfolio benefits from its proximity to a variety of dining, shopping, and entertainment options along Devon Avenue.
