Interra Realty has arranged the sale of a two-building vintage multifamily portfolio in Chicago’s Pilsen neighborhood, totaling 24 apartments at 2156 and 2158 W. 21st St. The properties changed hands for $5.1 million, reflecting pricing of $212,500 per unit.
Interra Managing Director Jeremy Morton represented both sides of the private transaction, acting on behalf of a confidential buyer as well as the private seller. According to Interra, the buildings were fully occupied at the time of closing, underscoring the stabilized nature of the asset at sale.
Originally constructed in 1893, the two adjacent buildings comprise a mix of one-, two- and three-bedroom apartments. While maintaining their vintage character, the properties underwent a renovation program in 2023 that upgraded unit interiors and building finishes.
Post-renovation, each residence includes a new kitchen with stainless steel appliances and quartz countertops, along with in-unit laundry. Bathrooms have been updated with ceramic tile, aligning the properties’ interior standards with contemporary renter expectations while preserving the underlying historic framework of the assets.
The portfolio benefits from a location near established neighborhood amenities and employment hubs. The buildings are situated close to dining and shopping options along 18th Street and Western Avenue, offering residents convenient access to local retail and services. The properties are also positioned within reach of major employment centers, including the Illinois Medical District, and a range of cultural attractions that support Pilsen’s long-standing identity as a residential and arts-focused neighborhood.
Morton noted that Chicago’s multifamily sector continues to register steady interest from investors targeting assets that combine an operating track record with the potential to add scale within existing portfolios. In this case, the fully occupied, recently renovated buildings offer a combination of stabilized income and updated unit features in an infill neighborhood setting.
The transaction highlights ongoing activity in the Pilsen apartment market, where older housing stock is increasingly being repositioned through modern renovations while continuing to serve as long-term rental housing. Within that context, the sale of this 24-unit portfolio provides a benchmark for per-unit pricing on updated, historically significant multifamily assets in the area.
