Interra Realty successfully brokered the sale of a 16-unit apartment building in Chicago’s West Ridge neighborhood for $1.8 million, resulting in an average price of $112,500 per unit. The seller, Jeff Selim, was represented by Interra Senior Managing Partner Brad Feldman while the buyer was a local private investor. This marks the first change in ownership for this property after more than five decades.
According to Feldman, there were over two dozen potential buyers who toured the property and nearly six written offers were received during this transaction period. This demonstrates a strong demand for vintage multifamily properties with potential for value enhancement. Despite its age, this building has solid structural integrity which attracted investors looking to upgrade units and systems to increase cash flow above market rates.
The property is located at 6254 N Whipple St., built in the 1930s and consists of one-bedroom units only. The new owner plans on implementing extensive renovations and updates as part of their investment strategy.
This successful transaction showcases Interra Realty’s expertise in brokering value-add multifamily assets within Chicago’s competitive real estate market.
