Interra Realty recently facilitated the sale of a multifamily portfolio in Chicago’s Norwood Park and Edison Park neighborhoods for $2 million. The transaction resulted in an average price of $153,846 per unit.
Patrick Kennelly, Managing Partner at Interra, along with Managing Director Paul Waterloo represented the local private buyer while Senior Managing Partner Joe Smazal represented the seller, a local private partnership.
According to Waterloo, this was a unique opportunity as these neighborhoods have limited availability of apartment buildings on the market. Investors are highly interested in properties located near public transportation and situated on attractive residential streets like these two buildings.
The first property is located at 6024 N. Navarre Avenue and consists of eight units with one- and two-bedroom layouts. The second building is situated at 6745 N.Olmsted Avenue in Edison Park and has five units available for rent. Both properties offer convenient access to various dining options, shopping centers,and entertainment venues along Northwest Highwayand Harlem Avenue.
This successful sale by Interra highlights their expertise in brokering multifamily transactions within Chicago’s competitive real estate market.
