Interra Realty has arranged the sale of a 13-unit multifamily property at 1433 W. Ardmore Ave. in Chicago’s Edgewater neighborhood. The asset traded for $2.135 million, which equates to $164,230 per unit, reflecting investor appetite for smaller, value-add apartment buildings in this North Side submarket. The transaction marks the first change of ownership for the property in nearly 50 years.
The seller, a private ownership entity, engaged Interra Director Joe Braun to represent its interests in the disposition. On the buy side, Interra Associate Tommy Richard represented an undisclosed local purchaser. Interra’s dual representation underscores the firm’s role in facilitating the transfer between long-term ownership and a new sponsor seeking to reposition the asset.
Originally constructed in 1927, the building consists of 10 one-bedroom units and three two-bedroom layouts. The property is currently less than half occupied, providing the buyer with a clear runway to implement a comprehensive renovation strategy without displacing a large tenant base. The existing unit mix and vintage construction offer multiple avenues for modernization and potential reconfiguration.
According to Richard, the deal illustrates ongoing demand for value-add opportunities in Chicago, particularly where extensive repositioning can unlock additional value. In line with that strategy, the buyer plans a full gut rehab of the property. The planned work includes reconfiguring existing apartments and adding new units, indicating a more intensive business plan than cosmetic upgrades alone and positioning the building for a different performance profile once stabilized.
The property benefits from a location less than a mile from Kathy Osterman Beach, giving residents convenient access to Lake Michigan recreation. It is also situated near dining and shopping options along Clark Street, placing the building within reach of neighborhood retail and services that are attractive to renters. This combination of proximity to the lakefront and local amenities provides a backdrop for the buyer’s planned redevelopment efforts.
As older multifamily assets in established neighborhoods change hands after decades of ownership, transactions like this one highlight how capital is targeting buildings with in-place value-add potential. The Edgewater sale at 1433 W. Ardmore Ave. demonstrates how investors are using targeted renovations and unit reconfigurations to reposition vintage properties while meeting ongoing demand for rental housing in Chicago’s North Side communities.
