Interra Realty, a Chicago-based real estate brokerage firm, recently facilitated the sale of a five-building multifamily portfolio in Chicago. The 97-unit portfolio was sold for $19.3 million, with each unit averaging at $198,969.
Joe Smazal and Mark Dykstra from Interra served as brokers for the buyer Silver Property Group Ltd., also based in Chicago. They also represented the seller who wishes to remain anonymous but is an investment group from the East Coast.
According to Smazal, there is currently high competition in the multifamily investment market which led to multiple offers on this particular portfolio within its first week on sale. Ultimately, it was sold above its listed price due to Silver Property Group’s ability to secure agency debt at below-market rates and acquire assets with top-quality finishes located in desirable neighborhoods.
The five buildings included in this portfolio are 4654 N Monticello Ave., 4718-24 N Bernard St., 1501 N California Ave., 4226-30 N Whipple St., and 4057 W Melrose St.
Interra Realty has successfully closed a deal worth $19 million for a multi-family property consisting of five buildings totaling up to 97 units located across different areas of Chicago. The properties were purchased by Silver Property Group Ltd.-a local real estate management company-with assistance from Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra as their brokers during negotiations with an undisclosed East Coast-based investor who wished not be named publicly.
Smazal stated that due diligence among potential buyers resulted into several bids being received within just one week since listing went live; eventually leading towards finalizing transaction well beyond initial asking price set by sellers themselves.”Silver” had managed securing loans through agencies at lower than average interest rates enabling them acquiring condo-grade finished assets situated amidst vibrant communities around town per sources familiarized w/ matter firsthand. Portfolio’s locations include 4654 N Monticello Ave., 4718-24 N Bernard St., 1501 N California Ave., 4226-30 N Whipple St. and lastly, at Melrose Street’s western end (4057 W).
