Interra Realty, a Chicago-based commercial real estate investment services firm, recently facilitated the sale of a 30-unit rental property in Uptown for $5.07 million. The property, located at 5051 N. Kenmore Ave., was sold for an average price of $169,000 per unit.
The buyer, East Superior Real Estate Partners , was represented by Interra’s Senior Managing Partner Joe Smazal while the seller was a private investment company based on the East Coast. The purchaser took over the existing mortgage which has an interest rate lower than current market levels.
According to Smazal, multiple competitive offers were generated due to desirable factors such as assumable loan and prime location in Uptown area with high activity levels. Originally built in 1927 and renovated in 2014,the property consists of one-bedroom (19 units), two-bedroom single-level apartments (2 units), two-bedroom duplexes (8 units) and three-bedroom duplexes (1 unit). All apartments were fully occupied at time of sale and boast modern finishes as well as individual laundry facilities.
This transaction marks another successful deal for Interra Realty who continues to excel in providing top-notch commercial real estate services.
