Interra Realty facilitated the $3.75 million sale of 4901 N. Christiana Ave., a 34-unit apartment building in Chicago’s Albany Park neighborhood. The transaction equated to $110,294 per unit.
Interra Managing Partner Patrick Kennelly represented the local buyer, 606 Realty. Interra Senior Managing Partner Joe Smazal represented the seller, an entity led by Mike Root of Chicago-based Root Realty.
“Real estate investors are hungry for move-in-ready workforce housing assets on the North Side of Chicago, where demand is strong but the pipeline for new supply lags market needs,” said Smazal. “As a demonstration, Interra’s aggressive marketing campaign for this property yielded several offers within two weeks and a closing within two months.”
Originally built in 1928, 4901 N. Christiana includes 33 studios and one one-bedroom unit. The well-maintained property, which was 97% occupied at the time of sale, recently received capital improvements to 23 units.
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