Interra Realty has brokered the $10.8 million sale of a seven-building multifamily portfolio in Chicago’s West Ridge neighborhood. The garden-style buildings include 94 units, equating to $114,894 per unit.
Interra Senior Managing Partner Joe Smazal represented the confidential local buyer and the seller, a West Coast-based private investor. As part of the transaction, the buyer assumed the seller’s CMBS loan.
“With strong demand for workforce housing on Chicago’s North Side, there has been sustained interest in well-located middle-market properties,” said Smazal. “Closing at 99% of list price after being on the market for less than a week, this deal reinforces investor confidence in this submarket and this asset class.”
Located at 6705-37 N. California Ave., the buildings include 38 studios, 53 one-bedroom units and three two-bedroom units. The properties are located close to multiple dining, shopping and entertainment options along Devon Avenue.
The post Interra Brokers Sale of North Side Multifamily Portfolio appeared first on Connect CRE.
