Interra Realty brokered the $2.135 million sale of 1433 W. Ardmore Ave., a 13-unit multifamily building in Chicago’s Edgewater neighborhood. The transaction equates to $164,230 per unit.
Interra Director Joe Braun represented the private seller. Interra Associate Tommy Richard represented the undisclosed local buyer. This is the first time the asset has traded hands in nearly 50 years. “This transaction is a good example of the enduring demand we’re seeing for value-add opportunities in Chicago, particularly those assets where an extensive repositioning can unlock additional value,” said Richard.
Originally constructed in 1927, the building includes 10 one-bedroom and three two-bedroom layouts. The buyer plans a full gut rehab of the property, which is currently less than half occupied, including reconfiguring the existing units and adding new ones. Located less than a mile from Kathy Osterman Beach, 1433 W. Ardmore is close to dining and shopping offerings along Clark Street.
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