CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of 6415-25 N. Richmond St., a 37-unit rental community in Chicago’s West Rogers Park neighborhood. The asset sold for $4.27 million, or $115,405 per unit, making it the largest multifamily sale in West Rogers Park by total price and unit count so far in 2019, according to CoStar data.
Interra Senior Managing Partner Joe Smazal represented both the private seller and private buyer in the transaction. The building was 95% occupied at the time of closing.
“Investor demand for stabilized assets in North Side submarkets like West Rogers Park is strong because rents in these areas have been slower to rise, making them an attractive option for renters and leaving room for future price appreciation,” said Smazal. “6415-25 N. Richmond is a well-maintained building that had been owned by the seller for 25 years. We marketed the property to our extensive network of buyers and received multiple offers.”
Built in 1937, 6415-25 N. Richmond offers 24 one-bedroom and 13 two-bedroom apartments, each with one bath. Residences feature hardwood flooring, steam heat and vintage architectural details. The three-story building provides on-site laundry and includes two open courtyards for resident use.
Located a half-block north of Devon Avenue, between California and Kedzie avenues, 6415-25 N. Richmond offers access to several CTA bus routes, providing direct service to Loyola University, less than 3 miles east of the property. Several multicultural restaurants and shops are also located nearby along Devon, while retail centers including the Lincoln Village Shopping Center and Lincolnwood Town Center are a short drive away.