CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered two multifamily sales in Chicago. In the West Loop, it brokered the sale of an eight-unit property for $1.975 million. The firm also brokered the $3.05 million sale of an 11-unit mixed-use building in the Andersonville neighborhood.
Interra Director Jeremy Morton and Interra Senior Managing Partner Brad Feldman represented the private local operator as well as the out-of-state buyer in the sale of 1619-1621 W. Warren Blvd., which traded for $246,875 per unit. Morton also represented the same out-of-state buyer in their acquisition of 1554 W. Hollywood Ave. from a private local operator, equating to a price-per-unit of $277,273.
“Out-of-state investors gravitate to Chicago because the returns here are so predictable,” said Morton. “Unlike some Sun Belt markets that have seen a dramatic rise and fall in rents, demand remains stable in Chicago, especially in attractive neighborhoods like Andersonville and the West Loop.”
Originally built in 1910, the property at 1619-1621 W. Warren Blvd. underwent a major renovation in 2015. The building, which features one one-bedroom and seven two-bedroom units, received approximately two dozen tours from prospective buyers and multiple offers.
1619-1621 W. Warren Blvd. has excellent transit access, with CTA Blue, Green and Pink line stations and multiple CTA bus stops all within walking distance, and the Eisenhower Expressway less than 1 mile south. The property is also situated one block from Union Park, four blocks from the United Center and adjacent to dining, shopping and office space in Fulton Market. The new owners have the ability to monetize the 13 on-site parking spaces during special events, such as Bulls and Blackhawks home games and the Pitchfork Music Festival.
Located at 1554 W. Hollywood Ave., the Andersonville property features two one-bedroom units, eight two-bedroom units and one commercial space facing Ashland Ave. Constructed in 1974, the former office building was fully refurbished and converted to apartments in 2018. It also received numerous tours and offers from prospective buyers.
“In both of these transactions, the buyer assumed in-place debt, which is becoming more common in today’s environment,” said Feldman. “While overall market conditions may be murky, multifamily assets continue to have strong fundamentals, giving investors the confidence to acquire apartment buildings.”
1554 W. Hollywood Ave. is situated on Ashland Avenue just south of its convergence with Clark Street. The property is a 10-minute drive from Osterman Beach and the Lakefront Trail, as well as multiple dining and shopping options along Ashland Avenue and Clark Street. The property is a 15-minute walk from the CTA Thorndale Red Line Station and within walking distance of multiple CTA bus routes.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com