CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of a five-building, 97-unit multifamily portfolio in Chicago. The properties sold for $19.3 million, which equates to $198,969 per unit.
Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra brokered the deal on behalf of the buyer, Silver Property Group, Ltd., a Chicago-based real estate investment and management company. Smazal and Dykstra also represented the confidential seller, an East Coast-based investment group.
“The multifamily investment landscape is very competitive right now, as evidenced by the fact this portfolio received multiple offers in its first week on the market, ultimately leading to a sale over the list price,” said Smazal. “Silver Property Group was able to secure agency debt at below-market rates, allowing it to acquire assets with condo-quality finishes in vibrant neighborhoods.”
The portfolio consists of the following properties:
4654 N. Monticello Ave.
4654 N. Monticello is situated in Chicago’s Albany Park neighborhood and features 17 units, each with individual HVAC and in-unit laundry. The property is within walking distance of dining and shopping along Lawrence Avenue. The area is served by the CTA’s Kimball Brown Line station and multiple bus routes.
4718-24 N. Bernard St.
Also located in Chicago’s Albany Park neighborhood, 4718-24 N. Bernard features 26 units, some with private terraces. The building is approximately one block from the Lawrence Avenue retail corridor as well as the Kimball Brown Line station.
1501 N. California Ave.
1501 N. California is located in Chicago’s Humboldt Park neighborhood. The building features 18 units, each with individual HVAC and in-unit laundry. The property overlooks Humboldt Park and is one block from the busy North Avenue retail corridor. The area is served by the Damen Blue Line station and multiple bus routes and is less than 2 miles from the Kennedy Expressway.
4226-30 N. Whipple St.
4226-30 N. Whipple is a 20-unit community in Chicago’s Irving Park neighborhood. All apartments have individual HVAC and in-unit laundry and some include private balconies. The property is within walking distance of Horner Park and dining and shopping options along Irving Park Road and Montrose Avenue. The area is served by multiple CTA bus routes and is less than 2 miles from the Kennedy Expressway.
4057 W. Melrose St.
Located in Chicago’s Kilbourn Park neighborhood, 4057 W. Melrose features 16 units, each with individual HVAC and in-unit laundry. The property is within walking distance of the Belmont Avenue, Milwaukee Avenue and Pulaski Road retail corridors and is served by 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