Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $5.585 million off-market sale of 2020-36 W. Montrose Ave., a 31-unit mixed-use property in Chicago’s Ravenswood neighborhood. The price per unit was $180,161. It was the highest price paid for a vintage mixed-use building in Ravenswood in four years, according to CoStar data.
The property includes 22 apartments over nine street-level retail spaces. Senior Managing Partner Joe Smazal represented the undisclosed seller and buyer.
“Ravenswood is a submarket with low sale velocity and longer hold periods, and value-add deals of this size are rare,” said Smazal. “Attesting to the strength of well-located multifamily in Chicago, we arranged an off-market sale and saw the deal through to closing despite the COVID-19 pandemic.”
Built in 1927, 2020-36 W. Montrose includes 13 one-bedroom, three two-bedroom and six three-bedroom units. Together, the apartments were 94 percent occupied at the time of closing, and the retail spaces were fully leased.
2020-36 W. Montrose is located near shops, bars and restaurants, including several on the property’s ground level. The property is also close to public transit, including multiple bus routes and the Ravenswood stations along the CTA Brown Line and Metra’s Union Pacific North line.