Interra Realty arranges $2.9 million multifamily sale in Chicago’s Avondale neighborhood

Seller sees almost 50% gain on property as submarket continues to attract investor interest

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3124 N Kimball
Interra Realty arranged the $2.9 million sale of 3124-28 N. Kimball Ave. in Chicago’s Avondale neighborhood.

Interra Realty, a Chicago-based commercial real estate investment services firm, announced it arranged the $2.9 million sale of 3124-28 N. Kimball Ave., a 16-unit building in Chicago’s Avondale neighborhood. The price per unit was $181,250.

Brad Feldman, senior managing partner, represented the undisclosed seller. Joe Smazal, also a senior managing partner, represented the confidential buyer, a local real estate operator with an established and growing portfolio in the submarket.

“This is a sizeable building to be trading in the trending Avondale area, so we weren’t surprised it attracted substantial interest and a good price per unit,” said Feldman. “We had a buyer under contract before COVID-19 hit, but he walked due to the uncertainty around the pandemic. We were able to resurrect the deal with a new buyer who offered a competitive price to the initial deal, so everyone considered it a win-win given the unprecedented times.”

Feldman’s relationship with the building goes back to 2014 when he represented the current seller in purchasing it for $2 million, which means his client realized almost a 50 percent gain on the property in six years.

Built in 1931 and last renovated in 2012, 3124-28 N. Kimball Ave. includes two studios, 11 one-bedroom units, one two-bedroom unit and two three-bedroom units. The building was 81 percent occupied at the time of sale.

The property offers easy access to Avondale shopping, dining and nightlife as well as several bus routes, the CTA Blue line and the Kennedy Expressway.