Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of 2713-2737 W. Berwyn Ave., a pair of adjacent courtyard buildings totaling 42 units in the Budlong Woods neighborhood on Chicago’s North Side. The asset traded for $6.725 million, or $160,119 per unit.
Interra Managing Partner Craig Martin represented the seller, Chicago-based Realty Resources, and buyer, The Manderly Group, also based in Chicago. The new owner plans to upgrade units with new kitchens and baths to bring rents in line with the market.
“Buyers recognize the value that can be created by acquiring older buildings of scale and making thoughtful improvements that enhance their marketability,” said Martin. “This has allowed existing owners—some of whom have owned their property for decades—to capitalize on rising rents and property values, especially in prime neighborhood locations.”
All apartments feature two-bedroom, one-bath layouts with hardwood flooring and vintage finishes. The property also includes on-site laundry, storage lockers and surface parking for 26 vehicles. Martin facilitated more than 25 tours and procured multiple written offers, ultimately selling the asset for near list.
2713-2737 W. Berwyn is close to major employers including North Park University, Northeastern Illinois University and Swedish Hospital. It also offers proximity to retail along Foster and Lincoln avenues and is served by CTA bus routes that connect to the Brown Line.