Interra Realty, a Chicago-based commercial real estate investment services firm, announced it negotiated the $2.23 million sale of a two-building multifamily portfolio in Chicago’s Pilsen neighborhood. The properties, which were acquired by separate buyers, included a six-unit building at 1924 S. Loomis St. and a seven-unit building at 2214 W. 18th Place. The average price per unit was $171,538.
Interra Director Jeremy Morton was engaged to sell the buildings by the private local owner, who purchased them more than 20 years ago. Interra launched a three-month, full-scale marketing campaign resulting in more than 20 tours and accepted offers near list price. The confidential buyer of 2214 W. 18th Place, also represented by Morton, plans to modernize the apartments and add in-unit laundry. The private buyer of 1924 S. Loomis, represented by Interra Director Harrison Pinkus, also intends to install in-unit washers/dryers.
“Amid strong pricing, more generational owners are seizing the moment to sell their properties, including some that have been held for decades,” said Morton. “At the same time, rising rental rates translate to considerable upside potential for buyers, especially when they are able to add value through expansions or improvements. Both sides come to us because they know we will maximize their return on investment, even in a rapidly changing environment.”
Gut-renovated in 1998, 1924 S. Loomis includes one studio, one one-bedroom and four two-bedroom units. Apartments feature hardwood floors and individual HVAC controls, and the building offers coin-operated laundry in the basement, plus three parking spaces. Last renovated in 2003, 2214 W. 18th Place has six one-bedroom units with individual furnaces, as well as a coach house in back with three bedrooms, central air conditioning, in-unit washer/dryer and private garage. The front building also has coin-operated laundry.
Both properties are steps to bars, restaurants and entertainment venues – including historic Thalia Hall—along 18th Street and Blue Island Avenue. Located about 4 miles from downtown, the buildings also offer easy access to downtown expressways, stops along the Metra BNSF and CTA Pink lines, and several bus routes.