Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of a 42-unit multifamily property in Chicago’s Uptown neighborhood. The building sold for $5.2 million, equating to $123,809 per unit.
Interra Senior Managing Principal Joe Smazal represented the private local seller. Smazal also represented the buyer, a local private investor. The building, constructed in 1929 and recently renovated, was fully occupied at the time of sale. As part of the transaction, the buyer assumed the existing loan on the asset, which had a below-market-rate and favorable fixed term remaining.
“This property presented a unique opportunity, as it has recently undergone renovations but still allows the new owner room to correct the loss to lease in the rent roll,” said Smazal. “The ideal location, capital improvements and value-add potential all resulted in significant investor interest.”
Located at 4070 N. Kenmore Ave., the property features 42 units, all of which are studios. Following the recent renovations, most units feature granite countertops, new cabinetry and updated bathrooms. Other improvements include extensive tuckpointing, roof repair, enhanced security with a phone-controlled entry system and modernized electrical and water systems, as well as upgrades to the lobby, laundry facilities, bike room and hallways.
4070 N. Kenmore Ave. is situated in Uptown’s Buena Park neighborhood, which is on the National Register of Historic Places, and overlooks the historic Graceland Cemetery and Arboretum. Located less than a mile from Lake Michigan, other nearby amenities include dining and shopping options along the Irving Park Road, Sheridan Road and Broadway commercial corridors. The property is one block from the CTA Sheridan Red Line station and within walking distance of multiple CTA bus routes.