Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of a 27-unit multifamily property in Chicago’s Ravenswood neighborhood. The building sold for $5.846 million, equating to $216,518 per unit.
Interra Senior Managing Principal Joe Smazal represented the private local seller. Smazal also represented the buyer, a local private investor. This marks the first time that the building has sold in over 50 years.
Located at 4401-11 N. Hamilton Ave., the courtyard building features 12 studios and 12 one-bedroom units, as well as three commercial spaces. Constructed in 1927, it has undergone recent capital improvements that included updates to the building envelope and systems.
“Multifamily investors remain watchful for well-located assets with unrealized potential,” said Smazal. “Because of this, we received a lot of interest and multiple competitive offers, which ultimately drove the sale price over the initial listing.”
4401-11 N. Hamilton is a block from Welles Park, close to the CTA Montrose Brown Line station and several bus routes, and steps from popular shopping and dining options, including those in adjacent North Center and Lincoln Square.