Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of two multifamily properties, each with nine units, in the Montclare neighborhood on the city’s Northwest Side. The properties include 3145 N. Nordica Avenue for $1.375 million ($152,777 per unit) and 3037-39 N. Harlem Avenue for $1.33 million ($147,777 per unit).
The 3145 N. Nordica building closed at full price and represented the highest price per unit for vintage apartment buildings in the city’s Montclare neighborhood in the last nine years, according to CoStar data.
Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito represented the seller of both properties, a local partnership that owned 3145 N. Nordica for more than 30 years and 3037-39 N. Harlem for 50 years. The same Interra team procured the buyer of 3037-39 N. Harlem, a local investor, while Beco Kalamperovic of Dream Town Real Estate represented the buyer of 3145 N. Nordica.
“While there are relatively few multifamily properties of this size for sale on the Northwest Side, investors like them because of their long-term ownership and minimal resident turnover,” said Waterloo. “As a result of our marketing campaign, we hosted multiple tours and received several offers, with both properties going under contract within two weeks on the market.”
Both properties offer access to several retailers in the Montclare Neighborhood along Harlem and Belmont avenues, including the Harlem Irving Plaza shopping center, and is within walking distance of Shabbona Park. The buildings are also close to multiple CTA bus routes and Metra’s Milwaukee District West line.
