Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of two separate multifamily properties in Chicago: an eight-unit apartment building at 5130 S. Greenwood Avenue in Chicago’s Hyde Park neighborhood for $2.92 million and a 17-unit rental community at 6251 N. Talman Avenue in the city’s West Ridge neighborhood for $2.21 million.
Interra Senior Managing Partner Brad Feldman represented both the 5130 S. Greenwood buyer, a local private investor, and seller, Barnett Capital. For the 6251 N. Talman transaction, Feldman procured the buyer, a local private investor, and, along with Interra Associate Kevin Rahmanim, represented the seller, a local family-owned LLC.
At $365,000 per unit, the 5130 S. Greenwood transaction represented the highest price per unit for vintage apartment buildings in the city’s Hyde Park neighborhood in the last five years, according to CoStar data. Located less than 1 mile north of the University of Chicago, 5130 S. Greenwood was built in 1911 and rehabbed in 2020. The unit mix includes two three-bedroom, two-bath apartments and six four-bedroom, two-bath plans. The building was 100% occupied at the time of sale.
The apartments range from 1,500 to 1,700 square feet and include sunrooms and semi-private back porches. All units have recently been gut-renovated and include stainless steel appliances, granite countertops, hardwood floors, individual HVAC and water heaters, and in-unit laundry. In addition, the property has seven total parking spots—five surface spaces and a two-car garage.
“The turnkey property is in a great location and offers additional upside for the new owner to improve operational efficiency and push rents,” said Feldman. “As the second brokerage hired to sell the building, we were able to get creative with our marketing efforts and, in turn, facilitated a dozen showings and procured a handful of written offers.”
5130 S. Greenwood is located near several CTA bus routes, just over a half-mile from the Hyde Park Metra station and close to neighborhood restaurants, storefronts and parks.
Built in 1955, 6251 N. Talman consists of five one-bedroom apartments and 12 two-bedroom units, with nine exterior parking spaces. The buyer plans to renovate all units and add a bedroom to select apartments to increase the rent roll. At the time of sale, the building was fully occupied and closed at $130,294 per unit.
“Quality properties on Chicago’s North Side continue to command strong investor interest, especially those offering a value-add proposition,” Feldman said. “In this instance, we facilitated an off-market tour that resulted in a good pairing of buyer and seller and solid pricing for the submarket.”
6251 N. Talman is near multiple CTA bus routes and numerous shopping and dining options along Devon and Western avenues.
