Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of three apartment buildings in Chicago. The properties, comprising 36 units in total, were sold in three separate transactions for a combined $6.795 million. The properties are located on School Street, Northwest Highway, and Altgeld Street.
Interra Senior Managing Partner Joe Smazal represented the three private sellers of each property. Smazal also represented the three confidential local investors in their acquisitions of the assets.
“Multifamily investors have really homed in on Chicago’s North and Northwest Sides this year, with particular appetite for assets that are available well below replacement cost,” said Smazal. “The average time on market for these three properties was 16 days, they each generated multiple offers, and they sold for an average of 98% of list price, which demonstrates the robust competition for apartment buildings such as these.”
Located in Chicago’s Avondale neighborhood, 3748-54 W. School Street sold for $2.8 million, equating to $233,333 per unit. The 12-unit building features four two-bedroom, five three-bedroom and three four-bedroom layouts. All units feature granite countertops, stainless steel appliances and in-unit laundry. Recent renovations included plumbing and electrical system replacements and new steel porches.
Located in Chicago’s Jefferson Park neighborhood, 5045-49 N. Northwest Highway is a 12-unit apartment building that sold for $2.75 million, equating to $229,166 per unit. Constructed in 2008, the property features two-bedroom layouts, each with in-unit laundry, private outdoor space and individual HVAC and hot water heater. All units have a parking space, which is currently included in rents.
5045-49 N. Northwest Highway is one block from the Milwaukee Avenue retail corridor and is within a quarter mile of both Metra’s Union Pacific Northwest Jefferson Park station and the CTA Blue Line Jefferson Park station. The area is served by multiple CTA bus routes and is in proximity to the Kennedy and Edens expressways.
A 12-unit walk-up property, 5057-59 W. Altgeld Street is located in Chicago’s Belmont Craigin neighborhood and sold for $1.245 million, equating to $103,750 per unit. It features studio, one-, two- and three-bedroom layouts, and each unit includes an individual furnace and hot water heater. The building received a new roof in 2023 and there are four on-site parking spots.
5057-59 W. Altgeld Street is near the intersection of Fullerton and Cicero avenues. The area is served by Metra’s Milwaukee District North Hanson Park station and multiple CTA bus routes.
Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds.
