Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of two separate multifamily properties in Chicago: a 10-unit apartment building at 4540 N. Ravenswood Avenue in Chicago’s Ravenswood neighborhood for $4.25 million and a 16-unit rental community at 5408-5414 N. Campbell Avenue in the city’s Lincoln Square neighborhood for $3.075 million.
Interra Senior Managing Partner Brad Feldman represented both the buyer of 4540 N. Ravenswood, a local private investor, and seller, Vassil Bayraktarov, whom Feldman represented on the original acquisition in 2021. Additionally, Feldman procured the local private buyer and represented the confidential seller for the 5408-5414 N. Campbell transaction.
“Chicago multifamily owners have for years benefited from consistent annual rent increases, which has held true for both new construction and well-maintained vintage buildings,” said Feldman. “These transactions demonstrate there are plenty of investors looking for both turnkey and value-add properties in desirable areas that are capable of generating reliable revenue.”
At $425,000 per unit, the sale of 4540 N. Ravenswood was one of the highest ever in the Ravenswood neighborhood on a per-unit basis, according to CoStar data.
Residents of 4540 N. Ravenswood have multiple transit options. The property is within walking distance of the CTA’s Damen and Montrose Brown Line stations and Metra’s Union Pacific North Line Ravenswood station and is served by several CTA bus routes.
All of the units at 5408-5414 N. Campbell, which consists of two one-bedroom and 14 two-bedroom layouts, received condo-quality renovations in 2009. The buyer plans to make moderate cosmetic upgrades to increase the rent roll. The property sold for 99% of list price and equated to $192,188 per unit.
5408-5414 N. Campbell is close to dining and shopping options along Lincoln Avenue. The property is also within walking distance of the CTA’s Rockwell and Damen Brown Line stations and is served by several CTA bus routes.
