Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of a three-building, 115-unit apartment portfolio in Chicago’s Rogers Park neighborhood. The separate properties located on Damen Avenue sold for $16.1 million in an off-market deal, equating to $140,000 per unit.
Interra Senior Managing Partner Brad Feldman and Harrison Cohen, senior vice president and principal at Triton Realty Group, represented the seller, George Triff. Feldman and Cohen also represented the buyer, a private individual investor.
“Portfolio sales present investors with an opportunity to immediately achieve economies of scale that they otherwise would have to piece together individually over time,” said Feldman. “This transaction was a strategic move for both parties, allowing the seller to capitalize on decades of ownership and the buyer to acquire three assets on the same block with a significant value-add component that will provide strong revenue growth in the years ahead.”
The portfolio consists of 7405 N. Damen Avenue, featuring 33 one-bedroom units; 7415 N. Damen Avenue, which includes 32 one-bedroom and six two-bedroom units; and 7416 N. Damen Avenue, with 41 one-bedroom and three two-bedroom units. The properties were fully occupied at the time of sale.
“By every metric — including overall transaction value, door count and price per unit — this is a significant deal for the Rogers Park submarket,” said Feldman. “Investors recognize the strong fundamentals in this neighborhood, where immediate scale like the Damen portfolio remains in high demand.”
7405, 7415 and 7416 N. Damen are close to dining and shopping options along Howard and Clark streets. The property is within walking distance of the CTA’s Howard L station and is served by several CTA bus routes.
