Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $10.8 million sale of a seven-building multifamily portfolio located on California Avenue in Chicago’s West Ridge neighborhood on the North Side.
Interra Senior Managing Partner Joe Smazal represented the confidential local buyer in the transaction as well as the seller, a West Coast-based private investor. As part of the transaction, the buyer assumed the CMBS loan from the seller.
“With strong demand for workforce housing on Chicago’s North Side, there has been sustained interest in well-located middle-market properties,” said Smazal. “Closing at 99% of list price after being on the market for less than a week, this deal reinforces investor confidence in this submarket and this asset class.”
Located at 6705-37 N. California Avenue, the buildings include 38 studios, 53 one-bedroom units and three two-bedroom units. Constructed in 1961, the vintage properties provide the buyer with a value-add opportunity through modernization of units and operational enhancements. The properties at 6705-37 N. California are located close to multiple dining, shopping and entertainment options along Devon Avenue.
Multifamily sales on Chicago’s North Side have been steady during the first half of 2025. With this transaction, Interra has brokered nearly $50 million in deals in the area. These include the $9.625 million sale of 6930 N. Greenview Avenue, the $3.45 million sale of 6405 N. Wayne Avenue, the $5.88 million sale of 6642-6652 N. Clark Street, the $3.75 million sale of 4901 N. Christiana Avenue and the $16.1 million sale of 7405, 7415 and 7416 N. Damen Avenue.
