Located in Chicago’s West Garfield Park neighborhood, 4334-40 W. West End Ave. was built in 1914 and offers 12 two-bedroom units and one three-bedroom unit. Approximately half of the apartments have undergone cosmetic renovations including new flooring, kitchens and bathrooms. Each unit has its own furnace, and the property was outfitted with new hot water tanks. The property is served by the CTA’s Pulaski Green Line station and multiple CTA bus routes.
Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $1.365 million sale of a two-building, 20-unit multifamily portfolio in Chicago’s West Garfield Park and Austin neighborhoods. The transaction equated to $68,250 per unit.
Interra Associate Sam Gutierrez represented the local private buyer in the off-market deal. Interra Director Max Grossman represented the confidential seller.
“This transaction illustrates the continuing demand for value-add assets on Chicago’s West Side, even in this high-interest-rate environment,” said Gutierrez. “The buyer plans to continue capital improvements at these buildings, which will help increase their revenue over time.”
The second building, 5019 W. Maypole Avenue in the Austin neighborhood, includes four one-bedroom and three two-bedroom units. Built in 1927, the property has undergone recent renovations including a new porch. It is a half-mile from the Laramie Green Line station and near several CTA bus routes.
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices fell 0.3 percent in October from their level...
