Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of two separate multifamily properties in Chicago: a 16-unit mixed-use apartment building at 6405 N. Wayne Avenue in Chicago’s Rogers Park neighborhood for $3.45 million and a five-unit rental community at 1933 S. May Street in the city’s Pilsen neighborhood for $1.26 million.
Interra Senior Managing Partner Brad Feldman represented both the buyer of 6405 N. Wayne, a Chicago-based private investor, and the seller, a local real estate partnership that Feldman also represented in the original acquisition in 2022. Feldman and Interra Managing Director Jeremy Morton represented both the confidential buyer of 1933 S. May as well as the seller, a local developer.
“These transactions illustrate how buyers and sellers can create value in different capacities,” said Feldman. “The value-add Rogers Park deal allowed the seller to achieve new rents 25% to 30% above initial projections following unit renovations, while the buyer saw value in the property’s proximity to Loyola University and potential for future rent growth. The new construction of the Pilsen property provided value in both its condition and with operational upside.”
Situated on the border between Rogers Park and Edgewater, 6405 N. Wayne Avenue was originally constructed in 1929 and significantly refurbished in 2022. The property features one three-bedroom and 13 two-bedroom apartments, as well as two commercial units, which are leased to a dry cleaner and a Thai restaurant. The majority of the residential units were renovated to include stainless steel appliances, quartz countertops, new flooring, upgraded bathrooms and electric and plumbing system replacements. The building was fully occupied at the time of sale and traded for $215,625 per unit.
1933 S. May includes two three-bedroom duplex units and three two-bedroom layouts. Following a gut renovation in 2021, the apartments now feature stainless steel appliances, quartz countertops, oak hardwood flooring, in-unit laundry and high-efficiency HVAC systems. Other improvements at the property include a new concrete slab, exterior siding and decking, rebuilt stairs, installation of solid-core doors and all new mechanicals. The building was fully occupied at the time of sale and sold for $252,000 per unit.
There are numerous dining, shopping and cultural attractions close to 1933 S. May, including Thalia Hall and the National Museum of Mexican Art. Multiple nearby transit options include the CTA’s 18th Street Pink Line station, the Halsted Street station on Metra’s Union Pacific North Line and several 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 several 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.
