Interra Realty facilitated the deconversion sale of 1638-44 W. Greenleaf Avenue, a 40-unit property in Chicago’s Rogers Park neighborhood. The asset sold for $6.5 million, or $162,500 per unit. The deal involved one investment group—owner of 36 of the 40 units—as well as three individual investors and one owner-occupier.
Interra managing partners Craig Martin and Lucas Fryman brokered the transaction. The investment group contacted Interra based on their expertise at navigating these types of sales. Timing was right for the investors to divest the property, as it was already operating as an apartment building. The strong demand for updated multifamily investment properties in the area also aided this desire.
The buyer was attracted to this property based on 39 of the 40 units being investor-owned, strong in-place income, an enticing unit mix, central HVAC, condo-quality finishes and the ability to push rents during the summer lease up period. Built in 1929, 1638-44 W. Greenleaf Avenue is 50,000 square feet and sits on .39 acres within walking distance of the Clark Street retail corridor and the Morse Red Line stop.