Interra Realty has announced the sale of 839 W. Diversey in Chicago’s Lakeview neighborhood. The property is a 54-unit mixed use apartment building including two retail spaces. The building is configured with 47 studio units and seven one bedroom, one bathroom units.
The property was sold on Feb. 17 for $3.9 million. The buyer intends to undertake a full-scale rehabilitation and repositioning. The buyer is a local real estate investment and management firm who viewed the property as a value-add opportunity though rehab work and improved management. The seller is an individual long-term property owner. The seller was represented by Justin Ross of Interra Realty.
Interra Realty also announced the sale of 4956 W. Drummond in Chicago’s Belmont-Cragin neighborhood. The property is a seven-unit walkup apartment building configured with a 2-one bedroom units and 5-two bedroom units. The property was sold in good condition on Feb. 27 for $280,000.
The buyer is a local real estate investment and management firm who viewed the property as a value-add opportunity though minor rehab work and improved management. The seller is a local bank dispossessing the foreclosed asset. The buyer was represented by Andy Buchanan of Interra Realty and the seller was represented by Brad Feldman of Interra Realty.