Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $11.45 million sale of 3634-48 and 3639-47 W. Montrose Ave., a seven-building, 39-unit rental community in Chicago’s Albany Park neighborhood. The price per unit was $293,590.
Interra Senior Managing Partner Joe Smazal represented both the seller, a private East Coast investor, and the buyer, HP Ventures Group. Based in Chicago, HP develops and purchases newer apartment and townhouse projects, targeting renters who want high-quality units while enjoying the flexibility and relative affordability of renting.
“Chicago offers a spectrum of opportunities for investors, some of whom are migrating to lower-cost neighborhoods like Albany Park where there’s more room for rent growth,” said Smazal. “These buildings stood out in an area known for its vintage housing stock, and we were able to attract multiple offers and go under contract in less than a month for close to list price.”
Built in 2013, 3634-48 and 3639-47 W. Montrose include 26 two-bedroom units and 13 three-bedroom duplexes. Units feature fireplaces, kitchens with stainless appliances and stone countertops, and central air. In addition, each unit has a balcony and designated parking spot.
The apartments are walking distance to several CTA bus lines, including those linking to the Brown and Blue lines, and offer easy access to Interstates 90 and 94.
“HP Ventures Group specializes in serving tenants who prefer large apartment units located in Chicago’s outlying neighborhoods and suburbs, so 3634-48 and 3639-47 W. Montrose is a perfect fit for us,” said Steven Cook, HP’s managing partner. “As rental demand continues to improve post-pandemic, HP’s portfolio has grown by 45% so far this year, and we see additional opportunities to grow during the second half of 2021.”