Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $5.025 million sale of 7363-83 N. Winchester Ave., a two-building, 40-unit rental community in Chicago’s Rogers Park neighborhood. The price per unit was $125,625.
Senior Managing Partner Joe Smazal represented the confidential seller and buyer, procuring multiple competitive offers near the full list price.
“Rogers Park continues to attract investors because of its ample supply of stabilized apartment buildings that, in many cases, can be updated to achieve higher rents,” said Smazal. “This property is very well maintained and has enjoyed strong historical occupancy by filling a need for workforce housing on Chicago’s North Side. When we marketed it to our network of investors, we received immediate interest.”
Built in 1953, 7363-83 N. Winchester includes all one-bedroom units, which were approximately 95% occupied at the time of sale. In addition to the two residential structures, the property includes 27 surface parking spaces.
7363-83 N. Winchester is adjacent to Pottawattomie Park and offers easy access to the CTA’s Howard Street station, which is served by the Red, Purple and Yellow lines, as well as the Rogers Park Metra station, along the Union Pacific North Line.