Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the $3.75 million sale of a 12-unit multifamily building and adjacent lot on Glenwood Avenue in Chicago’s Andersonville neighborhood. In a separate transaction, also within Andersonville, the firm brokered the $2.8 million sale of a 20-unit rental building along Hermitage Avenue.
“These properties are located within blocks of the neighborhood’s main shopping, dining and entertainment area along Clark Street, making them ideal additions to both buyers’ existing portfolios,” said Craig Martin, managing partner at Interra Realty, who represented the private buyers and sellers in both transactions. “Opportunities like these are rare in a highly sought-after neighborhood like Andersonville where investors can expect consistent returns.”
Sold together were a 5,000-square-foot lot at 5316 N. Glenwood Avenue and adjacent 12-unit apartment building at 5320 N. Glenwood Avenue. The buyer, who intends to retain the building’s vintage charm, will make minor improvements to the apartments—a mix of two-bedroom/one-bath and one-bedroom/one-bath units—and has no current plans to develop the land. Interra worked with both parties on a creative financing arrangement with the seller as the sole lender.
Located at 5710 N. Hermitage Avenue, this 20-unit rental building was marketed as a value-add opportunity and traded for an average of $140,000 per unit. The buyer will perform a full gut rehab that will add in-unit laundry, new appliances and stone countertops in the kitchens, and upgraded baths. Leveraging its extensive network and familiarity with Chicago’s North Side rental market, Interra was able to secure a buyer and close within 30 days.
“Each of these transactions was tailored to the unique circumstances of the buyers and the sellers, which speaks to our ability to get deals across the finish line in a way that benefits both parties involved,” said Martin.