Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered a pair of multifamily transactions totaling $8.15 million in Chicago’s Rogers Park neighborhood.
7320 N. Ridge Blvd.
In the first transaction, Interra Realty brokered the $5.74 million sale of 7320 N. Ridge Blvd., a 38-unit rental community. The price per unit was $151,184. Interra Senior Managing Partner Joe Smazal represented both the local private seller and confidential buyer.
“Rogers Park continues to attract investors who are drawn to its stock of well-maintained, stabilized properties, many with a value-add component,” said Smazal. “After aggressively marketing 7320 N. Ridge to a national network, we were able to secure an offer in less than a week for nearly list price.”
Built in 1954 and last renovated in 2006, 7320 N. Ridge includes 36 one-bedroom and two two-bedroom units. Together, they were 97% occupied at the time of sale.
Located about 10 miles north of downtown, 7320 N. Ridge is near the Howard CTA station, which is served by the Red, Purple and Yellow lines, as well as several CTA bus routes. The building also offers easy access to Lake Shore Drive.
1934-38 W. Estes Ave.
Interra Realty also brokered the $2.41 million sale of 1934-38 W. Estes Ave., a 16-unit rental community south of Pottawattamie Park. The price per unit was $150,938. Interra Managing Partner Craig Martin represented the seller, a local private investor, while Smazal represented the local private buyer. Interra secured multiple competitive offers and closed at near list price.
“This building exemplifies all that investors love about Rogers Park,” said Martin. “This is a well-located, stable asset with many improvements, including new windows and hot water plumbing, updated or new porches and recent tuckpointing. It also offers a significant value-add opportunity in that all units could expand to add a bedroom without compromising the living space.”
Built in 1931, 1934-38 W. Estes features eight one-bedroom and eight two-bedroom units, all with hardwood floors and well-maintained vintage finishes. The building was approximately 90% occupied when sold.
1934-38 W. Estes is near the Jarvis Red Line station, Rogers Park Metra station and several bus routes, including the No. 147 with service to downtown Chicago. It also offers proximity to shops and restaurants on Clark Street, Loyola University Chicago and recreational amenities along Lake Michigan.