Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered a pair of multifamily transactions totaling $9.1 million in Chicago’s Wicker Park and Ravenswood neighborhoods.
The recently constructed properties, which were both purchased by a local private investor, included:
· 1220 N. Bosworth Ave., a 10-unit rental community in Wicker Park that sold for $4.9 million. The price per unit of $490,000 was among the highest ever in the submarket, according to CoStar data.
· 4540 N. Ravenswood Ave., a 10-unit apartment building in Ravenswood that sold for $4.2 million, or $420,000 per unit, also among the highest ever in its submarket, per CoStar.
Interra Managing Partner Brad Feldman represented the buyer of both properties and the seller of 1220 N. Bosworth, securing 20 tours and multiple written offers. The buyer will add a rooftop deck to 1220 N. Bosworth – planned when the building was constructed last year but not completed because of the lumber shortage – and increase rents to market rate at 4540 N. Ravenswood.
Built in 2020, 1220 N. Bosworth has four one-bedroom, four two-bedroom and two four-bedroom apartments. Units feature flat-panel cabinets, quartz countertops and stainless steel appliances in kitchens, as well as marble floors, subway tile, glass-enclosed showers and soaking tubs in baths. All units have a balcony and in-unit laundry. The building, which was fully occupied at the time of sale, also includes a shared fitness room and bike storage.
1220 N. Bosworth is close to shops, restaurants and nightlife along Division Street. Located about 3 miles northwest of downtown, it is served by the Division Street station of the Blue Line and multiple CTA buses, including the No. 56 Milwaukee, No. 9 Ashland and No. X9 Ashland Express. It is also near the Clybourn stop of Metra’s North Line.
Completed in 2019, 4540 N. Ravenswood includes two one-bedroom, four two-bedroom and three three-bedroom units, as well as one commercial space. Units feature wood plank floors; modern kitchens with maple cabinets, quartz countertops and stainless appliances; and baths with frameless walk-in showers. All units have individually controlled HVAC, in-unit laundry and either a deck, balcony or rooftop deck access. The building, which was 90% occupied at the time of sale, also offers three garage and two surface parking spaces.
4540 N. Ravenswood is located near popular businesses in Ravenswood and Lincoln Square. It also offers easy access to Lake Shore Drive, several bus routes and the Montrose Brown Line station, less than two blocks south of the property.