Interra Realty has brokered the sale of a 21-unit elevator apartment building at 2902-10 West Belmont Avenue in Avondale for $7.1 million. Managing Partners Joe Smazal and James Clough represented the seller, a local developer, and Managing Partner Ted Stratman represented the buyer, a venture of CLK Properties, a New York-based investor.
The property consists of large two and three bedroom layouts with luxury finishes and a first floor parking garage. The purchase price of $7.1 million ($338,095/unit) represented approximately a 6.9% cap rate.
“This deal is an example of the recent influx of out-of-state buyers seeking modest returns via high quality multifamily assets in strong Chicago neighborhoods,” said Smazal.
“The buyer will add value through professional management, and looks to realize upside in a Chicago neighborhood that many renters and investors are gravitating towards,” said Stratman.
