Interra Realty closed two multifamily properties in two Chicago north-side neighborhoods for a total of $2.7 million, the company said Wednesday.
The properties were located in the Rogers Park and Belmont Cragin neighborhoods, and both the buyers and sellers in the deals were represented by Interra’s Brad Feldman, managing partner, Brian DiBasilio, director, and Adam Saxon, associate.
The 19-apartment property, located at 1506 W. Fargo Ave. in the Rogers Park neighborhood, sold for $1.833 million with a 10.8 GRM and 5.2 cap rate. Nearly have to the building’s units were fully renovated, and Feldman said the ability to continue rehab will allow high rent prices. The property was bought by Sejad Cantic, who purchased it from a partnership that owns buildings on the city’s north side. The property has 13 one-bedroom apartments and six studio apartments.
The Belmont Cragin neighborhood property, located at 5005 W. Diversey Ave., has nine units and sold for $858,000 with a 9.5 GRM and 5.7 cap rate, the company said. The building was sold by Hugo Ramones to a group of new owners, which will have the opportunity to rehab the building’s five two-bedroom units and four one-bedroom units.
