Interra Realty has closed a completely renovated 12-unit mixed-use property at 3023 W. Diversey Blvd. in Logan Square for $2.5 million. Brad Feldman, Managing Partner at Interra Realty, represented both the buyer and the seller.
The former owners who purchased the building in one of Chicago’s hottest neighborhoods a few years ago, saw an opportunity to upgrade the building to condo-quality with stainless steel appliances, granite countertops, oak floors and modern cabinetry. The building is comprised with eight 2-bedroom and two 3-bedroom units in addition to the two commercial spaces occupied by a local art studio and a locally recognized farm-to-table restaurant.
“The buyer sees an opportunity to push rents more in line with the market and views the property as a long-term hold given the continuing strength of the area. The sale of more than $200K/unit for a multi-family property in Logan Square is one of the highest to date in the neighborhood,” said Feldman.