Interra Realty has closed three multi-family properties in Chicago and Melrose Park totaling just over $3 million. Edward Logvinsky, Interra Realty Director, represented both the buyers and the sellers in all three transactions.
A 51-unit multi-family property located at 5606-24 S. Wabash Avenue in Chicago’s Washington Park neighborhood sold for $2.5mm ($49,019/unit), which was 92% of the list price.
“The Washington Park property went under contract in less than two weeks with multiple competitive offers. This was a strategic investment for the purchaser who has other holdings in the area and will make a good addition to the buyer’s overall portfolio. The pricing achieved is indicative of the steadily improving market in Washington Park,” said Logvinsky.
In December, a 10-unit multi-family property at 5329-33 W. North Ave closed in the Chicago’s Austin neighborhood and an 11-unit mixed-use property at 171 N. 25th Ave. closed in Melrose Park. Both were owned by an East Coast Private Equity group that originally acquired the properties via a distressed debt acquisition. Logvinsky represented both sides of the two transactions.
