Interra Realty has brokered the sale of two multifamily properties in the Ukrainian Village and North Park neighborhoods for $2.7 million. In one week, Brad Feldman, managing partner at Interra, closed on four multifamily properties totaling close to $7 million.
A five-unit, owner-occupied building, located in Ukrainian Village at 1101 N. Damen Ave., sold for $2 million. The building was formerly two warehouses that were later combined and renovated into five apartments. The seller occupied the top-floor which they renovated as an immaculate four-bedroom/three-bath duplex unit plus a rooftop deck that covers in excess of 4,000 square feet.
A six-unit building at 3217-23 W. Balmoral St. in the North park neighborhood sold for $735,000. The property includes all two-bedroom/one –bath units. Feldman said the sellers bought this property a few years ago during the market downturn and were able to increase rents after making upgrades. The new owner was in a 1031 exchange and lives in the area. He feels this asset is in great condition, plans on raising rents when the lease expirations are due, and will continue to operate the building with steady cash flow.
