Interra Realty brokered the $1.41 million off-market sale of a three-building, 18-unit mixed-use portfolio consisting of 5329 W. North Ave., a 10-unit apartment building with two ground-floor retail spaces in Chicago’s Austin neighborhood; 550 N. Avers Ave., a four-unit rental community in East Garfield Park; and 3908 W. Ferdinand St., a four-unit property also in East Garfield Park. The average price per unit was $78,300.
Interra Managing Partner Ted Stratman and Director Jeremy Morton represented the seller, Chicago-based investment and management group Ocean World Ventures, as well as the confidential buyer, a long-term client of Stratman’s. The three properties were recently renovated and presented an opportunity for the purchaser to add to its existing portfolio in the immediate area. The new owner plans to build out the vacant retail space in the 5329 W. North property and allow an existing commercial tenant to expand its footprint.
Built in the 1920s, the buildings include a mix of two- and three-bedroom units. All apartments were renovated to include new kitchens and bathrooms. The portfolio was 94% occupied at the time of sale.
The properties are all located within about three miles of each other near North and Cicero avenues. They are served by multiple bus routes that connect to CTA and Metra lines and offer quick access to the Eisenhower Expressway.
