Jeff Baasch and Jared Conen, multifamily specialists at SVN Chicago Commercial, have completed the sale of a portfolio of 14 buildings, 34 units located in the Chicago neighborhoods of Englewood, Garfield Park, Washington Park, and Woodlawn. Baasch and Conen represented the seller in the transaction. The buyer was from out of State. The portfolio sold for $2,323,000. The seller acquired the properties in the portfolio out of foreclosure over the past few years, completed renovations, and stabilized the properties. At the time of sale, the properties were well-occupied.
“We continue to see robust demand for multifamily properties. Apartment fundamentals remain strong with low occupancies, increasing rents, and attractive financing options. The demand for multifamily properties exceeds the available apartment buildings currently on the market,” Baasch said.