Pegasus closed the disposition of a rare eight-building, 94-unit multifamily portfolio in Chicago’s Rogers Park neighborhood. The portfolio traded for $10.8 million to a seasoned local operator with a significant footprint in the submarket.
The portfolio included eight contiguous apartment buildings totaling 94 units located at 6705 to 6737 N California Avenue. The unit mix includes 36 studios, 55 one-bedroom/one-bathroom units, and three two-bedroom/one-bathroom units.
Pegasus was engaged by the seller, a California-based family office who inherited the asset in 2024, to provide strategic oversight throughout the sales process. Katherine Weaver of Pegasus served as the firm’s lead advisor, overseeing strategy, communications, and negotiations to deliver a seamless process and optimal outcome. Recognizing the importance of pairing national advisory expertise with best-in-class local execution, Pegasus conducted a comprehensive broker selection process and named Joe Smazal of Interra Realty to co-broker the transaction.
The portfolio attracted strong investor interest due to its scale, a rare offering among garden-style assets in Rogers Park. Recent capital improvements, coupled with assumable interest-only CMBS financing, further enhanced the opportunity’s appeal. The buyer, a Chicago-based multifamily operator completing a 1031 exchange, intends to self-manage the properties and pursue additional renovations and lease-up initiatives to build on the seller’s prior investment.
