Apartment Investment Advisers (AIA) recently closed the sale of an apartment building in the Portage Park neighborhood of Chicago. The 15-unit building, located at 5205 W. Pensacola Avenue sold for $2,450,000, equating to $163,333 per unit.
The building featured apartments with condo-quality finishes, central air conditioning, high-efficiency heating, keyless entry, sprinkler system and impeccably maintained common areas and grounds. George Cassin and Jack Cassin of AIA were the brokers involved in the sale.
In respect to the new benchmark price per unit paid for the building, the highest on record for the Portage Park neighborhood, George Cassin is quick to point out, “it was a challenge to achieve this sale price, but it is was the price this property truly deserved.”
Those active in the market know there has been an influx of residents moving out of city center to Portage Park and other northwest side neighborhoods, yet still demanding more modern living standards, and this is the kind of building that will attract those renters and their ability to pay higher rents.
“Give us a property improved to a level the market has never seen and we’ll show you a sale price at a level the market has never paid,” Jack Cassin said.