@properties Commercial recently sold two multifamily investment properties on Chicago’s South Side.
- Ian Feinerman, senior commercial broker for @properties Commercial, represented a private investor in the acquisition of a six-unit apartment building at 6147 S. Langley Ave., in Chicago’s Woodlawn neighborhood, for $165,000. The building features six two-bedroom, two-bath apartments. Three of the units were leased at the time of the sale and the remaining three were in the process of being renovated. The property also includes a six-car open parking lot at the rear of the building. Alex Summers with Luxe Marketing and Sales represented the seller, a private investor, in the transaction.
- Kevin Kelly, real estate consultant with @properties Commercial, brokered the sale of an investment property at 2745 S. Princeton Ave., in Chicago’s Armour Square neighborhood, for $810,000. The property consists of six apartments, a coach house and a detached five-car garage. All six units plus the coach house were leased at the time of the sale, with rents ranging from $600 for a one-bedroom to $1,550 per month for the coach house. The property sits on the border of Bridgeport, less than a mile north of U.S. Cellular Field and only three miles south of Chicago’s Loop. According to Kelly, it was the highest sold six-flat in the Bridgeport and Armour Square neighborhoods within the last three years. Kelly represented the owner, a private investor. George Furla of Koenig & Strey Real Living represented the buyer, also a private investor.
“These transactions illustrate the range of demand for multi-unit investment on Chicago’s South Side, from value-add opportunities such as Woodlawn to more stabilized, steady-yield investments like Armour Square,” said Dan Stratis, vice president and managing broker of @properties Commercial.
