Triton Realty Group recently completed two apartment building sales on the Northwest side of Chicago. Matthew Fritzshall, President of Triton facilitated the sale of 4907-4911 W. Hutchinson St., a nine (9) unit corner building. The property has a mix of both one-bedroom and two-bedroom units. The seller had owned the property for approximately 30 years and was ready to retire. The undisclosed buyer was attracted to the property because it allows him to expand his portfolio in Portage Park. The asset traded for $1,025,000 or $113,888.88 price per unit.
In another recent transaction, 4057-59 W. School St., traded hands in the Irving Park neighborhood. Built in 1933, the property had been owned by a family trust for years. The building contains 16 apartments all of which are good sized one-bedroom one-bathroom apartments. The buyer, The Gregorarz Group, plans to unlock value over time, by re-configuring all the units to two bedroom-one-bathroom apartments. Fritzshall and Triton Realty Group’s, James Thompson, facilitated the sale. The property sold for $2,050,000 or $128,125 price per unit. This was fifth transaction Triton Realty Group has sold to The Gregorarz Group.
“We are seeing strong demand on the northside for multi-family investments. Interest rates are still at historic lows. When you can leverage and find opportunities that make financial sense, there are many ways to add value,” said Fritzshall. Triton is a privately held boutique multi-family brokerage firm located in Chicago. Founded with over a decade of real estate experience in Chicago and the greater Chicagoland suburban markets, the Triton team has closed on over 300 transactions totaling over 4,000 units, valued at over $350 million.
