CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it facilitated the sale of two multifamily buildings on the northwest side of Chicago. The eight-unit 3913 N. Central Ave. in Chicago’s Portage Park neighborhood sold for $1.39 million, and the nine-unit 4255 N. Neva Ave. in Norridge, Ill., transacted for $1.36 million.
Interra Managing Partner Patrick Kennelly, Managing Partner Paul Waterloo and Associate Nathan Zito represented both the private seller and confidential buyer of the Portage Park property. Kennelly, Waterloo and Zito also represented an undisclosed local partnership in the acquisition of the Norridge asset. Richard Dawidiuk, a broker associate with RE/MAX Legends, represented the private seller.
Both buildings were fully occupied at the time of sale. The Norridge property last traded hands 25 years ago, and this is the first time the Portage Park asset was sold since its construction.
“Northwest Chicago, in both the suburbs and the neighborhoods, remains a highly coveted submarket for multifamily investors,” said Waterloo. “Owners tend to hold onto assets here for a long time due to the area’s sustained rent growth, which is why buyers move quickly when opportunities like these arise.”
Originally built in 1969, 3913 N. Central includes two one-bedroom and five two-bedroom units, as well as one four-bedroom layout that the new owner intends to convert into two units. The property includes garage and surface parking and has recently undergone a number of capital improvements.
4255 N. Neva, which was built in 1963, includes one studio and eight one-bedroom apartments, as well as off-street parking. The property went under contract within its first week on the market.
Located close to dining and shopping options along Irving Park Road, 3913 N. Central is served by Metra's Milwaukee District North Line Mayfair and Grayland stations, as well as CTA’s Montrose Blue Line station. Located adjacent to the Harlem Avenue retail corridor, 4255 N. Neva is served by CTA’s Harlem Blue Line station. Both properties are within walking distance of Wilbur Wright College and a short drive from Chicago O’Hare International Airport.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com