Interra Closes on Chicago Multifamily Deal
The 43-unit property located in Rogers Park changed hands for $3.9 million. In addition to the residential units, the building offers 1,200 square feet of office space.
By Roxana Baiceanu
Interra Realty handled the transaction of a 43-unit multifamily community in Chicago’s Rogers Park, which closed at $3.9 million. Craig Martin, the company’s director, represented both the sellers—long-time owners—and the buyers—local investors—in the transaction.
A multifamily community with an office twist
The property is located at 7245 N. Rogers Ave., just a few blocks from Northwestern University and the retail corridor on Clark Street. In addition to the 12 studios, 24 one-bedroom and six two-bedroom units, the property also features 1,200 square feet of office space and 36 parking spaces. The majority of parking spaces are in a covered garage.
“The property is in an emerging pocket in Rogers Park that is attracting investors who see increased renter demand for nicer quality apartments and the upside of making renovations that will drive higher rents,” said Martin in prepared remarks.
The last time the property changed hands was in 1997, according to data available on PropertyShark. The transaction price was $872,000. Over the years, the building has gone through a series of upgrades, with a significant renovation in 2010.
Image courtesy of Interra Realty