Interra Realty is getting ready to wrap up an active summer season with a new transaction. The company has brokered a 1031 exchange sale of a 12-unit multifamily building located in Chicago’s Edgewater neighborhood, not far from a $16.5 portfolio transaction it arranged in June. The closing price was $2.1 million, or $180,000 per unit, while the cap rate averaged 7.5 percent.
The community is located at 6203-09 N. Ravenswood Ave. and was previously purchased in 2016 as part of a bankruptcy sale. The former owner brought several improvements to the building including a new roof, plumbing, electrical, windows and in-unit condo-quality finishes, bringing the property up to the market standards for the neighborhood. All units offer two-bedroom layouts.
“Because the building was 92 percent leased at sale, it was an ideal addition to the buyer’s local real estate portfolio,” said Interra Realty Managing Partner Brad Feldman, in a prepared statement. Feldman arranged the deal together with Director Adam Saxon.
Image courtesy of Interra Realty