Interra Realty Closes Sale of Vintage Chicago Community
- Mar 22, 2018
Interra Realty has brokered a 12-unit multifamily deal in Chicago’s Avondale neighborhood for $2.8 million. The price per unit equates to approximately $238,000, which marks a new record for a vintage multifamily property in the neighborhood, according to Managing Partner Joe Smazal, who facilitated the transaction.
“Investors continue to look for opportunities on the fringe of some of the more core North Side neighborhoods due to the relative value and higher appreciation potential they offer,” said Smazal in prepared remarks. He added that the higher-than-average property value is the result of its proximity to Roscoe Village and Logan Square, where multifamily assets have been experiencing rapid price increases.
The four-story building features spacious units, classic architectural details and high-end amenities. The property is located at 3748-54 W. School St., less than four miles from a Lakeview community, whose sale Interra negotiated earlier this month.
Image courtesy of Interra Realty