Interra Realty, a leading brokerage firm in Chicago, recently facilitated the sale of a two-building multifamily portfolio on the city’s West Side. The off-market deal was worth $1.365 million and equated to an impressive $68,250 per unit.
The buyer, a local private investor represented by Associate Sam Gutierrez, recognized the potential for value-add opportunities in this market and made an offer that was accepted by the confidential seller. Director Max Grossman also played a crucial role in representing the seller during this transaction.
According to Gutierrez, this sale is evidence of strong demand for value-add assets on Chicago’s West Side despite current high-interest rates. The new owner plans to continue making improvements to these properties which will ultimately lead to increased revenue over time.
One building included in this portfolio is located at 4334-40 W. West End Ave., built back in 1914 with thirteen units consisting of twelve two-bedroom units and one three-bedroom unit. The second property at 5019 W Maypole Ave., situated within Austin neighborhood has seven units – four one-bedroom apartments and three two-bedrooms ones – all renovated recently since its construction date back from 1927.
Interra Realty successfully brokered the sale of two multifamily buildings located on Chicago’s thriving West Side area for an impressive price tag of $1.365 million or approximately $68,250 per unit.The buyer,a local private investor who wishes not be named,purchased these assets through Interra associate,Sam Gutierrez,in what can only be described as yet another successful off-market deal.Director Max Grossman represented our client,the undisclosed seller,during negotiations which led up-to-the finalization process.”This particular transaction serves as further proof that there still exists immense interest among investors seeking out lucrative opportunities within Chicagoland even amidst ongoing concerns about rising interest rates,” said Mr.Gutierrez.He added,”Our client intends upon continuing to pour in capital towards improving these properties,thereby ensuring a steady stream of revenue for years to come.”One of the two buildings is located at 4334-40 W.West End Ave.,constructed back in 1914 and featuring thirteen units – twelve two-bedroom apartments and one three-bedroom unit.The second property,located within Austin neighborhood at 5019 W.Maypole Ave.,has seven recently renovated units including four one-bedrooms and three two-bedrooms.
