Interra Brokers $1.8M Sale of Value-Add MF Chicago Building
Interra Realty brokered the $1.8 million sale of a 16-unit apartment building in Chicago’s West Ridge neighborhood. The transaction equated to $112,500 per unit. Interra Senior Managing Partner Brad Feldman represented seller Jeff Selim in the transaction. Feldman also represented the buyer, a local private investor. This is the first time the property has traded hands in over 50 years.
“We toured more than two dozen prospective buyers through this property, yielding close to a half-dozen written offers, which is indicative of the robust appetite for vintage multifamily assets with a value-add component,” said Feldman. “Despite its age, this building had really good bones, which helped attract investors who were drawn to the opportunity to upgrade units and building systems in order to generate above-market cash flow.”
Located at 6254 N. Whipple St., the property was constructed in the 1930s and features 16 one-bedroom units. The new owner plans a series of renovations and updates.