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Avondale Apartments Trade in 1031 Exchange
Interra Realty brokered the sale of 3501 N. Albany Ave., a three-story, 10-unit building in the North Side’s Avondale neighborhood. The asset sold for $1.55 million, or $155,000 per unit, as part of a 1031 exchange.
“Avondale is in high demand these days thanks in part to its accessibility and relative affordability,” said Interra’s Joe Smazal, who represented the seller, a private local investor. “Renters who are priced out of neighborhoods like Lakeview and Roscoe Village are finding value by going a little farther west.
“This migration, along with expanded restaurant and nightlife offerings, has put Avondale on the radar of investors who don’t already have holdings in the neighborhood,” he continued.
Interra’s Harrison Pinkus represented the private buyer of the property. Built in 1927, 3501 N. Albany contains three one-bedroom and seven two-bedroom units, all of which were occupied at closing. The buyer plans to update unit interiors.
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