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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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition