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Avondale Multifamily Garners $3M
Interra Realty arranged the $2.9-million sale of 3124-28 N. Kimball Ave., a 16-unit building in the Avondale neighborhood on Chicago’s Northwest Side. The price per unit was $181,250.
The firm’s Brad Feldman represented the undisclosed seller. Interra’s Joe Smazal represented the confidential buyer.
“This is a sizeable building to be trading in the trending Avondale area, so we weren’t surprised it attracted substantial interest and a good price per unit,” said Feldman. “We had a buyer under contract before COVID-19 hit, but he walked due to the uncertainty around the pandemic. We were able to resurrect the deal with a new buyer who offered a competitive price to the initial deal.”
Feldman’s relationship with the building dates back to 2014, when he represented the current seller in purchasing it for $2 million, which means his client realized almost a 50% gain on the property in six years.
- ◦Sale/Acquisition
