Interra Realty brokered the sale of 2600-2608 W. Rascher Ave., a five-story, 70-unit rental community in Chicago’s Budlong Woods neighborhood, within the North Side’s Lincoln Square section. The property traded for $8.55 million, or about $122,143 per unit.
“This sale is the property’s first change of ownership in 35 years, which made it especially attractive from an investment standpoint due to the significant upside potential,” said Interra’s Brad Feldman. “Buyers also liked the immediate economies of scale with 70 units and 20 parking spaces, as well as the additional rental income generated by the rooftop cell phone tower. We shared this deal off-market, arranged several tours and received multiple offers.”
Feldman and Conor McInerney represented both the seller, Ana Crisan, and the buyer, a local real estate developer, in the transaction. The new owner plans a phased renovation of the units, which were nearly fully occupied at closing.
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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 GlobeSt.com 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).