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Chicago & Midwest  + North Side  + Apartments  | 

Edgewater Sale Nets Year’s Second Highest Price Per Unit

Interra Realty brokered the sale of 5827 N. Ridge Ave., a four-story, 18-unit rental community in the North Side’s Edgewater neighborhood. The asset sold for $3.7 million, or about $205,555 per unit, the second-highest per-unit price in Edgewater so far in 2019, according to CoStar data.

The firm’s Patrick Kennelly and Paul Waterloo represented both the seller, Campbell Street Asset Management Inc., and the buyer, a local private investor, in the transaction. The property was gut-renovated in the past year, and the apartments were fully-occupied at closing.

“Going into 2020, investors continue to search for high-quality, stable assets in established North Side neighborhoods like Edgewater,” said Kennelly. “The record pricing is especially significant given that these apartments were smaller-format layouts, averaging about 600 square feet. Their recent renovation, along with the desirable location of the asset, will allow the property’s new owner to collect attractive rents.”


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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 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).

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