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Interra Brokers Edgewater Apartment Sale
Interra Realty has brokered a $2.15-million multifamily sale in Chicago’s Edgewater neighborhood. The 12-unit building was recently renovated by the seller, who purchased it as part of a bankruptcy sale in 2016, and the post-renovation sale price equals nearly $180,000 per unit.
“Our seller was able to capitalize on the investment they made in bringing this building up to the market standards for this neighborhood,” said Interra’s Brad Feldman, who brokered the sale with colleague Adam Saxon. “And because the building was 92% leased at sale, it was an ideal addition to the buyer’s local real estate portfolio.”
For the buyer, the acquisition completed a 1031 exchange. “The property offered a gross rent multiplier of less than 10 and a capitalization rate of 7.5%, metrics that are difficult to find in this area,” said Saxon.
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