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Interra Brokers Off-Market Deal in Ravenswood
Interra Realty brokered the $5.585 million off-market sale of 2020-36 W. Montrose Ave., a 31-unit mixed-use property in the North Side’s Ravenswood neighborhood. The price per unit was $180,161. It was the highest price paid for a vintage mixed-use building in Ravenswood in four years, according to CoStar data.
The property includes 22 apartments over nine street-level retail spaces. Senior managing partner Joe Smazal represented the undisclosed seller and buyer.
“Ravenswood is a submarket with low sale velocity and longer hold periods, and value-add deals of this size are rare,” said Smazal. “Attesting to the strength of well-located multifamily in Chicago, we arranged an off-market sale and saw the deal through to closing despite the COVID-19 pandemic.”
Built in 1927, 2020-36 W. Montrose includes 13 one-bedroom, three two-bedroom and six three-bedroom units. Together, the apartments were 94% occupied at the time of closing, and the retail spaces were fully leased.
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- ◦Sale/Acquisition
