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.
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).