Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Interra Realty Arranges Two Chicago Multifamily Sales
Interra Realty has brokered the sale of two separate multifamily properties in Chicago: a 16-unit mixed-use apartment building at 6405 N. Wayne Ave. in Chicago’s Rogers Park neighborhood for $3.45 million and a five-unit rental community at 1933 S. May St. in the city’s Pilsen neighborhood for $1.26 million.
Interra Senior Managing Partner Brad Feldman represented both the buyer of 6405 N. Wayne, a Chicago-based private investor, and the seller, a local real estate partnership that Feldman also represented in the original acquisition in 2022. Feldman and Interra Managing Director Jeremy Morton represented both the confidential buyer of 1933 S. May as well as the seller, a local developer.
“The value-add Rogers Park deal allowed the seller to achieve new rents 25% to 30% above initial projections following unit renovations, while the buyer saw value in the property’s proximity to Loyola University and potential for future rent growth,” said Feldman. “The new construction of the Pilsen property provided value in both its condition and with operational upside.”
