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 Closes $19M Sale of Chicago MF Portfolio
Interra Realty has brokered the sale of a five-building, 97-unit multifamily portfolio in Chicago. The properties sold for $19.3 million, which equates to $198,969 per unit.
Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra brokered the deal on behalf of the buyer, Silver Property Group, Ltd., a Chicago-based real estate investment and management company. Smazal and Dykstra also represented the confidential seller, an East Coast-based investment group.
“The multifamily investment landscape is very competitive right now, as evidenced by the fact this portfolio received multiple offers in its first week on the market, ultimately leading to a sale over the list price,” said Smazal. “Silver Property Group was able to secure agency debt at below-market rates, allowing it to acquire assets with condo-quality finishes in vibrant neighborhoods.”
The portfolio consists of 4654 N. Monticello Ave., 4718-24 N. Bernard St., 1501 N. California Ave., 4226-30 N. Whipple St., and 4057 W. Melrose St.
