Chicago & Midwest + Downtown + Apartments | June 20, 2022

Interra Realty brokered the sale of three mixed-use properties in the West Side neighborhoods of Austin and East Garfield Park

Mixed-Use Trio Sells on Chicago’s West Side

Interra Realty brokered the $1.41-million off-market sale of a three-building, 18-unit mixed-use portfolio on Chicago’s West Side. The portfolio included 5329 W. North Ave., a 10-unit apartment building with two ground-floor retail spaces in Chicago’s Austin neighborhood; 550 N. Avers Ave., a four-unit rental community in East Garfield Park; and 3908 W. Ferdinand St., a four-unit property also in East Garfield Park.

Managing partner Ted Stratman and director Jeremy Morton represented the seller, Chicago-based investment and management group Ocean World Ventures, as well as the confidential buyer, a long-term client of Stratman’s. The three properties were recently renovated and presented the purchaser with an opportunity to add to its existing portfolio in the immediate area.

“We continue to see strong demand for renovated multifamily buildings on Chicago’s West Side,” said Stratman, who has sold two other multifamily portfolios in the area over the past year.

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About Paul Bubny

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).

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