Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Pilsen Portfolio Trades to Two Separate Buyers
Interra Realty negotiated the $2.23-million sale of a two-building multifamily portfolio in Chicago’s Pilsen neighborhood. The properties, acquired by separate buyers, included a six-unit building at 1924 S. Loomis St. and a seven-unit building at 2214 W. 18th Pl. The average price per unit was $171,538.
Director Jeremy Morton was engaged to sell the buildings by the private local owner, who purchased them more than 20 years ago. The confidential buyer of 2214 W. 18th Pl. was represented by Morton,. The private buyer of 1924 S. Loomis was represented by Interra director Harrison Pinkus.
“Amid strong pricing, more generational owners are seizing the moment to sell their properties, including some that have been held for decades,” said Morton. “At the same time, rising rental rates translate to considerable upside potential for buyers, especially when they are able to add value through expansions or improvements.”
- ◦Sale/Acquisition
