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Ravenswood Apartments Change Hands After 50-Year Hold

Interra Realty brokered the sale of a 27-unit multifamily property in Chicago’s Ravenswood neighborhood. The building sold for $5.846 million, or $216,518 per unit.

Senior managing principal Joe Smazal represented the private local seller as well as the buyer, a local private investor. This marks the first time that the building has sold in more than 50 years.

Located at 4401-11 N. Hamilton Ave., the courtyard building features 12 studios and 12 one-bedroom units, as well as three commercial spaces. Constructed in 1927, it has undergone recent capital improvements.

“Multifamily investors remain watchful for well-located assets with unrealized potential,” said Smazal. “Because of this, we received a lot of interest and multiple competitive offers, which ultimately drove the sale price over the initial listing.”


Inside The Story

Interra Realty's Smazal

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 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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