Recently Renovated Uptown Apartments Fetch $5M
Interra Realty brokered the sale of a 42-unit multifamily property in Chicago’s Uptown neighborhood. The building sold for $5.2 million, or $123,809 per unit.
Joe Smazal, senior managing principal with Interra Realty, represented the private local seller. Smazal also represented the buyer, a local private investor.
The building, located at 4070 N. Kenmore Ave. in Uptown’s Buena Park section,was constructed in 1929 and recently renovated. It was fully occupied at the time of sale. All 42 units are studio apartments. As part of the transaction, the buyer assumed the existing loan on the asset, which had a below-market-rate and favorable fixed term remaining.
“This property presented a unique opportunity, as it has recently undergone renovations but still allows the new owner room to correct the loss to lease in the rent roll,” said Smazal. “The ideal location, capital improvements and value-add potential all resulted in significant investor interest.”