Chicago & Midwest + Downtown + Apartments | December 15, 2022

West Side Multifamily Owner Becomes Seller After Four-Year Hold

Interra Realty, a Chicago-based commercial real estate investment services firm, hast brokered the sale of a 35-unit multifamily property in Chicago’s Austin neighborhood on the city’s West Side for $2.66 million. The property, 5550 W. North Ave., traded for approximately $76,000 per unit.

Interra managing partners Lucas Fryman and Ted Stratman, along with associate Sam Gutierrez, represented the seller, New York-based real estate investment group Raskin Risers. Fryman, Stratman and Gutierrez also represented the buyer, a local real estate investor and manager.

“We represented Raskin Risers when the firm first acquired 5550 W. North Ave. in 2018, so this is now the second time Interra has brokered a deal for this building,” said Fryman. “The multiple sales of this property in just a relatively short span are representative of property appreciation and continued development in the neighborhood.”

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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).