Chicago Apartment Property Hits Fresh Peak As Demand Outpaces Supply

Joe Smazal
Joe Smazal

Multifamily housing in choice Chicago neighborhoods hit another record sale price as investors search out properties with value-add potential before the year ends.

A 37-unit apartment complex in Chicago’s West Rogers Park neighborhood, roughly 30 minutes from the downtown central business district, sold for more than $115,400 a unit, making it the largest multifamily sale in that North Side neighborhood by total price and unit count so far in 2019, according to CoStar data.

The property, at 6415-6425 N. Richmond St., sold for a total of $4.3 million. The building was 95% occupied at the time of closing.

“Investor demand for stabilized assets in North Side submarkets like West Rogers Park is strong because rents in these areas have been slower to rise, making them an attractive option for renters and leaving room for future price appreciation,” Joe Smazal, senior managing partner at Chicago’s Interra Realty, who brokered both sides of the deal, said in a statement.