Connect CRE: Interra Closes Two Deals on Northwest Side
CHICAGO, IL – Interra Realty brokered the sale of two multifamily properties on Chicago’s Northwest Side for a combined $5.12 million.
In the first transaction, Interra’s Craig Martin sold 4049 N. Francisco Ave., a 29-unit rental community in Albany Park, for $3.61 million, or about $125,000 per unit. Martin represented the private seller, who had owned and operated the property for more than 60 years, and the buyer, Peak Properties LLC, a Chicago-based property management company.
The other property, 6047 N. Northwest Hwy., an 11-unit rental community adjacent to the Metra station in Chicago’s Norwood Park neighborhood, sold for $1.5 million, or $137,727 per unit.
Interra’s Paul Waterloo, Pat Kennelly and Michael Duckler represented the private seller, a local family that had owned and maintained the property for almost 25 years and was moving out of state, and the confidential buyer, also a local family which acquired the property in a 1031 exchange.
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