Connect CRE: Interra Closes Two Deals on Northwest Side

Craig Martin
Michael Duckler
Patrick Kennelly
Paul Waterloo
Craig Martin
Michael Duckler
Multifamily
News
Patrick Kennelly
Paul Waterloo
Transactions

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.

Read article: Connect CRE