ConnectCRE: 30-Unit MF Property in Uptown Sells

Joe Smazal
Deal Stories
Joe Smazal

CHICAGO, IL – Chicago-based commercial real estate investment services firm Interra Realty brokered the sale of a 30-unit rental property at 5051 N. Kenmore Ave., in the city’s Uptown neighborhood, for $5.07 million, or $169,000 per unit.

Interra Senior Managing Partner Joe Smazal represented the buyer, East Superior Real Estate Partners, and the seller, a private East Coast-based investment company. The purchaser assumed the asset’s existing mortgage, which carries an interest rate well below current market levels.

“Along with the assumable loan, which is highly desirable in this market, the property’s location in the active Uptown area helped produce multiple competitive offers,” said Smazal. Built in 1927 and renovated in 2014, the property includes 19 one-bedroom and two two-bedroom single-level apartments, along with eight two-bedroom duplexes and one three-bedroom duplex. The apartments, which were fully leased at the time of sale, feature modern finishes and in-unit laundry.

Read the complete article at ConnectCRE.

See additional articles on this transaction at:

Chicago Business Journal: Becovic Residential targets Chicago’s North Side to expand apartment portfolio

REJournals: Interra Realty closes sale of 30-unit apartment property in Chicago’s Uptown neighborhood

YieldPro: Interra Realty Brokers $5.07M Sale of 30-Unit Multifamily Property on Kenmore Avenue in Chicago’s Uptown Neighborhood