CHICAGO, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the sale of a 36-unit transit-oriented multifamily property located at 851 W. Grand Ave in the Fulton River District of Chicago’s West Loop neighborhood. The building sold for $11.05 million, or $306,944 per unit. 

Managing principals David Goss and Jon Morgan, along with director Harrison Pinkus, represented the seller, Monroe Residential Partners. Senior managing partner Brad Feldman represented the buyer, a local private investor. 

“There aren’t many multifamily properties quite like this in the neighborhood, and few have sold for such a strong price,” said Pinkus. “The fact that we entertained multiple offers is emblematic of the demand for high-quality rental properties in key Chicago neighborhoods.” 

Feldman added, “Demand will only skyrocket as this area experiences additional development, including the future Bally’s Chicago casino only a few blocks away.” 

Read the full article at ConnectCRE.

See additional articles on this transaction:

Yield Pro: Interra Realty brokers $11 million sale of TOD in Chicago’s Fulton River District

The Real Deal: Monroe Residential Gets $11M for New Apartments Near Casino Site

RE Journals: Interra Realty brokers $11 million sale of TOD in Chicago’s Fulton River District

Bisnow: This Weeks Chicago Deal Sheet