ConnectCRE: Out-of-State Investor Nabs Multifamily in Andersonville, West Loop
CHICAGO, IL – Interra Realty brokered two multifamily sales in Chicago to the same out-of-state buyer. In the West Loop, it brokered the sale of an eight-unit property for $1.975 million. The firm also brokered the $3.05-million sale of an 11-unit mixed-use building in the North Side’s Andersonville neighborhood.
Director Jeremy Morton and senior managing partner Brad Feldman represented the private local operator as well as the out-of-state buyer in the sale of 1619-1621 W. Warren Blvd., which traded for $246,875 per unit. Morton also represented the same out-of-state buyer in their acquisition of 1554 W. Hollywood Ave. from a private local operator, for a price-per-unit of $277,273.
“Out-of-state investors gravitate to Chicago because the returns here are so predictable,” said Morton. “Unlike some Sun Belt markets that have seen a dramatic rise and fall in rents, demand remains stable in Chicago, especially in attractive neighborhoods like Andersonville and the West Loop.”
Read the full article at ConnectCRE.
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