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.
See additional coverage of this transaction:
RE Journals: Interra Realty Secures Out-of-State Buyer for two apartment buildings in Chicago