In The News – Crain’s: Chicago Real Estate Daily |Two apartment buildings on the Northwest Side sold for a total of nearly $2.5 million


Two small apartment buildings on the Northwest Side sold to different buyers for a total of nearly $2.5 million. A venture led by Jeffrey Weinberg of Drexel Properties paid $1.5 million, according to public records, for 5355 W. Irving Park Road, which has 10 two-bedroom apartments and two first-floor retail spaces, all of which are leased. The sellers were Marc and Mary Radut, who had owned it since 1996, according to county records. The deal closed Nov. 9, said Joe Smazal, managing partner at Interra Realty who along with James Clough represented the buyer and seller. “(The sellers) maintained the (apartment) rents below market for ease of management sake, and the buyer will be able to realize some upside in the rent level there,” Smazal said. Weinberg did not return requests for comment and the Raduts could not be reached. In the second deal, the 12-unit apartment building at 2854 N. Lowell Ave. sold Oct. 30 for $975,000, Smazal said. According to property records, a venture of Roselle-based Pacini Group bought the fully leased building from Park Ridge-based Kned Properties. Joe Denk, manager of Kned Properties, said the company still owns three buildings in Berwyn. Patrick Kennelly of Interra helped broker the deal along with Clough and Smazal. A Pacini Group representative did not respond to a request for comment.

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