In The News | Smazal Brokers Multifamily Sale on Chicago’s Northwest Side
Chicago-based Interra Realty has brokered the $2.86 million sale of 3748-54 W. School Street, a 12-unit apartment building in Chicago’s Avondale community. The transaction indicates that investor demand for multifamily is rising in the Avondale neighborhood in line with the area’s increased popularity.
Interra managing partner Joe Smazal represented both the buyer and private seller. The sale price equates to $238,333 per unit, which marks a new high for a vintage apartment building in the Avondale neighborhood, according to Smazal.
“Investors continue to look for opportunities on the fringe of some of the more core North Side neighborhoods due to the relative value and higher appreciation potential they offer,” said Smazal. “Avondale borders Roscoe Village and Logan Square, areas that have experienced rapid increases in property values, so we’re starting to see a ripple effect. Another attraction for buyers was the building’s spacious units with classic architectural details and high-end, modern features.”
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