Chicago, IL – Interra Realty’s Senior Managing Partner Joe Smazal recently brokered the $11.45-million sale of 3634-48 and 3639-47 W. Montrose Ave., a seven-building, 39-unit rental community in the North Side’s Albany Park neighborhood. The price per unit was $293,590.

Smazal represented both the seller, a private East Coast investor and the buyer, HP Ventures Group. Based in Chicago, HP develops and purchases newer apartment and townhouse projects, targeting renters who want high-quality units while enjoying the flexibility and relative affordability of renting.

“Chicago offers a spectrum of opportunities for investors, some of whom are migrating to lower-cost neighborhoods like Albany Park where there’s more room for rent growth,” said Smazal. “These buildings stood out in an area known for its vintage housing stock, and we were able to attract multiple offers and go under contract in less than a month for close to list price.”

The multifamily rental building was built in 2013 and includes 26 two-bedroom units and 13 three-bedroom duplexes. The units feature fireplaces, kitchens with stainless appliances and stone countertops, and central air. In addition, each unit has a balcony and a designated parking spot.

Learn more and read the full articles below.

• ReBusiness Online – July 19, 2021: Interra Realty Arranges $11.4M Sale of Seven-Building Multifamily Community in Chicago
• Connect CRE Chicago – July 19, 2021: Interra Brokers Sale of Newer-Vintage Albany Park Rentals
• REjournals – July 15, 2021: Interra Realty brokers $11.45 million, 39-unit development in Albany Park