Staying the Course Up North
6439-6445 N. Richmond is a 24-unit vintage courtyard building in the West Ridge neighborhood of Chicago. The property was well maintained by the seller, but provided a value-add opportunity for the buyer who will increase rents upon renewal and consider enhancing the unit mix given the large layouts. Interra Realty arranged the sale between both parties on an off-market basis.
The building fits the buyer’s long-term goal to increase his real estate holdings in West Ridge, while the seller wanted to recapitalize and focus on some near-term projects.
The property closed very close to the price which it had been under contract for with a different buyer as the COVID-19 pandemic grew.