Interra ReInterra Realty LLC has been exclusively engaged to market for sale Madison Terrace Apartments, a 96 unit rental community in Chicago's East Garfi eld Parkneighborhood. The off ering is comprised of an eight (8) building apartment community, with all buildings consisting of twelve (12) apartments. Theproperties feature an ideal unit mix of sizable two, three and four bedroom apartments.
Under current ownership, the community has experienced significant capital improvements and in unit modernizations. The property has strong in place cash fl ow as approximately 91% of the units are leased through tenant-based voucher programs, most of which are through The Chicago Housing Authority(CHA). Additionally, 49 of the 96 units have been renovated and realized a large increase in rent. A new investor can take advantage of continuing to add value through in unit renovation as legacy units become come vacant. For example, renovated 3Br/1.5Ba units have recently achieved rent of$1,800/month while other units are leased for $1,257/month.
Providing immediate economies of scale, the investment opportunity allows prospective purchasers to acquire a rarely available asset in one of Chicago's emerging rental submarkets.
- 96 Unit Rental Community – Eight Total Buildings
- Large 2, 3 and 4 Bedroom Apartments; 91% Leased via Tenant Based Vouchers
- Laundry Rooms in Each Building; Furnaces and Central Air for Each Unit
- 49 of 96 units Renovated; Proven Upside in Renovating Additional Units
- On Site Management Office; Three Parking Lots Totaling Approx. 75 Spaces
- Class 9 Tax Status Resulting in Reduced Assessment
- Attractive Assumable Loan at 2.81%; Interest Only through December 2025