Evanston, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the sale of a 43-unit multifamily property in Evanston. The vintage courtyard building, located at 612 Sheridan Road, traded for $10.3 million, equating to $239,534 per unit.

Interra Senior Managing Partner Brad Feldman represented the buyer, a local real estate investor. Interra Managing Partner Patrick Kennelly and Director Paul Waterloo brokered the deal for the seller, a private family group that has owned the property for more than 80 years and over three generations.

The property, which was 95% occupied at the time of sale, is composed of 21 one-bedroom units, 13 two-bedroom units and nine three-bedroom units. Built in 1918, 612 Sheridan Road has undergone recent capital expenditures by the former owners. The buyer plans to continue investing in the property, modernizing units and raising rents in order to improve cash flow.

Read the full article: RE Journals

See additional articles on this transaction below:

Evanston Now: 43-unit Building Near Lake Sells for $10.3M

Chicago Business Journal: Apartment Building Near Northwestern University Sells for $10 Million

Yield Pro: Interra Realty Brokers $11 Million Sale of Multifamily Property on Chicago’s North Shore

Evanston Round Table: Interra Realty Brokers $10.3 Million Sale of Apartment Building at 612 Sheridan Road

The Real Deal: Interra Doubles Up on Multifamily Deals on the North Shore