CHICAGO, IL – Interra Realty brokered the sale of 2713-2737 W. Berwyn Ave., a pair of adjacent courtyard buildings totaling 42 units in the Budlong Woods neighborhood on Chicago’s North Side. The asset traded for $6.725 million, or $160,119 per unit.

Interra Managing Partner Craig Martin represented the seller, Chicago-based Realty Resources, and buyer, The Manderly Group, also based in Chicago. The new owner plans to upgrade units with new kitchens and baths to bring rents in line with the market.

“Buyers recognize the value that can be created by acquiring older buildings of scale and making thoughtful improvements that enhance their marketability,” said Martin. “This has allowed existing owners – some of whom have owned their property for decades – to capitalize on rising rents and property values, especially in prime neighborhood locations.”

Read the full article: RE Journals

See additional articles on this deal below:

Chicago Business Journal: Chicago investor buys Budlong Woods apartments with plans to renovate

ConnectCRE: Budlong Woods Multifamily Complex Trades to Chicago Buyer 

REBusiness Online: Interra Realty Arranges $6.7M Sale of Multifamily Property in Chicago