CHICAGO, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the $4.1 million sale of a 35-unit mixed-use multifamily building in Chicago’s West Ridge neighborhood. The transaction equated to $117,142 per unit.

Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the buyer, Teko Menetti. Interra Senior Managing Partner Joe Smazal represented the seller, a local private investor.

“The fundamentals for vintage assets like this one are very strong in Chicago, and will be for some time, as there is a lack of new supply fulfilling the growing demand for workforce housing,” said Smazal. “Multifamily investors know this, which is why we toured a dozen well-qualified prospects and received multiple written offers after only three weeks on the market.”

Read the complete article at RE Journals.

See additional articles on this transaction:

RE Business Online: Interra Realty Brokers $4.1M Sale of Apartment Building in Chicago’s West Ridge

ConnectCRE: 35-Unit West Ridge Mixed-Use Sells for $4M