Ukrainian Village Apartments Fetch Nearly 50% Increase on Sellers’ Purchase Price
CHICAGO, IL – Interra Realty brokered the $2.5-million sale of 906-908 N. Damen Ave., a pair of six-unit multifamily properties in the Ukrainian Village neighborhood on Chicago’s Near West Side. The per-unit price was $208,333.
Brad Feldman, senior managing partner, represented the seller, a local real estate partnership. Feldman also represented the group when it bought the properties in 2017 for $1.7 million. Director Jeremy Morton represented the local buyer, which plans to increase electric capacity and make minor upgrades to units, hallways and the building facade.
“Ukrainian Village is close to downtown yet offers more attainable pricing for renters, even as overall city rents climb,” said Feldman. “This deal represented a solid price for the seller, which was able to realize a nearly 50% increase in value, while offering the buyer further appreciation potential through minimal renovations. We continue to see strong appetite from buyers for this kind of well-located, value-add opportunity.”
Read the full article: ConnectCRE
See additional articles on this deal below:
Chicago Business Journal: Chicago Apartment Buildings Sold for $2.5 Million
REJournals: Interra Realty Brokers $2.5 Million Sale of Two Multifamily Buildings in Chicago’s Ukrainian Village
BisNow: This Week’s Chicago Deal Sheet