Chicago, IL – Interra Realty a Chicago-based commercial real estate investment services firm, announced it brokered the sale of a 35-unit multifamily property in Chicago’s Austin neighborhood for $2.66 million. The property, 5550 W. North Ave., traded for approximately $76,000 per unit.

Interra Managing Partners Lucas Fryman and Ted Stratman, along with Associate Sam Gutierrez, represented the seller, New York-based real estate investment group Raskin Risers. Fryman, Stratman and Gutierrez also represented the buyer, a local real estate investor and manager.

“We represented Raskin Risers when the firm first acquired 5550 W. North Ave. in 2018, so this is now the second time Interra has brokered a deal for this building,” said Fryman. “The multiple sales of this property in just a relatively short span are representative of property appreciation and continued development in the neighborhood.”

Read the full article at Yield Pro.

See addition articles on this transaction below:

ConnectCRE: West Side Multifamily Owner Becomes Seller After Four-Year Hold

Chicago Business Journal: Chicago Apartment Building Sells for Second Time in 4 Years

Multifamily Biz: Interra Realty Brokers $2.66 Million Sale of Historic Multifamily Property Located in Chicago’s Popular West Side Neighborhood