CHICAGO, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $10.8 million sale of a seven-building multifamily portfolio located on California Avenue in Chicago’s West Ridge neighborhood on the North Side.

Interra Senior Managing Partner Joe Smazal represented the confidential local buyer in the transaction as well as the seller, a West Coast-based private investor. As part of the transaction, the buyer assumed the CMBS loan from the seller.

“With strong demand for workforce housing on Chicago’s North Side, there has been sustained interest in well-located middle-market properties,” said Smazal. “Closing at 99% of list price after being on the market for less than a week, this deal reinforces investor confidence in this submarket and this asset class.”

Located at 6705-37 N. California Avenue, the buildings include 38 studios, 53 one-bedroom units and three two-bedroom units.

Read the complete article at Yield Pro.