CHICAGO, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of a three-building, 115-unit apartment portfolio in Chicago’s Rogers Park neighborhood. The separate properties located on Damen Avenue sold for $16.1 million in an off-market deal, equating to $140,000 per unit.

Interra Senior Managing Partner Brad Feldman and Harrison Cohen, senior vice president and principal at Triton Realty Group, represented the seller, George Triff. Feldman and Cohen also represented the buyer, a private individual investor.

“Portfolio sales present investors with an opportunity to immediately achieve economies of scale that they otherwise would have to piece together individually over time,” said Feldman. “This transaction was a strategic move for both parties, allowing the seller to capitalize on decades of ownership and the buyer to acquire three assets on the same block with a significant value-add component that will provide strong revenue growth in the years ahead.”

Read the complete article at: Yield Pro

See additional coverage of this transaction:

BisNow: This Week’s Chicago Deal Sheet: Private Investor Picks Up Trio Of Rogers Park Apartments

ConnectCRE: Interra Realty Brokers $16M Sale of North Side MF Portfolio

RE Business Online: Interra, Triton Broker $16.1M Sale of Multifamily Portfolio on Chicago’s North Side

Chicago Business Journal: 3 Rogers Park apartment buildings sell for $16 million