CHICAGO, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of three apartment buildings in Chicago. The properties, comprising 36 units in total, were sold in three separate transactions for a combined $6.795 million. The properties are located on School Street, Northwest Highway, and Altgeld Street.

Interra Senior Managing Partner Joe Smazal represented the three private sellers of each property. Smazal also represented the three confidential local investors in their acquisitions of the assets.

“Multifamily investors have really homed in on Chicago’s North and Northwest Sides this year, with particular appetite for assets that are available well below replacement cost,” said Smazal. “The average time on market for these three properties was 16 days, they each generated multiple offers, and they sold for an average of 98% of list price, which demonstrates the robust competition for apartment buildings such as these.”

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RE Business Online: Interra Realty Negotiates Sales of Three Multifamily Properties on Chicago’s Northwest Side for $6.8M