Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $5.585 million off-market sale of 2020-36 W. Montrose Ave., a 31-unit mixed-use property in Chicago’s Ravenswood neighborhood. The price per unit was $180,161. It was the highest price paid for a vintage mixed-use building in Ravenswood in four years, according to CoStar data.

The property includes 22 apartments over nine street-level retail spaces. Senior Managing Partner Joe Smazal represented the undisclosed seller and buyer.

“Ravenswood is a submarket with low sale velocity and longer hold periods, and value-add deals of this size are rare,” said Smazal. “Renters priced out of more expensive neighborhoods like Lincoln Park or Lakeview like that it’s affordable while still being a relatively short commute to downtown. Attesting to the strength of well-located multifamily in Chicago, we arranged an off-market sale and saw the deal through to closing despite the COVID-19 pandemic.”

Built in 1927, 2020-36 W. Montrose includes 13 one-bedroom, three two-bedroom and six three-bedroom units. Together, the apartments were 94% occupied at the time of closing, and the retail spaces were fully leased.

2020-36 W. Montrose is located near shops, bars and restaurants, including several on the property’s ground level. The property is also close to public transit, including multiple bus routes and the Ravenswood stations along the CTA Brown Line and Metra’s Union Pacific North line.

About Interra Realty:

Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $1 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com.

Interra Realty brokered the $5.585 million sale of 2020-36 W. Montrose, a mixed-use property in Chicago’s Ravenswood neighborhood.