Property generated multiple offers and closed for near list price within a week of going on market
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $2.45 million sale of 4400 W. Parker Ave., a 14-unit multifamily building in the Kelvyn Park neighborhood on Chicago’s Northwest Side. The price per unit was $174,857.
Interra Senior Managing Partner Joe Smazal represented the seller, a local private investor, as well as the buyer, a local private investment group. Within a week of putting the property on the market, Smazal procured multiple competitive offers and closed for nearly full list price.
“Chicago’s Northwest Side submarkets continue to attract both local and out-of-town investors who want stabilized multifamily buildings in appreciating areas like Kelvyn Park,” said Smazal. “This building is especially attractive because it had been renovated and sold as condos in 2007 before being deconverted in 2019, so the quality is above average for the neighborhood while still leaving room for additional improvements. It also benefits from its proximity to public transportation and Kelvyn Park, located directly across the street.”
Built in 1928, 4400 W. Parker includes three one-bedroom units and 11 two-bedrooms. Apartments feature kitchens with stainless appliances, custom maple cabinets, granite countertops and hardwood floors, as well as marble bathrooms, spacious bedrooms and in-unit laundry. The property was 93% occupied at the time of sale.
4400 W. Parker is within walking distance to several bus stations, including those connecting to the Metra Milwaukee District North Line and CTA Blue Line. It also is steps to the 9.92-acre Kelvyn Park, which includes a field house with a fitness center as well as outdoor walking paths, softball fields, football/soccer field, basketball court, playground, spray pool and more.
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 interrarealty.com.
