Well-maintained courtyard property attracts West Rogers Park’s highest multifamily sale price in three years

Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $6 million sale of 6500 N. Claremont Ave., a 32-unit multifamily building in Chicago’s West Rogers Park neighborhood. The transaction equates to $187,500 per unit.

Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra represented the buyer, Claremont JV, LLC, led by Ron Abrams of Silver Property Group. Smazal and Dykstra also represented the seller, a local private investor. The deal represented the highest multifamily sale price in West Rogers Park in the past three years, according to CoStar data.

“As construction costs continue to climb, multifamily investors are reevaluating the economics of value-add acquisitions,” said Smazal. “A building that has already been updated and remains in excellent condition can offer an attractive basis and eliminate the uncertainty that comes with taking on a significant renovation after closing.”

Originally constructed in 1929 and last renovated approximately 15 years ago, the building includes four one-bedroom and 28 two-bedroom layouts. The well-maintained property includes updated finishes, in-unit laundry, individual HVAC and private balconies in most units.

Adjacent to Warren Park, 6500 N. Claremont is close to dining and shopping offerings along Devon Avenue. The property is located 1 mile from the Peterson/Ridge Metra station along the Union Pacific North Line, and the area is served by several CTA bus routes.

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 $3 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.

6500 N. Claremont Ave.: Interra Realty brokered the $6 million sale of 6500 N. Claremont Ave., a 32-unit multifamily property in Chicago’s West Rogers Park neighborhood.