Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it negotiated the sale of a two-building multifamily portfolio in Chicago’s Logan Square neighborhood for $2.875 million, or $205,357 per unit. The portfolio comprises 3856 W. Diversey Ave. and 2544 N. Harding Ave., totaling 15 units.
Interra Senior Managing Partner Brad Feldman and Director Jeremy Morton represented the confidential seller, who extensively renovated the buildings, including updates to units. Feldman and Morton also procured the private, out-of-state buyer, who intends to bring rents in line with the market as units turn over.
“We continue to see high demand for well-priced, well-located assets in the Chicago multifamily market,” said Feldman. “These newly renovated units are near the heart of Logan Square, an area that continues to see rising rents and property values. After an intensive two-month marketing campaign, we led 15 tours and secured four written offers before selling for near list.”
3856 W. Diversey and 2544 N. Harding include one studio, two one-bedroom, nine two-bedroom and three three-bedroom units. All apartments have newer kitchens and baths, central air and in-unit laundry. The units were fully occupied at the time of sale.
Both buildings are located steps from each other near Kosciuszko Park, within walking distance of the Logan Square Blue Line station, Healy Metra stop and businesses along Fullerton and Milwaukee avenues.
To date in 2022, Morton has sold or put under contract 18 buildings for $21 million, and Feldman has sold or put under contract 21 buildings for $120.5 million.
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 $2 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.
