Interra Realty Brokers $3.7 Million Multifamily Sale in Chicago’s Edgewater NeighborhoodDecember 20, 2019
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of 5827 N. Ridge Ave., a four-story, 18-unit rental community in Chicago’s Edgewater neighborhood. The asset sold for $3.7 million, or about $205,555 per unit, the second-highest per-unit price in Edgewater so far in 2019, according to CoStar data.
Interra Managing Partner Patrick Kennelly and Director Paul Waterloo represented both the seller, Campbell Street Asset Management Inc., and the buyer, a local private investor, in the transaction. The property was gut-renovated in the past year, and the apartments were fully occupied at closing.
“Going into 2020, investors continue to search for high-quality, stable assets in established North Side neighborhoods like Edgewater,” said Kennelly. “The record pricing is especially significant given that these apartments were smaller-format layouts, averaging about 600 square feet. Their recent renovation, along with the desirable location of the asset, will allow the property’s new owner to collect attractive rents.”
Located across the street from Senn High School, at the corner of Ridge and Ardmore avenues, the brick building was constructed in 1926 and includes four studios, six junior one-bedroom, four one-bedroom and four two-bedroom apartments. The units’ high-end finishes include kitchens with modern cabinetry, marble countertops, white subway tile backsplashes and stainless steel appliances; in-unit laundry; walk-in closets with custom shelving; and hardwood flooring.
“With the lack of current inventory available in this neighborhood, we were able to leverage our relationship with both the buyer and seller in order successfully put a deal together on an off-market basis,” Waterloo added. “The buyer had been aggressively seeking an asset in this submarket and acted quickly on this opportunity.”
5827 N. Ridge Ave. is located near multiple public transportation options that provide easy access to downtown Chicago. Residents can walk a half-mile to the Bryn Mawr Red Line station or arrive there by boarding a CTA bus just outside the building’s front door. Andersonville’s boutique retail, restaurants, breweries, coffee shops, art galleries and theater venues along Clark Street are also only four blocks away from the property.
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.