Ravenswood Apartments Change Hands After 50-Year Hold
Interra Realty brokered the sale of a 27-unit multifamily property in Chicago’s Ravenswood neighborhood. The building sold for $5.846 million, or $216,518 per unit. Senior managing principal Joe Smazal represented the private local seller as well as the buyer, a local private investor. This marks the first time that the building has sold in more than ... The post Ravenswood Apartments Change Hands After 50-Year Hold appeared first on Connect CRE.
Interra Realty brokered the sale of a 27-unit multifamily property in Chicago’s Ravenswood neighborhood. The building sold for $5.846 million, or $216,518 per unit.
Senior managing principal Joe Smazal represented the private local seller as well as the buyer, a local private investor. This marks the first time that the building has sold in more than 50 years.
Located at 4401-11 N. Hamilton Ave., the courtyard building features 12 studios and 12 one-bedroom units, as well as three commercial spaces. Constructed in 1927, it has undergone recent capital improvements.
“Multifamily investors remain watchful for well-located assets with unrealized potential,” said Smazal. “Because of this, we received a lot of interest and multiple competitive offers, which ultimately drove the sale price over the initial listing.”
The post Ravenswood Apartments Change Hands After 50-Year Hold appeared first on Connect CRE.
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