Three Chicago Multifamily Buildings Sold For $6.795M With Joe Smazal Of Interra Realty

The transaction involved three apartment buildings located at 3748-54 West School Street, 5045-49 North Northwest Highway, and 5057-59 West Altgeld Street in Chicago. The multifamily assets comprised 36 units and were sold for a total price of $6,795,000, resulting in a price per unit of $188,750. The properties were particularly appealing as their pricing was below replacement cost.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $6,795,000
• Units: 36
• Price Per Unit (PPU): $188,750
• Date of Sale: 08/23/2024
• Market: Chicago

Joe Smazal from Interra Realty represented the sale, which was completed in an average of 16 days at nearly 98% of the list price. The rapid interest in the properties can be attributed to their competitive pricing strategy in the multifamily market.