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Interra Realty brokers $2.135 million sale of Chicago apartment building

The 13-unit Edgewater property traded for $164,230 per unit, after nearly 50 years since the last ownership change.

Reported · Written up by our desk · Industry

ConnectCRE reports that Interra Realty brokered the $2.135 million sale of 1433 W. Ardmore Ave., a 13-unit multifamily building in Chicago’s Edgewater neighborhood.

The deal values the asset at $164,230 per unit, with Interra Director Joe Braun representing the private seller and Interra Associate Tommy Richard representing the undisclosed local buyer.

ConnectCRE said the transaction is the first time the property has traded hands in nearly 50 years. The building was originally constructed in 1927 and includes 10 one-bedroom and three two-bedroom units.

According to the report, the buyer plans a full gut rehab of the property, which is currently less than half occupied. The renovation includes reconfiguring existing units and adding new units, with the site located less than a mile from Kathy Osterman Beach and near retail and dining along Clark Street.

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