October 25, 2019
Interra Realty brokered the sale of 2600-2608 W. Rascher Ave., a five-story, 70-unit rental community in Chicago’s Budlong Woods neighborhood, within the North Side’s Lincoln Square section. The property traded for $8.55 million, or about $122,143 per unit.
“This sale is the property’s first change of ownership in 35 years, which made it especially attractive from an investment standpoint due to the significant upside potential,” said Interra’s Brad Feldman. “Buyers also liked the immediate economies of scale with 70 units and 20 parking spaces, as well as the additional rental income generated by the rooftop cell phone tower. We shared this deal off-market, arranged several tours and received multiple offers.”
Feldman and Conor McInerney represented both the seller, Ana Crisan, and the buyer, a local real estate developer, in the transaction. The new owner plans a phased renovation of the units, which were nearly fully occupied at closing.
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