November 15, 2019
Interra Realty brokered the sale of 5827 N. Ridge Ave., a four-story, 18-unit rental community in the North Side’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.
The firm’s Patrick Kennelly and 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.”
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