June 7, 2019
A four-building, 27-unit portfolio that includes assets on Chicago’s Far Northwest Side and in the nearby suburb of Harwood Heights has traded for $3.84 million. The price equated to $142,370 per unit, reportedly the highest to date for the submarket, which is less than 10 miles from O’Hare International Airport.
Interra Realty’s Joe Smazal and Colin O’Malley represented the seller, Chicago-based Steel City Management. Their colleagues Patrick Kennelly and Paul Waterloo represented the confidential buyer.
The properties included 4904, 4916 and 4932 N. Harlem Ave. in Harwood Heights, IL, and 3025 N. Harlem Ave in Chicago’s Montclare neighborhood. The apartments were 100% occupied at the time of sale.
“These recently modernized apartments have been very well-received in this submarket,” said Waterloo. “As a market-leading product — with higher interior finish levels than standard for the area — and with full occupancy, they reflect the strong appetite for stabilized buildings in this location, offering the buyer immediate economies of scale.”
Pictured: 3025 N. Harlem Ave.
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