CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of two multifamily properties, each with nine units, in the Montclare neighborhood on the city’s Northwest Side – 3145 N. Nordica Ave., for $1.375 million, or $152,777 per unit; and 3037-39 N. Harlem Ave., for $1.33 million, or $147,777 per unit. The 3145 N. Nordica building closed at full price and represented the highest price per unit for vintage apartment buildings in the city’s Montclare neighborhood in the last nine years, according to CoStar data.
Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito represented the seller of both properties, a local partnership that owned 3145 N. Nordica for more than 30 years and 3037-39 N. Harlem for 50 years. The same Interra team procured the buyer of 3037-39 N. Harlem, a local investor, while Beco Kalamperovic of Dream Town Real Estate represented the buyer of 3145 N. Nordica.
“While there are relatively few multifamily properties of this size for sale on the Northwest Side, investors like them because of their long-term ownership and minimal resident turnover,” said Waterloo. “As a result of our marketing campaign, we hosted multiple tours and received several offers, with both properties going under contract within two weeks on the market.”
Built in 1965, 3145 N. Nordica consists of five two- bedroom and four one-bedroom units. The corner-lot property includes eight on-site parking spaces, seven storage lockers and shared laundry facilities. At the time of sale, the building had one vacancy. The new owner plans to renovate the apartments over time as tenants move out.
3037-39 N. Harlem was constructed in 1974, remaining under same ownership since then. Fully occupied at the time of sale, the building includes three two-bedroom and six one-bedroom units, eight on-site parking spaces and shared laundry facilities. The buyer also plans to renovate apartments as tenants move out.
Both properties offer access to several retailers along Harlem and Belmont avenues, including the Harlem Irving Plaza shopping center, and is within walking distance of Shabbona Park. The buildings are also close to multiple CTA bus routes and Metra’s Milwaukee District West line.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com.