Multifamily N Illinois

Uptown multifamily property sells at $2.3M

Uptown multifamily property sells at $2.3M,ph1

SVN Chicago Commercial senior vice president Jeff Baasch has completed the sale of a 12-unit multifamily building at 830-32 W. Leland Avenue in Chicago’s Uptown neighborhood. The asset sold for $2,350,000 or $196,000 per unit. Jeff Baasch represented the seller. The property was a condo-quality apartment building that was 100 percent occupied at closing.

“The purchase price reflects a 5.5 percent cap rate and this transaction demonstrates that there are still investors with an appetite for stabilized, well-located assets in the north side multifamily market,” Baasch said.