Triton Realty Group Achieves Standout Sale of 6-Unit Multifamily at 3215-3217 W. Eastwood Ave.
Sale at a Glance
On September 26, 2019, Triton Realty Group orchestrated the $940,000 sale of a classic 6-unit apartment building at 3215-3217 W. Eastwood Ave., nestled in the heart of Chicago’s vibrant Albany Park. The property drew fierce interest, ultimately selling to a local repeat investor after a competitive bidding process. This transaction exemplifies the enduring appeal and resilience of well-located multifamily assets in Chicago, where timeless architecture meets modern investment opportunity.
Sale Details
This sale unfolded as a masterclass in multifamily brokerage, blending targeted strategy with deep market knowledge to unlock hidden value for both seller and buyer.
Sale Price: $940,000, reflecting strong per-unit value for the area
Date of Sale: September 26, 2019, with a swift transaction timeline
Unit Mix: Six 2-bedroom/1-bath units and one 1-bedroom/1-bath unit, all fully leased at closing
Broker: Triton Realty Group represented both the out-of-state seller and the local repeat investor
Buyer Profile: An experienced, local investor with a history of successful acquisitions in Chicago’s North Side
Seller Profile: Out-of-state owner seeking to capitalize on recent appreciation
Marketing Approach: Comprehensive outreach to both local and national investors, leveraging Triton's extensive network
Property Highlights
This building is a testament to Chicago’s architectural legacy, enhanced by thoughtful updates that elevate the living experience and investment profile.
Modern Apartment Amenities: Residents enjoy microwaves, dishwashers, stainless steel appliances, hardwood floors, decorative fireplaces, and ceiling fans—features that command higher rents and attract discerning tenants.
Recent Renovations: Upgrades include stainless steel kitchen appliances and refreshed unit interiors, reducing maintenance costs and boosting curb appeal.
Functional Layouts: Spacious, well-lit floorplans provide comfort and flexibility, appealing to a wide renter demographic.
Extra Storage & Convenience: Ample in-unit and onsite storage, gas ranges, window A/C, and cable readiness add to the property’s allure.
Location Excellence: Situated within steps of the CTA Brown Line, neighborhood parks, dining, and shopping—offering an unbeatable live-work-play dynamic.
Key Investment Features
The building’s blend of stability, upside, and location creates a magnetic pull for investors seeking both immediate returns and future growth.
Turnkey Condition: Minimal deferred maintenance enabled an immediate, hassle-free transition for the new owner.
Consistent Occupancy: Strong rental history and tenant retention supported stable cash flow from day one.
Value-Add Potential: Opportunity to further increase NOI through light cosmetic improvements and modest rent adjustments.
Diverse Tenant Demand: The property’s amenities, layouts, and location attract a mix of young professionals, families, and long-term renters.
Neighborhood Momentum: Albany Park’s ongoing revitalization promises continued appreciation and investment security.
Market Strategy and Positioning
Triton Realty Group’s approach was both artful and analytical, drawing upon deep local expertise and a future-focused mindset. The team crafted a direct, multi-channel marketing campaign targeting qualified investor pools, ensuring the property’s strengths were spotlighted in a crowded market. By leveraging established relationships and transparent communication, Triton generated multiple offers in a short span, ultimately securing a premium price for the seller while matching the asset with a buyer poised to elevate its potential. This deal is a testament to the power of market knowledge, timing, and a tailored strategy that awakens the hidden desires of both buyer and seller—turning opportunity into legacy.
Frequently Asked Questions (FAQs)
The sale of 3215-3217 W. Eastwood Ave. provides a window into the dynamics driving Chicago’s apartment investment market and the unique attributes that define success for both owners and buyers.
Q: Why did this property command such strong interest among investors?
A: Its blend of classic Chicago architecture, modern amenities, and prime transit-oriented location made it a rare find, appealing to both local and national buyers seeking stability and upside.
Q: What role did the recent renovations play in the sale?
A: Upgraded kitchens with stainless steel appliances and refreshed interiors reduced near-term capital needs and enhanced tenant appeal, supporting higher rents and lower vacancy risk.
Q: How did the bidding process unfold?
A: Direct marketing and strategic outreach generated multiple qualified offers, with the winning bid coming from a local investor familiar with the neighborhood’s growth trajectory.
Q: What types of renters are drawn to Albany Park multifamily units like these?
A: The area’s diverse population includes young professionals, students, small families, and long-term tenants, all attracted by transit access, walkability, and neighborhood vibrancy.
Q: What does this sale reveal about the current state of the Chicago apartment market?
A: Demand for well-located, updated multifamily assets remains robust, with knowledgeable brokers able to unlock competitive bidding and top-dollar outcomes even amid shifting market conditions.
Want to achieve results like this?
Contact Triton Realty Group to discuss your property goals in Chicago.