$4.48M Sale of 38-Unit Multifamily Property in Irving Park, Chicago
$4.48M Sale of 38-Unit Multifamily Property in Irving Park, Chicago
Sale at a Glance
In the heart of Irving Park, 4007-15 N Lowell Ave set a new standard for multifamily sales with its $4,480,000 closing. Brokered by Matthew Fritzshall, this 38-unit apartment building attracted interest for its scale and strong neighborhood fundamentals. The sale was completed on January 27, 2021, further cementing the area's appeal for savvy multifamily investors. The transaction stands out for its competitive pricing and the repeat engagement of an existing client, highlighting the enduring value of trusted relationships in real estate.
Sale Details
This transaction exemplified strategic execution in Chicago’s multifamily market.
Sale Price: $4,480,000
Location: 4007-15 N Lowell Ave, Irving Park, Chicago
Units: 38 residential apartments
Asset Class: Multifamily
Broker: Matthew Fritzshall
Closing Date: January 27, 2021
Lead Source: Existing client relationship
Property Highlights
This well-maintained building offered the scale and stability sought by investors in the Irving Park submarket.
Prime Irving Park Location: Close to transportation, retail, and local amenities.
Significant Unit Count: 38 apartments, appealing to buyers seeking operational efficiency.
Established Asset: The property’s history and condition positioned it as a reliable income generator.
Key Investment Features
The property’s fundamentals resonated with buyers seeking security and upside in North Side Chicago.
Strong Neighborhood Demand: Irving Park’s rental market continues to show resilience and tenant demand.
Stabilized Operations: Consistent occupancy and proven income stream.
Upside Potential: Opportunity for value-add through unit upgrades or improved management.
Market Strategy and Positioning
This sale was propelled by a deep understanding of both asset and market cycles. Leveraging an ongoing relationship with an existing client, the broker timed the listing to capture peak investor demand in early 2021. The marketing campaign highlighted the building’s scale and location, projecting a vision of long-term growth and stability for new ownership. Strategic positioning and clear communication of the property’s strengths ensured a seamless transaction in a competitive environment.
Frequently Asked Questions (FAQs)
This sale in Irving Park drew attention from investors seeking scale and stability on Chicago’s North Side.
Q: What made 4007-15 N Lowell Ave an attractive investment? A: The property’s 38-unit scale, steady income, and location in a stable, demand-driven neighborhood made it highly appealing to multifamily buyers.
Q: Was there competition for the asset? A: Investor interest was strong, reflecting the continued appetite for well-located apartment buildings in Chicago.
Q: What is the typical tenant profile in this building? A: The building primarily attracts working professionals and families seeking convenient access to city amenities and transit.
Q: How does Irving Park compare to other Chicago neighborhoods for multifamily investment? A: Irving Park offers a compelling mix of affordability, tenant demand, and community amenities, often outperforming more saturated areas.
Q: Who represented the seller in this transaction? A: Matthew Fritzshall guided the process, leveraging existing client relationships to achieve a smooth and successful sale.
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