Legacy Courtyard Gem Commands $4.28M All-Cash Sale in Albany Park—Triton Realty Group Sets New Benchmark
Sale at a Glance
In a deal that reflects the enduring spirit of legacy real estate and the transformative power of strategic brokerage, Triton Realty Group closed the $4,275,000 sale of 4900-4908 N. St. Louis Ave. on November 30, 2023. This 31-unit classic courtyard apartment building—held by one family for generations—was brought to market by Matthew Fritzshall and Harrison Cohen, who skillfully navigated the complexities of long-term ownership, heightened seller expectations, and competitive investor interest. The all-cash deal underscores the ever-present demand for scalable, value-add multifamily assets in Chicago’s vibrant Albany Park neighborhood.
Sale Details
This Albany Park multifamily sale stands as a testament to the intersection of history, community, and investment vision.
Sale Price: $4,275,000
Date of Sale: November 30, 2023
Property Type: Timeless courtyard apartment building
Unit Count: 31 spacious apartments
Buyer: Local private investor with an established presence in Albany Park, seeking additional scale and operational synergies
Broker: Triton Realty Group, with Matthew Fritzshall (President & Founder) and Harrison Cohen (SVP & Principal)
Deal Structure: True cash transaction—providing certainty, speed, and confidence to a seller with deep roots in the building
Property Highlights
This property embodies both the architectural tradition of Chicago and the evolving desires of today’s residents and investors.
Courtyard Design: Classic brick construction encircling a tranquil courtyard, fostering light, air, and a sense of community
Expansive Layouts: Unique mix of 4- and 5-room apartments, offering flexibility for future unit conversions and rental growth
Private Balconies: Select units feature coveted outdoor space, enhancing resident satisfaction
Capital Improvements: Upgraded common areas, select renovated apartments, new windows, and masonry work reinforce both beauty and longevity
Neighborhood Appeal: Located at the heart of Albany Park, steps from parks, schools, transit, and local amenities, promising strong ongoing demand
Key Investment Features
This asset is a rare blend of stability, scale, and future upside—an ideal canvas for thoughtful investors.
Operational Scale: 31 units provide meaningful economies for experienced operators
Value-Add Blueprint: Opportunities for targeted interior updates, unit conversions, and rental repositioning
Legacy Maintenance: Decades of family ownership ensured diligent care and well-preserved infrastructure
Community Synergy: Buyer’s existing holdings in Albany Park create immediate management efficiencies
Market Resilience: Albany Park’s diverse community and cultural vibrancy support enduring rental demand and property values
Market Strategy and Positioning
The sale’s heart was the legacy of a family stewarding the building for generations. Though the owner had received multiple informal offers, they turned to Triton Realty Group for a more deliberate, market-driven approach. Fritzshall and Cohen crafted a tailored marketing strategy, highlighting the building’s well-kept history, scale, and untapped potential, and targeting buyers who valued both financial and community fit. Their local insight and negotiation skill matched the property with a cash buyer deeply rooted in Albany Park, achieving a price and process that honored the past while setting the stage for future growth.
Frequently Asked Questions (FAQs)
This Albany Park transaction is a story of legacy, vision, and expert brokerage. Here are answers to common questions:
Q: What makes Albany Park attractive for multifamily investment?
A: Albany Park is known for its cultural diversity, vibrant local businesses, and stable renter demand, making it a magnet for long-term investors.
Q: How did the building’s layouts impact its investment value?
A: The spacious 4- and 5-room apartments enable future unit conversions and rent optimization, key for value-add strategies.
Q: Why was the all-cash structure important for this sale?
A: Certainty and speed were paramount for the seller, and a cash buyer ensured a smooth closing aligned with these priorities.
Q: What role did legacy ownership play in the marketing approach?
A: The building’s long-term care and family history were positioned as unique selling points, attracting buyers who could appreciate and build on that foundation.
Q: What improvements are planned by the new owner?
A: The investor intends to make targeted cosmetic upgrades, unlocking further value while maintaining the building’s historic charm.
Q: How does Triton Realty Group consistently deliver in competitive markets?
A: Their blend of local expertise, bespoke marketing, and relationship-driven negotiation creates optimal outcomes for both sellers and buyers.
Want to achieve results like this?
Contact Triton Realty Group, Matthew Fritzshall, President & Founder, and Harrison Cohen, SVP & Principal to discuss your property goals in Chicago.
