Monarch Completes Sale of 21-Unit Ravenswood Apartment Building at Near Record Price
RAVENSWOOD – Monarch Realty Partners completed the sale of a 21-unit apartment deal in Chicago’s thriving Ravenswood neighborhood for $4,750,000. Bill Baumann and Brian Semel of Monarch Realty Partners brokered the sale representing both the buyer and seller in the transaction. At over $225,000 per unit, the deal represents one of the highest price per unit sales in the area. The property was sold on behalf of a New York investor to a local Chicago owner operator.
“This transaction shows the demand for core neighborhood rental properties remains extremely strong. We had very experienced investors on both sides of this transaction. The seller was able to realize gains from their efforts renovating the property and the buyer was able to add to their portfolio in desirable Chicago location”.
Located at 4915 N. Damen, this walk-up unit mix consists of sixteen 2-bedroom, three 3-bedroom, and two retail units. The units have been recently renovated with new granite and stainless kitchens, as well as updated baths. In addition, both CTA Brown Line and Metra stations are within three blocks of this Ravenswood property. From quiet streets, to beautiful parks; Ravenswood has become incredibly popular in recent years for commercial real estate development and is home to some of Chicago’s greatest breweries, restaurants, and quaint shops.
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