CHICAGO - Sperry Van Ness Chicago Commercial has completed the sale of a multifamily property in the Albany Park neighborhood of Chicago. The 24-unit building is located at 4901-07 N Whipple Street. The property commanded a sales price of $2,250,000 or $94,000 per unit. Senior Vice President of Multifamily Sales, Jeffrey Baasch and Senior Advisor, Brian Kochendorfer of Sperry Van Ness, LLC represented both the buyer and seller in the transaction.
“There is significant demand for well-located rental properties in Chicago with investors bidding aggressively," said Mr. Baasch. “The rental supply constraints of the northside neighborhoods, strong rental market, and historically low interest rates have created a favorable market for sellers.”
“When the interest rates began to rise this summer, buyers were looking to take advantage of the low rates before they continued to rise. That, along with limited inventory, helped to create another multiple-offer scenario,” added Mr. Kochendorfer.
Founded in 1987, Sperry Van Ness is one of the largest and fastest growing commercial real estate brokerage firms in the industry, with more than 1,300 Advisors in 38 states. Sperry Van Ness delivers results for clients through a proven business model that provides advanced marketing and technology tools. Based in Irvine, Calif., the firm operates internationally and provides brokerage, consultation, asset management, property management, leasing, accelerated marketing, and auction services. Sperry Van Ness transactions total billions of dollars annually in retail, office, multifamily, industrial, self-storage, hospitality and land transactions.
Sperry Van Ness, LLC is a national full-service commercial real estate advisory firm located at 940 West Adams Street in downtown Chicago. 312.676.1866. For more information, please visit www.svnchicago.com.