This well-maintained, 12-unit center-entrance building traded off-market after decades of long-term family ownership. The property featured underutilized unit layouts and an abundance of unused square footage throughout the building, presenting an opportunity for reconfiguration and modernization under new ownership.
Christian Arai represented both parties in the transaction, ensuring a smooth transfer of ownership. His continued work in Chicago’s most supply-constrained neighborhoods reflects a growing demand for well-located multifamily assets. The sale adds to CRER’s recent momentum on the North Side, where the firm has successfully closed a series of high-profile multifamily transactions.
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Market Snapshot:
The Far North Chicago multifamily submarket continues to show solid fundamentals with rising rents, tightening vacancy, and consistent investor interest. Recent absorption is outpacing new deliveries, driving a submarket vacancy down to its lowest point in years. Construction remains measured, helping support further rent growth as demand stays strong.
Key Highlights:
- Vacancy rate declined to 3.7%, the lowest since 2004
- Asking rents grew 3.1% year-over-year, averaging $1,370
- 150 units currently under construction, adding just 0.4% to inventory
- Over $167 million in sales in the past 12 months
- 80% of all buyer activity driven by private investors
- Largest recent trade: 113-unit portfolio for $16 million ($142K/unit)
- New deliveries continue to lease up quickly across asset classes
- Rent growth forecasted to approach 5% over the next 12 months
Considering Selling Your Property?
With a proven track record and deep expertise in the Chicago multifamily market, Christian Arai and the CRER team are well positioned to help you achieve a successful outcome.
Contact us today to discuss how we can help unlock the full potential of your asset.
