Triton Realty Group recently sold two apartment buildings in Chicago, one in the Andersonville neighborhood and the other in Belmont Cragin. The combined sale price on the two transactions was over $2.6 million.

In the Belmont Cragin neighborhood, Triton sold a 10-unit apartment building for $871,500, representing $87,150 per unit. Matthew A. Fritzshall, president and managing broker of Triton represented the seller and Harrison A. Cohen, vice president at Triton represented the buyer.

The property, built in 1927, operates at a 9.39 percent capitalization rate and has a unit mix comprised of eight two-bedroom/one-bathroom units and two one-bedroom/one-bathroom garden units. The building features numerous recent capital improvements including replaced porches, furnaces, water heater, tuck pointing and lintels. A laundry facility and two garages are also on site.

Fritzshall and Cohen also facilitated the sale of a turnkey, rehabbed multifamily property in the Andersonville neighborhood. The building was converted to six two-bedroom/one-bathroom units with spacious layouts. The deal closed for $1,815,000 and sold at 11.50 gross rent multiplier. The building operates at a 6.40 percent capitalization rate and sold for $302,500 per unit—one of the highest price-per-unit sales within the last two years.

According to Fritzshall and Cohen this sale represents what is happening in Andersonville and the surrounding neighborhoods. Investors are attracted to the area for its proximity to transportation, the lakefront and the appeal for renters.

Triton Realty Group recently sold a 25-unit apartment building located at 4911-19 N. Whipple Street in Chicago. The asset sold for $3,250,000, which represents a $130,000-price-per-unit sale.

Built in 1927, the courtyard-style apartment building features one-, two- and three-bedroom layouts. The property sits along the edge of the Chicago River and is located in the Albany Park neighborhood. Matthew A. Fritzshall, president and managing broker of Triton, acted as the sole broker in this transaction.

“An opportunity like this is hard to find,” said Fritzshall. “This transaction allows the buyer an opportunity to expand in their target submarket and add value through future renovation. Furthermore, the owner was able to divest a long-term investment.”

Triton Realty Group recently hired Horace Grant, Jr. as the firm’s newest addition. Grant grew up in Chicago’s North Shore suburbs and has resided in Chicago for more than 10 years. Prior to joining Triton, he worked in sales at the Chicago Bulls and sold residential properties at a nationwide residential brokerage firm.

“Triton’s reputation in commercial real estate, specifically multifamily and mixed-use, attracted me to the company,” said Grant. “I’m looking forward to focusing my talents in the Lakeview, Lincoln Park and Old Town neighborhoods.”

Triton Realty Group is a privately held boutique commercial real estate brokerage firm located on the north side of Chicago. The firm has over a decade of real estate experience in Chicago and greater Chicagoland suburban markets. In 2018, the Triton team increased sales volume and closed approximately $45 million in real estate transactions.

“We are excited to welcome Horace into the Triton family,” said Matthew Fritzshall, principal and managing broker at Triton. “With his sales background, ambitious drive and demeanor, I believe he is destined for success in this industry for a long time to come.”

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Triton Realty Group recently sold a six-unit apartment building located at 1228 W. Diversey Parkway in Chicago, according to Matthew A. Fritzshall, president and managing broker of the firm. The asset sold for $2,400,000 which represents a $400,000 price per unit sale at a 6.25 percent capitalization rate, one of the highest per unit sales comparables in the last two years.

The seller exclusively engaged Triton to sell the property following a complete gut renovation. No stone was left unturned in terms of the rehab undertaken on this beautiful turnkey asset in the Lakeview neighborhood of Chicago.

“The Diversey deal shows that activity levels remain high for investors searching for stabilized multifamily assets with dependable cash flow,” said Fritzshall. “We had a significant amount of interest in this opportunity, including numerous showings that generated multiple offers for our client.”

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Triton Realty Group recently sold a 16-unit apartment building located at 2435 W. Rosement Avenue in Chicago’s West Ridge neighborhood. The asset sold for $2,111,000 which represents a $131,937 price per unit sale.

Built in 1929, the Tudor-style apartment building was owned by the same family for 70 years until it sold for the first time in 1999. Harrison Cohen, vice president at Triton, acted as the sole broker in this transaction.

“This is the first time this property has traded hands in 20 years and only the second sale since the property was built five months before the stock market crash of 1929,” said Cohen. “Both of my clients walked away from the deal with what they wanted.”

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