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CHICAGO-Although average multifamily rental prices in the market have shot up north of $50,000 per unit, the US Department of Housing and Urban Development has disposed of two buildings for less than half the current norm. HUD recently sold buildings on the South and West sides totaling 71 units for $1.4 million — $19,807 per unit.

The larger building HUD foreclosed on was at 4724 S. Vincennes in the Grand Boulevard neighborhood. The five-story, 59-unit building constructed in 1908 sold for $1.156 million to Ali Ata of west suburban Downers Grove, IL. The three-story, 12-unit building at 3901-03 W. Jackson Blvd. in the West Garfield Park neighborhood sold for $250,278 to Peter Gritzanis of Aurora, IL.

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