CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $8.15 million sale of a 69-unit mixed-use building in Chicago’s Rogers Park neighborhood. The transaction equated to $118,116 per unit.
Interra Associate Kevin Rahmanim represented the buyer, a local private investor. The local private seller was self-represented in the off-market deal. This is the first time the courtyard building, which was constructed in 1931, has transacted in over 50 years.
“Interra has seen incredible deal velocity in the past two months. While middle-market multifamily has performed well this year compared to many other asset types, investor demand only appears to be heating up for these properties,” said Rahmanim. “We tapped into our deep submarket expertise and in-house data to push this transaction over the finish line.”
Located at 7219 N. Sheridan Road, the property includes three studios, 37 one-bedroom units and 21 two-bedroom units, as well as eight ground-floor retail spaces. The well-maintained property recently received upgraded building systems.
7219 N. Sheridan is one block from Lake Michigan as well as Loyola Park. The property is within walking distance of dining, shopping and entertainment options along Sheridan Road and Clark Street. Nearby transit options include the CTA’s Jarvis Red Line station and multiple CTA bus routes.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com