CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of 7070 N. Sheridan Road, a 24-unit rental community in Chicago’s Rogers Park neighborhood that overlooks Loyola Park and offers views of Lake Michigan. The asset sold for $3.5 million, or $145,833 per unit.
Interra Senior Managing Partner Joe Smazal represented both the private seller, who had owned the property for more than 30 years, and Chicago-based Becovic Management Group, the buyer. The building was fully occupied at the time of closing.
“Demand is high for mid-market multifamily buildings in North Side neighborhoods,” said Smazal. “7070 N. Sheridan Road is similar to other properties recently acquired by the buyer. We marketed the building to our large pool of investors, including Becovic, a long-term holder of apartment properties with an established presence in Rogers Park, and received multiple written offers in a short timeframe."
Built in 1960, 7070 N. Sheridan Road offers 21 two-bedroom, 1½-bath apartments and three one-bedroom, one-bath units. Residences feature hardwood floors and spacious floor plans that include dining areas. The four-story building provides on-site laundry and 20 surface parking spaces in the rear of the property.
Located a block south of Touhy Avenue, 7070 N. Sheridan Road is along the 147 CTA bus route and a short walk to the Morse Red Line station. Loyola University is a half-mile south of the property, while Loyola Park and Loyola Beach are located just across Sheridan Road, directly in front of the building.