CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $5.45 million sale of a 10-unit mixed-use apartment building in Chicago’s Lakeview neighborhood near Wrigley Field. The transaction equated to $545,000 per unit.
Interra Senior Managing Partner Joe Smazal represented the buyer, Chicago-based HP Ventures Group. Smazal also represented the local private developer in the sale. The property, located at 3301 N. Sheffield Ave., was constructed in 2014 and was fully occupied at the time of the transaction.
“Despite headlines reporting low transaction volume, we continue to see strong interest for multifamily properties, especially in coveted neighborhoods like Wrigleyville,” said Smazal. “This deal generated a lot of demand among prospective buyers and is indicative of the value that investors see in this sector and in this market.”
The boutique, luxury building features nine three-bedroom residential units and one commercial space, currently leased to Jennivee's Bakery. Apartments are appointed with high-end finishes and all feature in-unit laundry and private balconies. The property includes a penthouse unit and a heated garage with 1:1 parking.
“The purchase of the 3301 Sheffield project marks HP Ventures Group’s second acquisition of the year,” said Steve Cook, HP’s managing partner. “Our team works tirelessly throughout the acquisition process, and these efforts are rewarded with high-value acquisitions such as 3301 Sheffield. This project is located in the heart of one of the most desirable neighborhoods the Midwest has to offer, and it is a great example of our niche strategy to serve tenants who prefer to rent high-quality units in excellent locations. Meanwhile, multifamily developers see HP as a reliable, reputable buyer of their stabilized properties, which allows them to recycle their capital into new projects.”
This is the second transaction Interra has brokered for HP Ventures in 2023. In May, the company acquired Station440, a 48-unit multifamily property in Highwood, Ill., for $16.9 million.
Located three blocks from the historic Wrigley Field, 3301 N. Sheffield is close to the dining, shopping and entertainment options of Wrigleyville and less than a mile from amenities along the Lake Michigan shoreline. The property is also one block from the CTA’s Belmont Brown, Purple and Red Line station and is served by 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