CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $17.5 million sale of a 60-unit multifamily building in Chicago’s Lakeview East neighborhood. The transaction equated to $291,667 per unit.
Interra Managing Partner Craig Martin and Senior Managing Partner Joe Smazal represented the buyer, Beal Properties, a Chicago-based private investment firm owned by Bill Silverstein. Martin and Smazal also represented the seller, Horizon Realty Group.
“The fact we were able to secure an offer very close to asking price after only two weeks on the market demonstrates the continued demand for high-quality assets in desirable neighborhoods,” said Martin. “Our data-driven understanding of Chicago’s submarkets is well known to the industry, as evidenced by the fact that both firms involved in this deal are repeat clients of Interra.”
Located at 528 W. Oakdale Ave., the elevator building includes 20 studios, 36 one-bedrooms and four two-bedrooms. Constructed in 1970, the property has undergone a full modernization over the past 18 months that added market-leading unit finishes and upgrades to common-area amenities, including a fitness center, package room, additional laundry room and outdoor seating.
528 W. Oakdale is surrounded by Lakeview East’s numerous dining, shopping and entertainment options and is within walking distance of the Lincoln Park Zoo, Diversey Harbor and North Avenue Beach. The property is served by the CTA’s Wellington Brown Line station and multiple 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.