CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $9.6 million sale of a 28-unit multifamily property in Chicago’s Lincoln Park neighborhood. The deal equated to $342,857 per unit.
Interra Senior Managing Partner Joe Smazal represented Chicago-based ICM Properties in the acquisition. Smazal also represented the local private seller in the off-market deal. The building, which was constructed in 1906, was fully occupied at the time of sale.
“Interra has closed a high volume of transactions on the North Side in the past three months, which is notable amidst this environment of interest rate uncertainty,” said Smazal. “Multifamily investors, particularly those with a long-term hold strategy, are showing increasing bullishness for well-located assets in Chicago.”
Located at 1900-16 N. Lincoln Ave., the property includes a mix of studio, one-bedroom and two-bedroom apartments. A capital improvement program in all units added stainless steel appliances, granite countertops and maple cabinets in the kitchens, as well as hardwood floors throughout.
1900-16 N. Lincoln is within walking distance of numerous neighborhood amenities, including North Avenue Beach, the Lincoln Park Zoo and many area dining, shopping and entertainment options. The property is a 10-minute walk from the CTA’s Sedgwick Brown 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