CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $3.25 million sale of a 12-unit apartment building at 4016-18 N. Kenmore Ave. in Chicago’s Buena Park neighborhood. The price per unit was $270,833.
Interra Senior Managing Partner Joe Smazal, Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the buyer, Drexel Properties, a repeat client of the firm. Smazal, Kennelly and Waterloo also represented the seller, a private investor. The vintage greystone, built in 1896 and last renovated in 2014, was fully occupied at the time of sale.
“The property’s market-leading price per unit is the result of it being fully renovated and occupied, as well as its walkability to Wrigley Field and the many amenities found throughout the surrounding neighborhood,” said Smazal. “We were able to procure multiple offers in less than a week, suggesting that investment activity will continue to ramp up as we progress through 2024.”
The boutique property includes four three-bedroom duplex units, as well as two two-bedroom and six one-bedroom apartments. All residences feature high-end finishes throughout; 9½- to 13½-foot ceilings; kitchens with granite countertops and stainless steel appliances; central air; and in-unit laundry. Eight on-site parking spaces provide additional income.
4016-18 N. Kenmore is approximately three blocks from Wrigley Field and located near abundant restaurant, retail and nightlife options in the Buena Park, Lakeview and Uptown neighborhoods. In addition, the property is a half-block from the Sheridan Red Line station and close to 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