CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it facilitated the sale of three multifamily buildings on the North Side of Chicago for more than $12 million combined.
The properties included 931 W. Leland Ave., a 22-unit apartment building in Uptown that sold for $5 million; 1909-13 W. Larchmont Ave., a 16-unit apartment building in North Center that sold for $3.6 million; and 7240 W. Devon Ave., a 13-unit mixed-use building in Edison Park that sold for $3.84 million.
Interra Senior Managing Partner Joe Smazal represented the confidential buyer and seller of the Leland property. For the Larchmont deal, Smazal represented the confidential seller and Interra Director Joe Braun represented the private buyer. Smazal and Interra Director Colin O’Malley represented both the confidential buyer and seller of the Devon property.
“With good schools, stable employment options, robust transit access and an overall high quality of life, Chicago’s North Side has long been a desirable place to live, sustaining rental demand,” said Smazal. “These deals suggest investor confidence in North Side multifamily assets remains strong.”
Sold in an off-market deal, 931 W. Leland features 17 one-bedroom and five two-bedroom units, all of which were recently remodeled with stainless steel appliances, granite countertops and hardwood floors. The property also features an on-site fitness center. The building is within walking distance of Montrose Beach and is close to dining and shopping options along Broadway. The area is served by CTA’s Red and Purple lines via the Wilson station and multiple CTA bus routes.
The rarely available 1909-13 W. Larchmont, which includes 16 one-bedroom apartments, sold at more than 97% of list price. Several recent capital improvements were made to upgrade the building systems and envelope. Located close to dining and shopping options along Irving Park Road and Clark Street, the property is served by CTA’s Irving Park Brown Line station and multiple CTA bus routes.
The newer-construction 7240 W. Devon includes four one-bedroom and six two-bedroom apartments, as well as three ground-floor retail units fully leased to a Dunkin' Donuts location, private offices for the franchisee and a residential real estate firm. The residential units feature high ceilings, quality finishes, in-unit laundry and individual HVAC and hot water heaters. They are serviced by a passenger elevator and share a large community balcony. Close to dining and shopping options along Harlem Avenue, and a 15-minute drive from O’Hare International Airport, the area is served by Metra's Union Pacific Northwest Edison Park and Norwood Park stations and CTA’s Harlem Blue Line station.
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