CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it facilitated the sale of 506 W. Deming Place in Chicago’s Lincoln Park neighborhood. The 49-unit vintage apartment building traded for $17.37 million, equivalent to more than $354,000 per unit.
Interra Director Colin O'Malley represented the confidential seller of the property, as well as the buyer, Horizon Realty Group. The building was 98% occupied at the time of sale.
“Lincoln Park’s long-term rental growth has reinforced its appeal among multifamily buyers,” said O’Malley. “The opportunity to acquire a building that hasn’t traded in over 30 years made this offering especially compelling.”
Built in 1915, the courtyard building features seven studio, seven one-bedroom, 31 two-bedroom and three three-bedroom units, along with a single four-bedroom apartment. On-site amenities include a laundry room, bike storage room and fitness facility. Recent renovations include modernization of some residences with in-unit laundry. Horizon Realty Group plans to make additional improvements to both units and common areas.
The sale of 506 W. Deming, which closed in December 2025, caps off a series of Interra-brokered transactions on Chicago’s North Side last year totaling over $111 million. Most recently, these include deals for 920 W. Oakdale Ave. in Lakeview, Low Line Commons in Lakeview, 10-12 W. Chestnut St. in the Gold Coast, 1350-1352 N. Cleveland Ave. in Old Town and 4321-23 N. Tripp Ave. in Old Irving Park.
Surrounded by Lincoln Park’s numerous dining, shopping and entertainment options, 506 W. Deming is within walking distance of the Lincoln Park Zoo and Diversey Harbor. The property is served by multiple bus routes and the CTA’s Red, Brown and Purple lines via the Fullerton 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