CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of a 50-unit multifamily building at 520 W. Stratford Place / 525 W. Cornelia Ave. in Chicago’s Lakeview neighborhood.
Interra Senior Managing Partner Joe Smazal represented the buyer, JAB Real Estate. Smazal also represented the confidential seller. This is the first time the asset has traded hands in 20 years.
“The buyer pool for well-performing multifamily in Chicago continues to run deep, and investors are particularly drawn to assets with irreplaceable locations like this one overlooking Lake Michigan,” said Smazal. “The market response — more than 20 tours, eight offers and a closing at list price — underscores just how competitive this segment is.”
Built in 1927, the courtyard building features 13 studio, 24 one-bedroom, one three-bedroom and six four-bedroom layouts. Recent renovations to some units include hardwood flooring, updated bathrooms and new kitchens with granite countertops and stainless steel appliances. Residents also have access to an on-site fitness center.
520 W. Stratford / 525 W. Cornelia is located close to dining, shopping and entertainment options along Broadway and Halsted Street, with nearby attractions including Wrigley Field and Belmont Harbor. The property is served by the CTA’s Addison Red Line station and multiple bus routes.
Smazal and Interra Director Mark Dykstra have completed six transactions combined in Lakeview and Lincoln Park in the last eight months, for a total sales volume of $90 million. Other transactions include the 31-unit 920 W. Oakdale Ave., 95-unit Low-Line Commons at 3431-49 N. Ashland Ave., the 23-unit 611-13 W. Arlington Place, the 22-unit 811 W. Lill Ave. and the six-unit 1201 W. Belden Ave.
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