CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $10.5 million sale of Logan Station, a 24-unit multifamily building at 2504-16 N. Willetts Court in Chicago’s Logan Square neighborhood. The transaction equated to $437,500 per unit.
Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra represented the confidential seller and also procured the buyer, Breneman Capital. Logan Station was fully occupied at the time of sale.
“Due in part to the property’s larger-than-average unit sizes and its desirable location, we saw significant engagement, receiving multiple written offers and closing at 99% of list price,” said Smazal. “This depth of buyer demand speaks to the value multifamily investors assign to well-located assets that offer long-term upside.”
Built in 2007, Logan Station features six one-bedroom, 12 two-bedroom and six three-bedroom layouts, most bi-level, averaging 1,500 square feet in size. All units feature contemporary finishes, including granite countertops, stainless steel appliances, in-unit laundry and individual HVAC. Some units include balconies or private terraces. Breneman Capital will implement a light value-add program to interiors to align the property with market expectations.
“Our team worked closely with both parties to navigate the requirements of the Northwest Side Preservation Ordinance, ensuring a clear and compliant path to closing,” said Smazal. “By staying proactive and aligned throughout the process, we were able to keep momentum in an otherwise complex transaction environment.”
Logan Station is located close to dining, shopping and entertainment options along Milwaukee and Fullerton avenues. The property is served by the CTA’s Logan Square Blue Line station and multiple bus routes.
Smazal and Dykstra have completed 19 transactions combined on the city’s North and Northwest sides in the last 12 months, for a total sales volume of over $150 million. Other transactions include the 50-unit 520 W. Stratford Place / 525 W. Cornelia Ave., 31-unit 920 W. Oakdale Ave., 95-unit Low-Line Commons at 3431-49 N. Ashland Ave., 23-unit 611-13 W. Arlington Place and 22-unit 811 W. Lill 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