CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $7.34 million sale of 1755 N. Damen Ave., a 13-unit mixed-use building adjacent to The 606 trail in Chicago’s Bucktown neighborhood. The deal marks the highest sale price of any multifamily or mixed-use asset in the submarket in over two years, per CoStar data.
Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra represented the buyer, Stocking Urban, LLC, led by Nicholas Stocking. Smazal and Dykstra also represented the confidential seller in the off-market deal. All residential units were fully occupied at the time of sale.
“Chicago’s multifamily sector continues to attract significant investor interest, supported by resilient fundamentals that set it apart from most other markets,” said Smazal. “In particular, we are seeing strong demand for mixed-use properties in transit-served locations where renters prioritize walkability and an amenity-rich lifestyle.
“The visibility of this asset along The 606 and Bucktown’s primary retail corridor only added to its desirability,” added Smazal.
The property features three two-bedroom, five three-bedroom and two four-bedroom layouts. The luxury loft apartments include kitchens with Italian flat-panel cabinetry, quartz countertops and stainless steel appliances.
In addition to the residential units, the building includes three commercial spaces, two of which were occupied at the time of sale to a bridal shop and a health and wellness center. Stocking Urban plans to make light cosmetic updates to the commercial spaces and lease the one vacant storefront.
1755 N. Damen is steps from some of Bucktown and Wicker Park’s most popular retail, restaurant, nightlife and hospitality offerings surrounding the six-corner intersection of North, Damen and Milwaukee avenues. The area is served by the CTA’s Damen Blue Line station and several CTA bus routes, with easy access to the Kennedy Expressway.
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