CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $3.25 million sale of 1710 W. Lunt Ave., a newly renovated 12-unit multifamily building in Chicago’s Rogers Park neighborhood. The transaction equates to $270,833 per unit.
Interra Senior Managing Partner Brad Feldman represented the buyer, a local family real estate operator. Senior Managing Partner Joe Smazal and Director Mark Dykstra represented the seller, a local private developer. The property was 92% occupied at the time of the transaction.
“This sale demonstrates the depth of demand for stabilized, high-quality multifamily assets in Chicago neighborhoods where renters are willing to pay for renovated product,” said Feldman. “With construction costs remaining elevated, investors are placing a premium on turnkey properties that already deliver a strong resident experience and predictable income.”
The property includes one studio, seven one-bedroom and four two-bedroom layouts. Following recent gut renovations, the units feature high-end finishes including hardwood floors, stainless steel appliances and granite countertops.
“Interra leveraged the property’s post-renovation lease-up momentum to tell a compelling story to the market,” said Smazal. “That strategy produced multiple written offers and allowed the seller to achieve full asking price.”
1710 W. Lunt is steps from dining and shopping offerings along Clark Street and just two blocks east of the Rogers Park Metra station along the Union Pacific North Line. The area is also served by the CTA’s Morse Red Line station and several CTA bus routes.
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 $3 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