CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $19.2 million sale of Paper Box Lofts, a 35-unit multifamily building at 153-157 W. Ohio St. in Chicago’s River North neighborhood. The transaction equates to $548,571 per unit.
Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra represented the buyer, an affiliate of Los Angeles-based Blatteis & Schnur, Inc. Smazal and Dykstra also represented the seller, an affiliate of Chicago-based developer Senco Properties, Inc.
Built in 1906 as a paper and box factory, the building operated as loft offices prior to the seller converting it into luxury apartments in 2024. The property includes three studio, two convertible, 17 one-bedroom, 12 two-bedroom and one three-bedroom layouts.
“Office-to-residential conversions have become an increasingly common investment strategy in downtown Chicago, particularly at a time when office vacancy has hovered near record highs and few ground-up apartment buildings are being delivered,” said Smazal. “This was one of the first deals in this cycle of conversions to deliver, stabilize and transact.”
Paper Box Lofts’ luxury apartments feature 12- to 17-foot ceilings with exposed timber, abundant natural light, modern finishes, in-unit laundry and individual HVAC. Select units also have private balconies or terraces. Common-area amenities in the elevator building include a fitness center, multilevel rooftop deck with grills, storage lockers, mail room and well-appointed lobby.
“Bringing a West Coast buyer to the table speaks to the broader investor appeal of this property and the confidence in River North and Chicago's rental fundamentals,” said Dykstra. “The buyer recognized the quality of the boutique asset and saw an opportunity to capitalize on the neighborhood's established demand.”
Located three blocks from the Chicago River, Paper Box Lofts is close to the most popular retail, restaurant, nightlife and hospitality offerings in River North. The area is served by the CTA’s Grand Red Line and Merchandise Mart Brown/Purple Line stations, as well as 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