CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $2.12 million sale of 1701 W. Chicago Ave., a four-unit mixed-use building in Chicago’s West Town neighborhood.
Interra Managing Partner Craig Martin and Managing Director Harrison Pinkus represented the confidential buyer. Martin and Pinkus also represented the private seller. All residential and commercial units were fully occupied at the time of sale.
“The response to this offering was a clear indication that investors remain highly engaged with Chicago multifamily, particularly for turnkey assets in established neighborhoods like West Town,” said Martin. “We fielded multiple offers and went under contract within just a few weeks of marketing.”
The building, which was constructed in 2011, recently underwent a gut renovation with condo-quality finishes to all units, including updated kitchens with quartz countertops, modern bathrooms with soaking tubs and backlit mirrors, and wood flooring throughout. The three two-bedroom, full-floor apartments all feature in-unit laundry and balconies. A ground-level retail unit is occupied by daycare operator Caterpillar Care.
1701 W. Chicago is close to popular retail, restaurant, nightlife and hospitality offerings along Chicago Avenue. West Town was recently named the “coolest neighborhood” in Chicago and No. 18 coolest in the world, adding to its appeal to both renters and investors, according to Interra. The area is served by CTA’s Division Blue Line station, 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