Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of 44 apartments and three retail spaces in the 5400 block of North Broadway Avenue in Chicago’s Edgewater neighborhood. One buyer purchased the two adjacent mixed-use properties: a modern, four-story building at 5427-37 N. Broadway for $15.8 million, and a vintage three-story building at 5439 N. Broadway for $745,000.
Craig Martin and Brian DiBasilio, directors of Interra, represented both sides in the transaction.
“We added value for the investor by negotiating the purchase of the abutting three-flat along with the acquisition of Broadway Place,” said Martin. “We also helped the buyer navigate a loan assumption, allowing them to benefit from the seller’s existing interest rate, which is lower than prevailing market rates.”
Located along the east side of Broadway, between Balmoral and Catalpa avenues, the 95,000-square-foot Broadway Place building comprises 24 two-bedroom, two-bath units; 18 three-bedroom, two-bath units; and two street-level retail spaces – one currently leased to a day care center – totaling 5,059 square feet. Built in 2015, the residential units offer spacious floor plans, high ceilings, large balconies, in-unit laundry, gourmet open-concept designer kitchens with quartz countertops and stainless steel appliances, large walk-in showers, double-bowl vanities in the master baths, and walk-in closets in the master bedrooms. The property also includes a rooftop deck and 42 parking spaces in a garage and surface lot.
The adjacent, recently renovated mixed-use building contains approximately 1,800 square feet of ground-level retail space and two three-bedroom, two-bath residential units. The apartments offer updated kitchens with maple cabinetry, granite countertops and stainless steel appliances; hardwood floors; and in-unit laundry.
“These sales represent a mix of what’s happening in Edgewater as a whole – new development and redevelopment of existing stock,” said Martin. “Investors are attracted to the area for its proximity to transportation, the lakefront and other popular neighborhoods like Andersonville.”
The convenient location places renters within walking distance of several grocery stores, coffee shops, restaurants and retail. A Jewel-Osco, Chipotle and PetSmart are one block away. The thriving Andersonville retail corridor, with its unique mix of independent, locally owned businesses, is less than 1 mile west of the properties.
Edgewater also offers excellent public transportation options and several bike lanes that make the location ideal for commuters. The buildings are located less than a quarter-mile from the CTA’s Berwyn and Bryn Mawr Red Line stations, and steps from a CTA bus stop on Broadway.
“There’s big demand for newly constructed and renovated apartments in Edgewater, so when this type of product comes on the market, it doesn’t take long to sell,” said Martin. “Broadway Place offers the kind of space young families seek – large floor plans with three bedrooms. Also, a lot of young professionals have discovered the benefits of living in Edgewater after being priced out of other neighborhoods.”
A big attraction of Edgewater, as the name implies, is its location hugging the expansive beaches and sprawling parks along the shores of Lake Michigan. Residents can walk or bike to the 18-mile Lakefront Trail and Foster Beach. Numerous tennis courts, softball fields and a golf course are also less than 1 mile east of the buildings.
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 $1 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.