Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of 1540 Fullerton, a four-story, 25-unit rental community at 1540 W. Fullerton Ave. in Chicago’s west Lincoln Park neighborhood. The asset sold for $10.635 million, or $425,400 per unit, which was the largest multifamily sale in Lincoln Park—both by price and unit count—so far in 2019, according to CoStar data.
Interra Senior Managing Partner Joe Smazal represented the private seller in the transaction, while Director Jeremy Morton and Managing Partner Ted Stratman represented the undisclosed buyer. The building’s residential units and a 965-square-foot commercial space were fully occupied at the time of closing.
“This stabilized, newly constructed rental community is exactly the kind of property today’s middle-market multifamily investor is seeking,” said Smazal. “There’s an enormous demand for high-quality buildings in core Chicago locations like Lincoln Park. We brought the asset to our network of investors and quickly procured multiple written offers.”
Completed in 2015, 1540 Fullerton offers 12 two-bedroom and 12 three-bedroom apartments, each with two baths. Residences feature floor-to-ceiling windows, hardwood flooring, gourmet kitchens with Euro-style cabinetry and stainless steel appliances, in-unit laundry and private balconies in select plans. Other on-site amenities include an elevator and heated garage parking.
“1540 Fullerton’s proximity to DePaul University and public transportation, along with its high quality of construction, made this a turnkey investment for the buyer,” said Morton. “The fact that it’s on an infill site, with limited new construction nearby, also bodes well for its long-term value.”
Residents of 1540 Fullerton are within walking distance of Lincoln Park’s trendy shops and restaurants, as well as the Fullerton L station and Clybourn Metra stop. The property also offers convenient access to the Kennedy Expressway.
About Interra Realty
Founded in 2010, Interra Realty is a Chicago-based commercial real-estate investment 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.