Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the off-market sale of 1478-80 W. Byron St., a 16-unit apartment building in Chicago’s Lakeview neighborhood, for $4.05 million, or $253,125 per unit.
Joe Smazal, senior managing partner at Interra, represented both the private seller and the buyer, a long-term-hold owner who has an established portfolio in the submarket and purchased the Byron Street property as part of a 1031 exchange. The transaction underscores Interra Realty’s expertise in the Lakeview neighborhood, where it has sold more multifamily properties priced over $1 million than any other firm in the past three years, according to CoStar data.
“The buyer was attracted to Lakeview and this asset in particular because they already have a large presence in the neighborhood and believe in its long-term stability and growth,” said Smazal. “This property is not only in a prime location, but it also has been well-maintained, with significant updates to the building systems and envelope over the years. The seller turned to Interra for this sale because they knew our team has strong relationships with the likely buyer pool and could effectively market the asset through an efficient and discrete process.”
Built in 1925, 1478-80 W. Byron includes all one-bedroom units. The property is located near the Southport Corridor, one of Chicago’s most popular retail destinations, with a mix of national brands and local boutiques. The area also features popular restaurants, gyms and salons, among other amenities.
1478-80 W. Byron is served by multiple CTA bus routes, as well as the Brown, Red and Purple lines. Additionally, it is a little less than a mile from Wrigley Field, home of the Chicago Cubs.