Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of 700 W. Grace St., a 16-unit rental property in Chicago’s Lakeview neighborhood. The $5.73 million sale price equates to $358,125 per unit.
Interra Senior Managing Partner Joe Smazal represented both the East Coast-based seller and private local buyer.
“This deal illustrates just how much demand there is for well-located multifamily properties, particularly in Chicago’s neighborhoods, where occupancies and collections have held up well over the past year,” said Smazal. “Our proactive marketing efforts generated multiple competitive written offers.”
Constructed in 1916, the three-story property is located at the southeast corner of Grace Street and Pine Grove Avenue. 700 W. Grace St. offers a mix of one-, two- and three-bedroom floor plans ranging in size from approximately 850 to 1,500 square feet. The apartments, which were fully occupied at the time of sale, feature hardwood flooring, oversized closets and in-unit laundry.
700 W. Grace St. is steps away from shopping, dining and nightlife offerings along Broadway, Halsted Street and Irving Park Road. Wrigley Field and recreational amenities along the lakefront, including the Sydney R. Marovitz Golf Course, are also within a half-mile of the property. The area is served by multiple CTA bus routes, as well as two nearby Red Line stations.
In the last four years, Smazal has closed $139 million of multifamily transactions in the Lakeview, Buena Park and Lincoln Park neighborhoods.