Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $5.4 million sale of 915 W. Addison St., a 12-unit rental community located steps from Wrigley Field in Chicago’s Wrigleyville neighborhood. The price per unit was $450,000, one of the highest for the submarket so far this year, per CoStar.
Interra Senior Managing Partner Joe Smazal represented the private local buyer, while Managing Partner Craig Martin represented the seller, Horizon Realty Group. Interra marketed the property on behalf of Horizon while the firm was completing an extensive capital improvement program and half of the units were vacant. By the time of sale, the property was fully occupied at competitive rental rates, despite much of the leasing activity taking place outside of the prime rental season.
“As evidenced by the pace of this lease-up, there is incredible demand for larger rental units with modern finishes in desirable locations,” said Martin. “Continued development around the ballpark has shifted the image of Wrigleyville from a seasonal destination to a year-round hub of activity, with new retail, restaurant and nightlife offerings that have attracted renters and lifted nearby property values.”
Built in 1920, 915 W. Addison has one one-bedroom, six two-bedroom and five three-bedroom apartments. The newly renovated apartments feature hardwood flooring; modern kitchens with stone countertops, custom cabinetry and stainless steel appliances; integrated smart-home features; in-unit laundry; and a private porch or patio. The property includes six rear surface parking spaces.
Located less than 5 miles north of downtown Chicago, 915 W. Addison offers easy access to the Loop via Lake Shore Drive, the Red Line or nearby CTA bus routes. It is also close to Chicago’s Lakefront Trail, Belmont Harbor and the Sydney R. Marovitz Golf Course.