Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the off-market sale of 3708-14 N. Sheffield Ave., a 26-unit vintage courtyard building in Chicago’s Wrigleyville neighborhood, steps from Wrigley Field. The asset sold for $7.4 million, or $284,615 per unit, as part of a 1031 exchange.
Interra Senior Managing Partner Joe Smazal represented the seller, a private New York-based investor. Smazal also sourced and represented the confidential buyer. 3708-14 N. Sheffield Ave was the fourth Lakeview building over $5 million sold in 2021 by Smazal, who has closed $147 million in multifamily transactions in the Lakeview, Buena Park and Lincoln Park neighborhoods in the last five years.
“Demand for apartments in Wrigleyville has aways been robust, and new developments around Wrigley Field have only increased the appeal for renters,” said Smazal. “Although 3708-14 N. Sheffield doesn’t have all of the amenities found in the Class A buildings nearby, it’s in the shadow of Wrigley Field and in nice rental quality, offering residents the excitement of the neighborhood at an attractive price point. The buyer quickly recognized the appeal and bought the asset as part of an exchange from multiple smaller multifamily properties.”
Built in 1927, 3708-14 N. Sheffield includes 23 one-bedroom units and three two-bedrooms. Apartments feature hardwood floors and some units include kitchens with updated white cabinets, granite counters and stainless steel appliances.
Located near the intersection of Waveland and Sheffield, 3708-14 N. Sheffield is served by several CTA bus routes, is two blocks from the Addison Red Line station and a mile to DuSable Lake Shore Drive, offering access to downtown Chicago. A Whole Foods grocery store and numerous bars and restaurants are nearby, including Gallagher Way, the mixed-use complex adjacent to Wrigley Field.