Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $4.7 million sale of 755 W. Buena Ave., a 30-unit rental community in the Buena Park section of Chicago’s Uptown neighborhood. The price per unit was $156,667.
Interra Senior Managing Partner Joe Smazal represented the seller, a local private owner/operator that made select updates to the property. Smazal also represented the local private buyer in a discrete, off-market sale. In the last five years, Smazal has closed more than $140 million in multifamily transactions in the Lakeview, Buena Park and Lincoln Park neighborhoods.
“Buena Park is a historic North Side lakefront community with a lot of charming older buildings, and sale velocity there is relatively low,” said Smazal. “755 W. Buena is a very well-located rental community one block from Lake Michigan with easy access to downtown Chicago. With a price below multifamily properties in other popular North Side neighborhoods like Lincoln Park and Lakeview, we were able to quickly identify a buyer.”
Built in 1912, 755 W. Buena has five studios, 24 one-bedrooms and one two-bedroom. It features on-site laundry facilities and bike storage.
The property is located near numerous shops, restaurants and entertainment venues and a short walk from parks and recreational amenities along the lakefront. It also provides easy access to bus routes, the CTA Red Line and DuSable Lake Shore Drive.