Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $9.2 million sale of Elevation Lofts, a 40-unit apartment and retail building at 1531 W. Howard St. in Chicago. The transaction, which equates to $230,000 per unit, represents the highest price paid for an individual property in Rogers Park so far in 2022.
Interra Senior Managing Partner Joe Smazal and Director Colin O’Malley represented the buyer, Becovic Residential LLC. Smazal and O’Malley also represented the confidential seller.
“The multiple offers we received for this property demonstrate a robust investor demand for well-located multifamily properties in Chicago,” said Smazal. “Interra was able to leverage that demand and create a competitive market in a short period of time, resulting in a deal that went contract to close in under 60 days.”
Built in 2020, Elevation Lofts includes 38 studio, one-, two- and three-bedroom units, as well as two street-level retail spaces. The apartment finishes, which surpass those of nearby properties, include quartz countertops, stainless steel appliances, in-unit laundry and high ceilings with lofted bedroom/office space in some plans. Community amenities include a rooftop terrace with city and lake views, community room, fitness center, on-site parking, bike storage and a dog run.
“Over the past few decades, this stretch of Howard Street in Rogers Park has experienced very little ground-up multifamily development,” said O’Malley. “The fact that Elevation Lofts was so well received by the market should catalyze future development and investment in the area.”
Elevation Lofts is just two blocks from the Howard CTA station, which is served by the Red, Yellow and Purple lines, and close to retail and restaurants at the intersection of Howard and Clark streets. The Lake Michigan shoreline, home to numerous parks and beaches, is less than a half-mile east of the property.