Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of a 36-unit transit-oriented multifamily property in the Fulton River District of Chicago’s West Loop neighborhood. The building sold for $11.05 million, equating to $306,944 per unit.
Interra Managing Principals David Goss and Jon Morgan, along with Director Harrison Pinkus, represented the seller, Monroe Residential Partners. Interra Senior Managing Partner Brad Feldman represented the buyer, a local private investor.
“There aren’t many multifamily properties quite like this in the neighborhood, and few have sold for such a strong price,” said Pinkus. “The fact that we entertained multiple offers is emblematic of the demand for high-quality rental properties in key Chicago neighborhoods.”
Located at 851 W. Grand Ave., the boutique property features seven studios, 20 one-bedroom units and nine two-bedroom units. Community amenities include a bike room, dry-cleaning pickup, tenant storage, package room and on-site parking. Units offer stainless appliances, in-unit laundry, quartz countertops and digital thermostats. Most have private balconies. The property, constructed in 2017, was 95 percent occupied at the time of sale.
“The buyer closed so quickly on this property due in part to their desire to own in one of Chicago’s hottest neighborhoods,” said Feldman. “Demand will only skyrocket as this area experiences additional development, including the future Bally’s Chicago casino only a few blocks away.”
The property is one block from the CTA Grand Blue Line station and is also in proximity to multiple CTA bus routes and the Kennedy Expressway. Nearby amenities include a variety of restaurants, nightclubs and retail shops.