Interra Realty brokers $16.9 million sale of new apartment community on Chicago’s North Shore

Transaction signals a trend for luxury rental communities in suburbs with entertainment districts

Interra Realty brokered the $16.9 million sale of Station440, a 48-unit multifamily property in Highwood, Ill.

Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $16.9 million sale of Station440, a 48-unit multifamily property in Highwood, Ill.

Interra Managing Partner Craig Martin represented Benchmark Developers in the sale. Martin also represented the buyer, Chicago-based HP Ventures Group.

“We are seeing very strong demand for high-quality, boutique rental opportunities in highly amenitized suburbs,” said Martin. “Communities like Highwood that have vibrant downtown districts are growing in popularity, as they provide residents with dining, shopping and entertainment options typically only found in the urban center.”

Located at 440 Green Bay Road, Station440 was constructed in 2022. The luxury community, which features eight studio, 27 one-bedroom and 13 two-bedroom units, offers amenities including covered parking, a fitness center, community room, lounge and roof deck.

“The acquisition of 440 Green Bay Road is our third in Highwood, and we believe this North Shore suburb will only continue to attract tenants in the coming years,” said Steve Cook, HP’s managing partner. “The 440 Green Bay project, located along the Metra tracks in Chicago’s affluent North Shore, is a great example of our niche strategy to serve tenants who prefer to rent high-quality units in excellent locations. Meanwhile, multifamily developers see HP as a reliable, reputable buyer of their stabilized properties, which allows them to recycle their capital into new projects.”

Station440 is located less than 500 feet from the Highwood Metra station and 3 miles from Interstate 94. The property has immediate access to dining and shopping options in Highwood’s downtown entertainment center, as well as Lake Michigan, approximately a half-mile east.