Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $9.2 million sale of Art House Eleven 21, a 16-unit, mixed-use apartment building in Wilmette, Illinois. The transaction equated to $576,562 per unit.
The property was developed in 2018 and features six two-bedroom apartments, eight three-bedrooms and two retail spaces. High-end resident finishes include 9-foot ceilings, white oak hardwood flooring, quartz countertops, designer cabinets, stainless appliances, in-unit laundry, unit-controlled central HVAC and designer fixtures. There are 17 heated indoor parking spaces, and most of the units have covered patios or a terrace.
Art House Eleven 21 is within walking distance of downtown Wilmette, including dining, shopping and entertainment options, as well as the Wilmette Metra station. The property is approximately a mile from Lake Michigan and is surrounded by numerous parks and golf courses.
Interra Managing Partners Lucas Frymanand Craig Martin represented the buyer, Chicago-based HP Ventures Group. Frymanand Martin also represented the seller, a joint venture between 4 Corners, Gabe Horstick and Josh Krueger. HP Ventures assumed the existing low-interest loan on the property, which was fully leased at the time of sale.
“Interra has a lot of experience closing deals involving loan assumptions, which is why we are able to give sound counsel to sellers about all of the nuances involved,” said Fryman. “With interest rate uncertainty, we expect assumable debt to remain an attractive component of many multifamily deals for the near future.”
“It’s rare for rental properties to come up for sale in this area, as most investors there apply a long-term hold strategy,” said Martin. “We reached out to the most qualified prospective buyers, generating 20 showings and half a dozen offers validating the thesis that there is very strong demand right now for the right asset in the most desirable locations.”