Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $9.6 million sale of a 28-unit multifamily property in Chicago’s Lincoln Park neighborhood on Lincoln Avenue. The deal equated to $342,857 per unit.
Interra Senior Managing Partner Joe Smazal represented Chicago-based ICM Properties in the acquisition. Smazal also represented the local private seller in the off-market deal. The building, which was constructed in 1906, was fully occupied at the time of sale.
“Interra has closed a high volume of transactions on the North Side in the past three months, which is notable amidst this environment of interest rate uncertainty,” said Smazal. “Multifamily investors, particularly those with a long-term hold strategy, are showing increasing bullishness for well-located assets in Chicago.”
1900-16 N. Lincoln Avenue is within walking distance of numerous neighborhood amenities, including North Avenue Beach, the Lincoln Park Zoo and many area dining, shopping and entertainment options. The property is a 10-minute walk from the CTA’s Sedgwick Brown Line station and is served by multiple CTA bus routes.
