Interra Realty Brokers $12.69M Sale of Mixed-Use Property on Clybourn Avenue in Chicago’s West Lakeview Neighborhood

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Clybourn Avenue
2827-2847 N. Clybourn is located at the convergence of several of Chicago’s most popular residential neighborhoods, including Lincoln Park, Bucktown, Logan Square and Avondale, and near many dining and shopping options along Clybourn Avenue. The property is served by multiple CTA bus routes, including several that connect to the Blue and Brown L lines.

Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $12.69 million sale of a newer-construction mixed-use property comprising 30 residential units and six commercial spaces at 2827-2847 N. Clybourn Avenue, in the city’s West Lakeview neighborhood. The deal equated to $352,500 per unit.

Interra Senior Managing Director Brad Feldman represented the seller, a private local investor, while Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the buyer, also a local investor. The purchaser assumed the asset’s existing mortgage, which carries a low-3% interest rate.

“Properties with assumable debt continue to draw a great deal of investor interest, as they benefit both buyer and seller,” said Feldman. “The deal was also attractive given the building was newly constructed in 2020, is close to another asset the buyer owns and offers value-add potential between the residential and commercial spaces. Our extensive marketing campaign resulted in over a dozen tours and a handful of written offers.”

The Clybourn Avenue property’s 30 apartments, which were over 95% occupied at the time of sale, all feature two-bed, two-bath layouts with floor-to-ceiling soundproof windows, hardwood floors throughout and private walkout balconies. Kitchens have an open floor plan with custom cabinetry, tile backsplash, quartz countertops and stainless steel appliances. Shared resident amenities include a private fitness center, rooftop lounge and bike and storage rooms. The building also features a heated indoor parking garage for 34 vehicles and an additional 12 exterior spaces for the commercial units.

Founded in 2010, Interra Realty is Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds.