Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of a 30-unit rental property at 5051 N. Kenmore Avenue, in the city’s Uptown neighborhood, for $5.07 million, or $169,000 per unit.
Interra Senior Managing Partner Joe Smazal represented the buyer, East Superior Real Estate Partners, and the seller, a private East Coast-based investment company. The purchaser assumed the asset’s existing mortgage, which carries an interest rate well below current market levels.
“Along with the assumable loan, which is highly desirable in this market, the property’s location in the active Uptown area helped produce multiple competitive offers,” said Smazal. “The seller was an outstanding steward of the building during the course of ownership, leaving the buyer in a good position to add value through minor in-unit and common-area enhancements and increased rents.”
5051 N. Kenmore Avenue is less than one-half mile from Chicago’s lakefront and Foster Beach, the CTA’s Argyle Red Line stop and multiple bus routes. The property is also located near many dining and entertainment offerings in Uptown and the adjacent Andersonville and Edgewater neighborhoods.
Founded in 2010, Interra Realty is a 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 $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds.
