Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of The Bel, a mixed-use building at 937-41 W. Belmont Avenue featuring 37 apartments and two ground-floor commercial spaces. The property sold for $12.125 million, equating to $310,897 per unit.
Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra brokered the deal on behalf of the local private buyer. Smazal, Dykstra and Managing Partner Lucas Fryman represented the confidential seller, a local private developer.
“There has been little new supply to meet renter demand in Chicago neighborhoods like Lakeview, which is one of the reasons why this building attracted incredible interest and generated multiple written offers,” said Smazal. “With few multifamily projects in the pipeline, investors will be on the hunt for assets such as The Bel in the years ahead, especially those that are transit-served and available at below replacement cost.”
Built in 2019, the transit-oriented development includes eight studio, 27 one-bedroom and two two-bedroom layouts, as well as two retail spaces totaling approximately 4,000 square feet. The commercial units are leased to Pedestrian Coffee and Devil Dawgs. All apartments in the boutique building feature modern finishes, and many have private outdoor spaces. Community amenities include an outdoor rooftop deck and interior bicycle storage.
In addition to the busy Belmont Avenue retail corridor on which it is located, The Bel is within walking distance of dining, shopping and entertainment options along Clark and Halsted streets. The property is next to the CTA’s Belmont stop, offering service on the Red, Brown and Purple lines, and is served by multiple CTA bus routes.
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 several 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.
