CHICAGO, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $28 million off-market sale of 944-54 W. Grace St., an 80-unit rental community in Chicago’s Lakeview neighborhood, about a block north of Wrigley Field. It is the submarket’s largest multifamily transaction in over a year, per CoStar Group data.

Interra Senior Managing Partner Joe Smazal represented both the seller, an entity of Chicago-based Mo2 Properties, and the buyer, an affiliate of Chicago-based Beal Properties, a private real estate investor led by Bill Silverstein. The new owner plans to make cosmetic improvements to the property’s exterior and rebrand it as The Nines on Grace.

“The market for Chicago multifamily assets remains strong, with buyers favoring well-located, core investments,” said Smazal. “Properties in the area surrounding Wrigley Field have benefitted from continued development that has brought numerous retail and restaurant offerings to the neighborhood, which also offers easy access to public transit and the lakefront.”

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See additional articles on this deal below:

RE Journals: Interra Realty Brokers $28 Million Multifamily Sale in Lakeview

Chicago Business Journal: Lakeview Neighborhood Sees its Largest Multifamily Sale So Far This Year

ConnectCRE: Lakeview Multifamily Sale is Submarket’s Largest in a Year