Connect Chicago: Rogers Park Deal Shows Continued Hunger for Deconversions
Interra Realty brokered the deconversion sale of 1638-44 W. Greenleaf Ave., a 40-unit multifamily building in the North Side’s Rogers Park neighborhood, for $6.5 million, or $162,500 per unit. The firm has arranged $100 million in deconversion deals since 2016.
Craig Martin and Lucas Fryman, both managing partners at Interra, represented the buyers, a local investment group that purchased the asset through a 1031 exchange. Martin and Fryman also represented the sellers: a private equity group that owned 36 of the building’s units, three individual investors who each owned a unit, and one owner-occupier.
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