CHICAGO, IL – Interra Realty, a multifamily brokerage firm based in Chicago, recently brokered the $5.12-million sale of 3501 N. Pine Grove Ave., a 16-unit rental building in Lakeview. The price per unit was $320,000, making it the third Interra-brokered transaction in Lakeview to exceed per-unit pricing of $300,000 this year.

The firm’s Joe Smazal represented the East Coast-based seller, while the private local buyer was represented by Interra’s Brad Feldman. Although the seller modernized most units, the buyer plans to make additional upgrades and is permitted to add up to five units.

“Lakeview is one of Chicago’s most popular rental neighborhoods, and local investors continue to target well-located, stabilized buildings that have performed well during the pandemic,” said Smazal. “3501 N. Pine is just a block from the lakefront and close to popular shops, restaurants and nightlife along Broadway, Halsted and Clark streets. These locational advantages, along with the property’s upside potential, made it a compelling investment opportunity.”

Read the full article: Connect CRE

See additional articles on this deal below:

• BISNOW – June 8, 2021: This Week’s Chicago Deal Sheet
• REjournals – June 7, 2021: Vintage 16-unit apartment building in Lakeview sells for $5.12 million