Connect CRE: Lakeview Sale Illustrates Demand for Well-Located Multifamily Apartments
CHICAGO, IL – Interra Realty brokered the sale of 700 W. Grace St., a 16-unit rental property in the North Side’s Lakeview neighborhood. The $5.73-million sale price equates to $358,125 per unit.
Joe Smazal, Interra senior managing partner, represented both the East Coast-based seller and the private local buyer.
“This deal illustrates just how much demand there is for well-located multifamily properties, particularly in Chicago’s neighborhoods, where occupancies and collections have held up well over the past year,” said Smazal. “Our proactive marketing efforts generated multiple competitive written offers.”
Constructed in 1916, the three-story 700 W. Grace is located at the southeast corner of Grace Street and Pine Grove Avenue. The apartments were fully occupied at the time of sale.
In the past four years, Smazal—a 2021 Top Broker—has closed $139 million of multifamily transactions in the Lakeview, Buena Park and Lincoln Park neighborhoods.
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