ConnectCRE: Interra Brokers $9.2M Sale of North Shore Mixed-Use MF Building
CHICAGO, IL – Interra Realty has brokered the $9.2 million sale of Art House Eleven 21, a 16-unit, mixed-use apartment building in Wilmette, Illinois. The transaction equated to $576,562 per unit.
Interra’s Managing Partners Lucas Fryman and Craig Martin represented the buyer, Chicago-based HP Ventures Group. Fryman and Martin also represented the seller, a joint venture between 4 Corners, Gabe Horstick and Josh Krueger.
HP Ventures assumed the existing low-interest loan on the property, which was fully leased at the time of sale. Located at 1121 Greenleaf Avenue, the property features six two-bedroom apartments, eight three-bedrooms and two retail spaces.
“We reached out to the most qualified prospective buyers, generating 20 showings and half a dozen offers – validating the thesis that there is very strong demand right now for the right asset in the most desirable locations,” said Martin.
Read the complete article at ConnectCRE.
See additional coverage of this transaction:
Bisnow: This Week’s Chicago Deal Sheet