ConnectCRE: North Side Apartment Building Sells for $11M

Joe Smazal
Deal Stories
Joe Smazal

CHICAGO, IL – Interra Realty has brokered the $11.2 million sale of a multifamily property at 452 W. Oakdale Avenue in Chicago’s Lakeview East neighborhood. The 48-unit building traded in an off-market deal for $233,646 per unit.

Interra Senior Managing Partner Joe Smazal represented the buyer, Beal Properties, a Chicago-based private investment firm owned by Bill Silverstein. Smazal also represented the seller, a local investment group led by Cagan Management.

“With very little supply coming online on the city’s North Side, the investment outlook is strong for well-located midsize apartment properties,” said Smazal. Constructed in 1971, the property includes 16 studios and 32 one-bedroom units. All apartments were occupied at the time of sale.

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REJournals: Interra Realty brokers $11.2 million sale of Chicago multifamily property