ConnectCRE: Rogers Park Multifamily Sale Sets New Pricing Benchmark
CHICAGO, IL – Interra Realty brokered the $9.2-million sale of Elevation Lofts, a 40-unit apartment and retail building at 1531 W. Howard St. in Chicago’s Rogers Park neighborhood. At $230,000 per unit, it’s the highest price paid for an individual property in Rogers Park so far in 2022.
Senior managing partner Joe Smazal and director Colin O’Malley represented the buyer, Becovic Residential LLC. Smazal and O’Malley also represented the confidential seller.
“The multiple offers we received for this property demonstrate a robust investor demand for well-located multifamily properties in Chicago,” said Smazal. “Interra was able to leverage that demand and create a competitive market in a short period of time.”
O’Malley added, “Over the past few decades, this stretch of Howard Street in Rogers Park has experienced very little ground-up multifamily development. The fact that Elevation Lofts was so well received by the market should catalyze future development and investment in the area.
Read the full article at ConnectCRE.
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