In The News | Interra Realty brokered the $13.7 million sale of the mixed-use building located near Wrigley Field.
Chicago-based North Park Ventures has paid $13.7 million on a 30-unit condominium building in Chicago’s Lakeview neighborhood. The buyer plans to convert the units into rental apartments and also add a new five-story, 22-unit multifamily property on an adjacent parcel. A team of brokers from Interra Realty represented both sides in the transaction.
The previous owner received an average price per unit of nearly $381,000, which according to Jon Morgan, a co-founder & managing principal at Interra Realty, is much higher than that paid for other deconversions in the area. The company’s co-founder David Gross and Managing Partner Joe Smazal also took part in the deal.
“Across the city, but especially in transit-oriented locations like this one, we’ve seen strong interest from investors looking to capitalize on rising rents in Chicago’s neighborhoods,” said Morgan in prepared remarks. “The number of offers received for 3264-70 N. Clark suggests the deconversion trend will continue into 2018, with some buyers willing to pursue more challenging deals due to the attractive returns they offer.”
Read Full Article: Multi-Housing News