Interra senior managing partner Joe Smazal represented the private seller in the transaction, while director Jeremy Morton and managing partner Ted Stratman represented the undisclosed buyer. The building’s residential units and a 965-square-foot commercial space were fully occupied at the time of closing.

“This stabilized, newly constructed rental community is exactly the kind of property today’s middle-market multifamily investor is seeking,” Interra Realty’s Smazal says. “There’s an enormous demand for high-quality buildings in core Chicago locations like Lincoln Park. We brought the asset to our network of investors and quickly procured multiple written offers.”

Morton adds that the property’s proximity to DePaul University and public transportation, along with its high quality of construction, made it a turnkey investment for the buyer.

Read article: Globe St.