MultifamilyBiz: Interra Realty Brokers $9.58 Million Sale of Boutique Multifamily Rental Community in Chicago’s River North Neighborhood
Interra Realty Senior Managing Partner Joe Smazal represented the buyer, Recon Properties LLC, owned by Michael Arrington, who was seeking a replacement property as part of a 1031 exchange. Smazal identified this off-market asset based on his existing relationship with the seller, Bryan Schroeder, owner of Metro Park LLC, which he also represented in the transaction.
“Rent collections at 943 N. Crosby have remained strong during the pandemic, which is a testament to the building’s prominent location and stable tenant base,” said Smazal. “Buyers continue to deploy capital into high-end multifamily assets in core locations to achieve near-term returns as well as long-term appreciation and wealth preservation.”
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