Yield PRO: Interra Realty brokers $5.4 million sale of 12-unit apartment building in heart of Chicago’s Wrigleyville neighborhood
CHICAGO, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $5.4 million sale of 915 W. Addison St., a 12-unit rental community located steps from Wrigley Field in Chicago’s Wrigleyville neighborhood. The price per unit was $450,000, one of the highest for the submarket so far this year, per CoStar.
Interra Senior Managing Partner Joe Smazal represented the private local buyer, while Managing Partner Craig Martin represented the seller, Horizon Realty Group. Interra marketed the property on behalf of Horizon while the firm was completing an extensive capital improvement program and half of the units were vacant. By the time of sale, the property was fully occupied at competitive rental rates, despite much of the leasing activity taking place outside of the prime rental season.
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