Yield Pro: Interra Realty Brokers $9.6M Sale of Vintage Apartment Property on Lincoln Avenue in Chicago
CHICAGO, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $9.6 million sale of a 28-unit multifamily property in Chicago’s Lincoln Park neighborhood on Lincoln Avenue. The deal equated to $342,857 per unit.
Interra Senior Managing Partner Joe Smazal represented Chicago-based ICM Properties in the acquisition. Smazal also represented the local private seller in the off-market deal. The building, which was constructed in 1906, was fully occupied at the time of sale.
“Interra has closed a high volume of transactions on the North Side in the past three months, which is notable amidst this environment of interest rate uncertainty,” said Smazal. “Multifamily investors, particularly those with a long-term hold strategy, are showing increasing bullishness for well-located assets in Chicago.”
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See additional articles on this transaction:
Bisnow: This Week’s Chicago Deal Sheet