CHICAGO, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of The Bel, a mixed-use building at 937-41 W. Belmont Avenue featuring 37 apartments and two ground-floor commercial spaces. The property sold for $12.125 million, equating to $310,897 per unit.

Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra brokered the deal on behalf of the local private buyer. Smazal, Dykstra and Managing Partner Lucas Fryman represented the confidential seller, a local private developer.

“There has been little new supply to meet renter demand in Chicago neighborhoods like Lakeview, which is one of the reasons why this building attracted incredible interest and generated multiple written offers,” said Smazal. “With few multifamily projects in the pipeline, investors will be on the hunt for assets such as The Bel in the years ahead, especially those that are transit-served and available at below replacement cost.”

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REBusiness Online: Interra Realty Negotiates $12M Sale of Apartment Building in Chicago’s Lakeview Neighborhood