Multifamily N Illinois

Interra Realty brokers $2.9M sale of mixed-use Bucktown building

Interra Realty brokers $2.9M sale of mixed-use Bucktown building,ph01

Interra Realty has brokered the sale of a mixed-use property at 2048 N. Damen Avenue for $2.9 million. The Interra team of managing partner Ted Stratman and director Jeremy Morton represented both the buyer, an affiliate of LEM Equities, and the private seller in a deal that resulted in one of the highest per-unit prices in the neighborhood: approximately $483,000 per unit.

“Bucktown remains a highly sought-after location for investors, and this deal demonstrates their unwavering interest in acquiring gut-rehabbed, stabilized properties in this type of A-plus neighborhood,” said Stratman. “This demand, along with our intimate knowledge of the area, allowed us to procure a buyer who presented a strong offer with no finance contingency.”

The vintage building includes 1,100 square feet of ground-floor retail, as well as two two-bedroom and three three-bedroom apartments on the second and third stories. The apartments were gut-rehabbed in 2016 and feature condo-quality finishes and amenities such as quartz countertops in the kitchens and baths, stainless steel appliances, hardwood flooring throughout and in-unit laundry. At the time of sale, the property was 100 percent leased, including retail tenant CBD Kratom.

“The quality of the building, particularly compared with others nearby, contributed to the high level of investor interest we received,” said Morton. “Because of our ongoing relationship with this out-of-state buyer, who had been looking to expand their portfolio into the Chicago market, we knew this property would be an ideal point of entry for them.”

Located approximately 10 miles northwest of downtown Chicago, Bucktown is one of the city’s most popular neighborhoods with a robust dining, entertainment and shopping scene. The area also offers easy access to Chicago’s Loop and other popular neighborhoods via the CTA Blue Line and multiple bus routes, Metra and Kennedy Expressway.