Multifamily N Illinois

Interra Realty brokers $8.2M apartment building sale on Chicago’s North Side

Interra Realty brokers 8.2M apartment building sale on Chicago’s North Side,ph1

Interra Realty announced the sale of 820-26 W. Cuyler Avenue, a 43-unit rental community in Chicago’s Buena Park neighborhood. The $8.2 million sale price equaled approximately $191,000 per unit and was one of the largest multifamily transactions in Buena Park in the last two years.

Interra senior managing partner Joe Smazal represented the seller, an LLC controlled by Chicago-based Mo2 Properties. Smazal, along with associate Harrison Pinkus, also represented the private local buyer, which purchased the property through a 1031 exchange. The asset traded for 99 percent of its list price, with Interra procuring the buyer after less than a week of marketing.

“The short market time demonstrates how multifamily investors are actively seeking deals near, but not necessarily in, core neighborhoods, where prices are higher despite offering similar amenities and lifestyle benefits,” said Smazal. “In the case of 820-26 W. Cuyler, a location about a block away from Wrigleyville offers higher yield for the investor and lower rents for tenants, who are within walking distance of bars, restaurants and nightlife surrounding Wrigley Field.”

Built in 1921, the property includes 23 studio and 20 one-bedroom apartments, which were 95 percent occupied at the time of sale. The recently renovated units include hardwood flooring, modern kitchens with quartz countertops and stainless steel appliances, as well as updated baths.

According to CoStar data, Interra has brokered the three largest multifamily transactions in Buena Park in the last two years—820-26 W. Cuyler; 744 W. Gordon Terrace, a 34-unit community that traded for $8.2 million in 2018 as part of a condo deconversion, and 732 W. Bittersweet Place, a 101-unit community that sold for $16.235 million in 2017, also through a deconversion.

Besides being less than a mile from Wrigley Field, 820-26 W. Cuyler is minutes from the lakefront and amenities including the Waveland Park Tennis Courts, Sydney R. Marovitz Golf Course and 18.5-mile Lakefront Trail. Nearby bus routes include those that provide express service to downtown via Lake Shore Drive. In addition, the Sheridan Red Line station is less than a half-mile away.