Multifamily N Illinois

Interra Realty brokers two deals totaling $16.5 million

Interra Realty brokers two deals totaling $16.5 million,ph1
Interra Realty brokered the sales of two mixed-use buildings totaling $16.54 million in Chicago’s Edgewater neighborhood. The buildings include the recently constructed 42-unit Broadway Place apartment building, located at 5427-37 N. Broadway Avenue.

Chicago-based Interra Realty brokered the sale of 44 apartments and three retail spaces in the 5400 block of North Broadway Avenue in Chicago’s Edgewater neighborhood. One buyer purchased the two adjacent mixed-use properties: a modern, four-story building at 5427-37 N. Broadway for $15.8 million, and a vintage three-story building at 5439 N. Broadway for $745,000.

“We added value for the investor by negotiating the purchase of the abutting three-flat along with the acquisition of Broadway Place,” said Craig Martin, director at Interra, who along with fellow director Brian DiBasilio represented both sides in the transaction. “We also helped the buyer navigate a loan assumption, allowing them to benefit from the seller’s existing interest rate, which is lower than prevailing market rates.”

Located along the east side of Broadway, between Balmoral and Catalpa Avenues, the 95,000-square-foot Broadway Place building comprises 24 two-bedroom, two-bath units; 18 three-bedroom, two-bath units and two street-level retail spaces—one currently leased to a day care center—totaling 5,059 square feet. Built in 2015, the residential units offer spacious floor plans, high ceilings, large balconies and in-unit laundry. The property also includes a rooftop deck and 42 parking spaces in a garage and surface lot.

The adjacent, recently renovated mixed-use building contains approximately 1,800 square feet of ground-level retail space and two three-bedroom, two-bath residential units. The apartments offer updated kitchens with maple cabinetry, granite countertops and stainless steel appliances, as well as hardwood floors and in-unit laundry.

“These sales represent a mix of what’s happening in Edgewater as a whole—new development and redevelopment of existing stock,” said Martin. “Investors are attracted to the area for its proximity to transportation, the lakefront and other popular neighborhoods like Andersonville.”

The convenient location places renters within walking distance of several grocery stores, coffee shops, restaurants and retail. The thriving Andersonville retail corridor, with its unique mix of independent, locally owned businesses, is less than one mile west of the properties. Residents are also a short walk or bike ride away from the the 18-mile Lakefront Trail and Foster Beach. Nearby public transportation options include the CTA’s Berwyn and Bryn Mawr Red Line stations less than a quarter-mile away.

“There’s big demand for newly constructed and renovated apartments in Edgewater, so when this type of product comes on the market, it doesn’t take long to sell,” said Martin. “Broadway Place offers the kind of space young families seek—large floor plans with three bedrooms. Also, a lot of young professionals have discovered the benefits of living in Edgewater after being priced out of other neighborhoods.”