Multifamily N Illinois

Interra Realty facilitates $5.75M sale of 32-unit apartment building

Interra Realty facilitates $5.75M sale of 32-unit apartment building,ph1

Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the $5.75 million sale of 5022-30 N. Winthrop Avenue, a three-story, 32-unit courtyard apartment building in Chicago’s Uptown neighborhood. The sale price equates to an average of $179,688 per unit.

Brad Feldman, Interra managing partner, and Adam Saxon, director, represented the buyer, 5022 North Winthrop LLC, which bought the vintage building as part of a 1031 exchange. Joe Smazal, Interra managing partner, represented the sellers, 1425 West Chase Associates LLC and 3030 Princeton Associates LLC.

“While 1031 exchanges can be tricky, we guided the process by quickly identifying this stable, income-generating building as the ideal replacement property for the buyer,” said Feldman. “We also orchestrated a quick close to meet the strict IRS timeframes on 1031 exchanges. The seller received a solid price for a vintage building in an up-and-coming market.”

Built in 1916 and located one block south of Foster Avenue, the property features all two-bedroom, one-bath units. Each apartment includes updated kitchens with modern appliances, central heating and air conditioning and in-unit laundry. The building recently underwent renovations including new windows facing the central courtyard, new decks and an intercom entry system.

“Uptown has experienced both new development and redevelopment of existing buildings, appealing to investors and renters alike because of its convenient location near public transportation, restaurants and retail,” said Smazal. “The building’s proximity to Lake Michigan was another big selling point.”

The Argyle Red Line station is less than a block from 5022-30 N. Winthrop Avenue, offering convenient access to downtown Chicago. The community is also within walking distance of popular attractions throughout Uptown, including the Aragon Ballroom, Riviera Theatre, Lakefront Trail and Foster Beach.