Interra Realty has brokered the $28 million off-market sale of 944-54 W. Grace St., an 80-unit rental community in Chicago’s Lakeview neighborhood, about a block north of Wrigley Field. It is the submarket’s largest multifamily transaction in over a year, per CoStar Group data.
Interra Senior Managing Partner Joe Smazal represented both the seller, an entity of Chicago-based Mo2 Properties, and the buyer, an affiliate of Chicago-based Beal Properties, a private real estate investor led by Bill Silverstein. The new owner plans to make cosmetic improvements to the property’s exterior and rebrand it as The Nines on Grace.
“The market for Chicago multifamily assets remains strong, with buyers favoring well-located, core investments,” said Smazal. “Properties in the area surrounding Wrigley Field have benefitted from continued development that has brought numerous retail and restaurant offerings to the neighborhood, which also offers easy access to public transit and the lakefront.”
Built in 1986, the property features 80 duplex loft units – each with one bedroom and one bath – that were fully leased at the time of sale. The apartments face the interior of the gated community, whose surface parking lot is located at the center of the property. Each apartment features modern interiors, private outdoor space, individual HVAC and in-unit laundry.
“Because of its lower height and inward-facing design, 944-54 W. Grace has a garden-style feel but is located in the heart of one of the city’s most desirable submarkets,” said Smazal. “These distinguishing characteristics only added to its appeal as many local investors look to grow their holdings amid continued rent growth.”
In addition to offering proximity to businesses around Wrigley Field, 944-54 W. Grace is about two blocks from the Sheridan Red Line station and less than a mile from lakefront amenities including the Lakefront Trail, Sydney R. Marovitz Golf Course and Belmont Harbor.