Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $9.6 million sale of a 28-unit multifamily property in Chicago’s Lincoln Park neighborhood. The deal equated to $342,857 per unit.
Interra Senior Managing Partner Joe Smazal represented Chicago-based ICM Properties in the acquisition. Smazal also represented the local private seller in the off-market deal. The building, which was constructed in 1906, was fully occupied at the time of sale.
Located at 1900-16 N. Lincoln Ave., the property includes a mix of studio, one-bedroom and two-bedroom apartments. A capital improvement program in all units added stainless steel appliances, granite countertops and maple cabinets in the kitchens, as well as hardwood floors throughout.
1900-16 N. Lincoln is within walking distance of numerous neighborhood amenities, including North Avenue Beach, the Lincoln Park Zoo and many area dining, shopping and entertainment options. The property is a 10-minute walk from the CTA’s Sedgwick Brown Line station and is served by multiple CTA bus routes.
