Interra Realty brokered a pair of multifamily transactions totaling $14 million. Interra managing partner Craig Martin and director Brian DiBasilio represented the buyers and sellers in both transactions.
Martin and DiBasilio arranged the $9 million off-market sale of Vine Place Apartments, a newly constructed luxury apartment community with 22 units and one commercial space located at 400 W. Talcott Road in Park Ridge, Illinois, a northwest suburb of Chicago. The price per unit was $391,304. Interra represented both the seller, Vine Place LLC, and the buyer, DAG Vine Place LLC, which purchased the property as part of a 1031 exchange.
“The pandemic has caused some renters to look outside the city; that has added to the existing demand for high-end, newly constructed apartments in affluent suburbs like Park Ridge,” said Martin. “Located in a predominantly residential neighborhood with an abundance of single-family homes, Vine Place is a rare offering in the local submarket, which has contributed to the property’s strong performance during lease-up.”
Completed in summer 2020, Vine Place has 16 two-bedroom units, six three-bedrooms and one ground-floor retail space that is leased to STEM Studio, a daycare and preschool. Resident amenities include an exercise facility and parking garage. The property was 82 percent occupied at the time of the sale.
Vine Place is less than 15 miles from downtown Chicago and close to the CTA Blue Line, Metra Union Pacific Northwest Line, Kennedy Expressway and Tri-State Tollway.
The Wrightwood Lamon Building, a 44-unit vintage multifamily building located at 4848 W. Wrightwood Avenue in Chicago’s Belmont Cragin neighborhood, sold for $5.1 million, or $115,909 per unit. Martin and DiBasilio represented the seller, John Scorte, and buyer, an affiliate of Chicago Metropolitan Housing Development Corporation, a nonprofit that seeks to acquire and develop properties with both affordable and market-rate housing. CMHDC plans to reposition the property through renovations to the apartments and operational efficiencies.
“There is currently high demand for apartment buildings of this size, which offer greater economies of scale than smaller assets and more protection if residents were to fall behind on rent,” said Martin. “We fielded several competitive offers and were under contract within three weeks of listing the property, securing strong per-unit pricing for a vintage apartment building in this area.”
Built in 1926, the Wrightwood Lamon Building has six studios, 25 one-bedrooms and 13 two-bedrooms. It was 95 percent occupied at the time of the sale.
Located eight miles northwest of Chicago’s downtown, the property is served by multiple CTA bus routes, including the No. 76 Diversey, which provides service to the Blue Line. The Wrightwood Lamon Building is also close to stops along Metra’s District North and West lines and approximately three miles west of the Kennedy Expressway.