Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of a three-building, 37-unit multifamily portfolio in Chicago’s Marquette Park neighborhood for $2.02 million. The sale price equates to $55,000 per unit, one of the highest amounts paid on a per-unit basis in the Marquette Park submarket over the past five years, according to CoStar data. 

The properties include 6148 S. Sacramento Ave., a 17-unit apartment building; 6155 S. Sacramento Ave., a 10-unit apartment building; and 6154 S. Richmond St., a 10-unit apartment building.   

Interra co-founder and Managing Principal Jon Morgan, co-founder and Managing Principal David Goss, Managing Partner Ted Stratman, Managing Partner Lucas Fryman and Associate Max Grossman represented both the seller, Ernst Development, and the private buyer in the transaction. 

“The seller achieved very strong prices for these properties, demonstrating continued demand for cash-flowing assets with a small value-add component, particularly in this submarket,” said Stratman. “By leveraging our network, we were able to procure a buyer focused solely on Marquette Park, where fewer buildings of this size are available. The buyer’s ability to acquire three of them in a single transaction created additional economies of scale that made the portfolio especially attractive.” 

 The three buildings, whose units range from studios to two-bedrooms, were constructed in the 1920s and underwent renovations between 2018 and 2020, with updates to kitchens, baths and many common areas as well as improvements to building systems. The buyer plans to continue the in-unit renovations. Together, the buildings were 95% occupied at the time of sale.  

Nearby bus routes connect to the Red and Orange lines, offering service to downtown Chicago. The properties also offer proximity to Midway International Airport — about 2.5 miles to the west — and major thoroughfares including the Stevenson and Dan Ryan expressways. 

These three properties were part of an original 10-building portfolio. Five of the other properties are under contract, according to Stratman, but a 55-unit building at 6710 S. Claremont Ave. and a 26-unit building at 7919 S. Wood St. are available for sale.

Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of 7070 N. Sheridan Road, a 24-unit rental community in Chicago’s Rogers Park neighborhood that overlooks Loyola Park and offers views of Lake Michigan. The asset sold for $3.5 million, or $145,833 per unit.

Interra Senior Managing Partner Joe Smazal represented both the private seller, who had owned the property for more than 30 years, and Chicago-based Becovic Management Group, the buyer. The building was fully occupied at the time of closing. 

“Demand is high for mid-market multifamily buildings in North Side neighborhoods,” said Smazal. “7070 N. Sheridan Road is similar to other properties recently acquired by the buyer. We marketed the building to our large pool of investors, including Becovic, a long-term holder of apartment properties with an established presence in Rogers Park, and received multiple written offers in a short timeframe."

Built in 1960, 7070 N. Sheridan Road offers 21 two-bedroom, 1½-bath apartments and three one-bedroom, one-bath units. Residences feature hardwood floors and spacious floor plans that include dining areas. The four-story building provides on-site laundry and 20 surface parking spaces in the rear of the property. 

Located a block south of Touhy Avenue, 7070 N. Sheridan Road is along the 147 CTA bus route and a short walk to the Morse Red Line station. Loyola University is a half-mile south of the property, while Loyola Park and Loyola Beach are located just across Sheridan Road, directly in front of the building. 

About Interra Realty:

Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $1 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com.

Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of 6415-25 N. Richmond St., a 37-unit rental community in Chicago’s West Rogers Park neighborhood. The asset sold for $4.27 million, or $115,405 per unit, making it the largest multifamily sale in West Rogers Park by total price and unit count so far in 2019, according to CoStar data.

Interra Senior Managing Partner Joe Smazal represented both the private seller and private buyer in the transaction. The building was 95% occupied at the time of closing.

“Investor demand for stabilized assets in North Side submarkets like West Rogers Park is strong because rents in these areas have been slower to rise, making them an attractive option for renters and leaving room for future price appreciation,” said Smazal. “6415-25 N. Richmond is a well-maintained building that had been owned by the seller for 25 years. We marketed the property to our extensive network of buyers and received multiple offers.”

Built in 1937, 6415-25 N. Richmond offers 24 one-bedroom and 13 two-bedroom apartments, each with one bath. Residences feature hardwood flooring, steam heat and vintage architectural details. The three-story building provides on-site laundry and includes two open courtyards for resident use.

Located a half-block north of Devon Avenue, between California and Kedzie avenues, 6415-25 N. Richmond offers access to several CTA bus routes, providing direct service to Loyola University, less than 3 miles east of the property. Several multicultural restaurants and shops are also located nearby along Devon, while retail centers including the Lincoln Village Shopping Center and Lincolnwood Town Center are a short drive away.

Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it has brokered three multifamily transactions totaling $5.5 million in Chicago’s Edgewater and Rogers Park neighborhoods. The properties, located at 5547 N. Lakewood Ave., 1619 W. Lunt Ave. and 7423 N. Rogers Ave., were fully occupied at closing and marketed by Interra as value-add investments.

“Multifamily investors in search of higher yields continue to seek out opportunities on Chicago’s North Side,” said Craig Martin, managing partner at Interra. “While the influx of capital to neighborhoods like Edgewater and Rogers Park is well underway, there are still plenty of older buildings in need of renovation, making it possible for buyers to substantially increase net operating income.”

5547 N. Lakewood: Located in Andersonville, part of the broader Edgewater community, this four-story, 16-unit walkup sold for $2.6 million, or $162,500 per unit. Built in 1937, the building has three studios and 13 one-bedroom units. The seller was the estate of Victoria Altman, represented by Interra’s Martin, while the buyer was a venture led by Joe Hayes and Mike Cavanaugh, also represented by Martin.

“This asset presented an incredible value-add opportunity at a lower price per unit,” Martin said. “Significant updates and repairs will be made to the building and units, after which owners can raise rents to market rates. In addition, the building’s one-bedroom apartments are very large, enabling the new owner to convert them to two-bedroom units if desired and realize an even better return on investment.”

5547 N. Lakewood offers proximity to the Bryn Mawr Red Line station and Lake Shore Drive. In addition, the property is within walking distance of the lakefront and shopping, dining and nightlife throughout Andersonville.

1619 W. Lunt: Built in 1931, this 10-unit building sold for $1.3 million, or $130,000 per unit. It includes one studio, six one-bedroom and three three-bedroom apartments. Martin and Brian DiBasilio, a director at Interra, represented the private seller and buyer.

“This was a very well-maintained property, yet there was upside potential through unit renovations,” Martin. “In addition, the new owners will be converting the large one-bedroom apartments into two-bedroom units.”

The property is close to multiple bus routes, the Morse Red Line station and Rogers Park Metra stop, which is serviced by the Union Pacific North Line.

7423 N. Rogers: This four-story, 16-unit property was built in 1926 and traded for $1.46 million, or $91,438 per unit. It includes four one-bedroom and 12 two-bedroom apartments, which will be upgraded by the new owners along with common areas and mechanicals. Martin represented the private buyer as well as sellers Gary and Bella Goland.

“This building was another example of the rent growth potential available with these properties,” said Martin. “Apartment investors are now realizing that many areas within the neighborhood are solid places to invest, modernize and hold for the long term.”

The property is steps from CTA bus routes along Clark Street and Rogers Avenue and a short walk from the Howard L station, which is serviced by the Red, Purple and Yellow lines.

Interra Realty, a Chicago-based commercial real estate investment services firm, today announced the expansion of its brokerage team with two new associate brokers, Michael Duckler and Mark Dykstra. 

“As we continue to expand, it’s imperative for us to hire and develop young talent who will fuel our next chapter of growth,” said David Goss, co-founder and managing principal of Interra Realty. “Michael and Mark will work alongside senior brokers to learn the Interra way, delivering the same personalized service and hyperlocal expertise that, together, differentiate our firm. This results in a sustainable, scalable business model that is driven more by long-term relationships than individual transactions.”

Duckler most recently was an agent with CAA Brand Consulting, the Los Angeles- and Chicago-based entertainment and sports marketing agency within Creative Artists Agency, where he developed strong client service, marketing and management skills. He was promoted to that role from account coordinator, with clients that included PepsiCo and HBO. Duckler grew up in Chicago and earned a bachelor’s degree in marketing from Indiana University. He is a licensed real estate broker in Illinois.

Dykstra recently earned his bachelor’s degree in management from Indiana University. While in college, he had several internships in investing, proptech, and tax and accounting. A native of the Chicago suburbs, Dykstra now lives in Lincoln Park. He also is a licensed real estate broker in Illinois.

“In recent years, we’ve become known for identifying and developing talent, with many brokers going on to become top producers – often early on in their careers,” Goss continued. “That’s been one of the major reasons for our success. By investing in our team, we improve the service we’re able to deliver to clients.”

Interra has increased its team over the last three years in response to continued investor appetite for middle-market multifamily properties in Chicago and the suburbs. Interra is No. 1 in several Chicago submarkets by number of transactions and dollar value, and has closed many of the largest deals by building and on a per-unit basis.

Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it has brokered the $16.8 million, 238-unit sale of Shorewind Towers, located at 7000 South Shore Drive, and Shorewind Court, nearby at 6951 S. Oglesby Ave., in Chicago’s South Shore neighborhood. The two-property transaction was the largest by dollar amount and unit count in the submarket since 2009, according to CoStar. 

The seller, Chicago-based TLC Management Company, was represented by Interra’s Joe Smazal, senior managing partner; Lucas Fryman, director; Jon Morgan, co-founder and managing principal; and David Goss, co-founder and managing principal. The buyer, San Francisco-based Belveron Partners LLC, was represented by Interra’s Pat Kennelly, managing partner, and Paul Waterloo, director. 

“This sale underscores the rising profile of South Shore in the eyes of both local and out-of-state investors,” said Smazal, adding that between 25 and 30 prospective buyers toured the property, with nine submitting written offers. “Rents and property values have been slower to appreciate in some of these South Side neighborhoods, so there’s more upside for buyers willing to venture outside Chicago’s downtown core. In the case of the Shorewind properties, the proximity to the lakefront and planned developments like the Obama Presidential Center and Tiger Woods-designed golf course also supports long-term value.” 

Shorewind Towers is a 16-story, 178-unit building that was completed in 1927 and includes a mix of studio and one- to four-bedroom apartments. The property was designed by the famed architectural firm of McNally & Quinn and featured in the 2004 book Chicago Apartments: A Century of Lakefront Luxury. Shorewind Court Apartments, located just down the block from Shorewind Towers, is a three-story, 60-unit community built in 1920 and comprising studio, one-, two- and three-bedroom units. Also included in the sale was a gated parking lot at 2344 E. 70th Place. 

Amenities shared by the two buildings include a fitness center, business center, on-site laundry, on-site management office, package delivery system and bike storage, many of which are unique offerings in the submarket.  

“These communities are an ideal opportunity to invest in well-located, well-constructed properties in a city where we are always looking for more ways to be involved,” said Paul Odland, founding partner and president of Belveron Partners, a privately held firm focused on preserving affordable and workforce housing across the U.S. “Shorewind suits our mission of investing in low- and middle-income rental housing, ensuring that current residents of neighborhoods like South Shore are not displaced by future development.” 

The Shorewind properties are within walking distance to several CTA bus routes, including express routes to downtown, as well as the Metra Electric District line, which connects to Millennium Station. Also nearby is the southern terminus of the Lakefront Trail, an 18-mile path that extends north along the Lake Michigan shoreline to Ardmore Avenue.