Interra Realty has facilitated the $5.8 million sale of a three-story, 32-unit apartment building in Chicago’s Uptown neighborhood. The community is located at 5022-30 N. Winthrop Ave., approximately three miles north of another vintage condominium building that the firm helped sell for $13.7 million earlier this year.
Managing Partner Brad Feldman and Director Adam Saxon represented the buyer, an LLC that bought the vintage building as part of a 1031 exchange. Joe Smazal, also a managing partner with Interra, worked on behalf of the sellers.
“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 in a prepared statement. “The building’s proximity to Lake Michigan was another big selling point.”
The asset was completed in 1916 and features only two-bedroom units equipped with updated kitchens, central heating and air conditioning as well as in-unit laundry. Recent renovations to the building included new windows, new decks and an intercom entry system.
The community is connected to downtown Chicago via the Argyle Red Line station, which is less than one block away. Some nearby attractions include the Aragon Ballroom, Riviera Theatre, Challenger Park, Lakefront Trail and Foster Beach.
Image courtesy of Interra Realty
If you’d like to be featured in Brokers’ Corner, send your deal to [email protected].