Interra Closes 3 Chicago Sales
- Jul 17, 2018
Interra Realty has arranged the sale of three communities in the Chicago area for a combined price of $10.1 million. The property which sold for the highest price —$4.8 million—is located in Evanston, Ill. The other two are situated in Chicago’s North Side neighborhoods of Avondale and Rogers Park and changed hands for $3.1 million and $2.1 million. The assets total 76 units.
Managing Partner Joe Smazal represented the buyers—Illinois investors—in all three transactions as well as the sellers in the Avondale and Rogers Park sales. Managing Partner Patrick Kennelly and Director Paul Waterloo worked on behalf of the owner of the Evanston community.
The Evanston asset is located at 222-240 Asbury Ave. and encompasses 34 units. Built in 1958, the property features one- and two-bedroom units which offer condo-quality finishes such as stainless steel appliances, granite countertops, ceramic tile in kitchens and bathrooms, and hardwood flooring. The price per unit, $142,000, was 115 percent over the average price of recent condominium sales at the property ($66,000).
The Avondale community is located at 3149 N. Springfield Ave. and includes 23 units. The vintage property was completed in 1932 and features spacious studio, one- and two-bedroom layouts as well as a gated entrance. Residents are within walking distance of the Belmont Blue Line station, as well as restaurants and shops along Milwaukee and Belmont avenues.
“Avondale’s recent recognition nationally as an up-and-coming neighborhood has attracted great investor interest to the area. Neighboring Logan Square and Roscoe Village experienced rapid increases in property values, and we anticipate Avondale will mimic that price appreciation. Buyers were also attracted to this building for its rarely available size,” said Smazal in prepared remarks.
The third property is a four-story, 19-unit building at 7735-57 N. Sheridan Road, a few miles from another asset that Interra helped sell for $16.5 million at the end of last month. It is also approximately 500 feet from Lake Michigan and very close to the Howard CTA station, Juneway Beach and Rogers Beach Park. The community was completed in 1917 and was 95 percent occupied at the time of sale.
Images courtesy of Interra Realty
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