Interra Realty Brokers Sale of Vintage Chicago Community

An affiliate of LEM Equities paid $2.9 million for the mixed-use building. The deal resulted in one of the highest per-unit prices in the Bucktown neighborhood.
2048 N. Damen Ave.

Interra Realty has represented both the buyer and the seller in a $2.9 multifamily deal in Chicago’s Bucktown neighborhood. The buyer, an affiliate of LEM Equities, paid one of the highest per-unit prices in the Bucktown neighborhood, approximately $483,000. All units were gut-rehabbed in 2016.

The mixed-use property is located at 2048 N. Damen Ave. and includes 1,100 square feet of ground-floor retail leased to CBD Kratom. The second and third floors consist of two- and three-bedroom apartments that feature condo-quality finishes and amenities, such as quartz countertops, stainless steel appliances, hardwood flooring and in-unit laundry.

The property is located 10 miles northwest of downtown Chicago and offers residents proximity to dining, entertainment and shopping venues. The CTA Blue Line connects it to Chicago’s Loop and other popular neighborhoods.

Bucktown remains a highly sought-after location for investors, and this deal demonstrates their unwavering interest in acquiring gut-rehabbed, stabilized properties in this type of A-plus neighborhood,” said Ted Stratman, managing partner with Interra, in a prepared statement. 

Stratman and Interra Director Jeremy Morton directed the transaction.  Northwest Chicago has been an active market for the brokerage firm. 

Image courtesy of Interra Realty

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