Interra Realty Sells 2 Chicago Assets
- Jun 25, 2018
Interra Realty has brokered the sale of two multifamily buildings located along North Broadway Avenue in Chicago’s Edgewater. The transaction closed at a combined $16.5 million. One of the assets is a modern, four-story property encompassing 42 units and two ground-floor retail spaces. The other is a vintage three-story building, which offers two units.
“These sales represent a mix of what’s happening in Edgewater as a whole—new development and redevelopment of existing stock. Investors are attracted to the area for its proximity to transportation, the lakefront and other popular neighborhoods like Andersonville,” said Craig Martin, a director with Interra, in prepared remarks.
The four-story building, called Broadway Place, is located at 5427-37 N. Broadway Ave. It was built in 2015 and offers a combination of two- and three-bedroom units featuring high ceilings, in-unit laundry and open-concept designer kitchens. In addition to the residential component, there is more than 5,000 square feet of retail space, part of which is leased to a day care center. The asset also provides a rooftop deck and 42 parking spaces.
The adjacent property has been recently renovated and offers 1,800 square feet of retail space. The two units feature updated kitchens with maple cabinetry, granite countertops and stainless-steel appliances, hardwood floors and in-unit laundry.
Several grocery stores, including a Jewel Osco, coffee shops, restaurants and retail businesses along Andersonville corridor are located nearby. Residents can also walk to the nearest CTA bus stop on Broadway, the 18-mile Lakefront Trail and the beaches located along the shores of Lake Michigan.
“Broadway Place offers the kind of space young families seek—large floor plans with three bedrooms. Also, a lot of young professionals have discovered the benefits of living in Edgewater after being priced out of other neighborhoods,” added Martin, who represented both sides in the deal along with Co-Director Brian DiBlasio. This deal comes one month after the company arranged the sale of a 32-unit vintage asset in Chicago’s Uptown neighborhood.
Image courtesy of Interra Realty