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Interra Brokers North Side Apartment Building Sale
Interra Realty brokered the $2.25 million sale of a seven-unit apartment building in Chicago’s Old Town neighborhood. The transaction equated to $321,428 per unit.
Interra Director Harrison Pinkus represented the confidential seller. Senior Managing Partner Joe Smazal represented the private buyer, who assumed the debt from the seller. The property, located at 1338 N. LaSalle Street, was built in the 1880s and recently rehabilitated.
“This submarket has seen very low sales velocity recently, and it’s rare to find a middle-market property of this size and quality in this area,” said Pinkus. “Those factors led to numerous tours and offers, as did the assumable debt component, which buyers are increasingly open to in this high-interest-rate environment.”
The property features two one-bedroom units, four two-bedroom units and one four-bedroom unit. Refurbishments included updated floors, new kitchens and individual HVAC. The building envelope went through extensive renovations with new porches, a new roof and facade work.
