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Vintage Apartment Community in Lincoln Park Sells for $9.6M
Interra Realty brokered the $9.6 million sale of a 28-unit multifamily property in the Lincoln Park neighborhood. The deal comes on the heels of several residential transactions completed by the firm in Chicago’s North Side. The sale equated to $342,857 per unit.
Interra Senior Managing Partner Joe Smazal represented Chicago-based ICM Properties in the acquisition. Smazal also represented the local private seller in the off-market deal. “Multifamily investors, particularly those with a long-term hold strategy, are showing increasing bullishness for well-located assets in Chicago,” said Smazal.
Located at 1900-16 N. Lincoln Avenue, the property includes a mix of studio, one-bedroom and two-bedroom apartments. The building, which was constructed in 1906, was fully occupied at the time of sale. The property is situated near neighborhood amenities, including North Avenue Beach and the Lincoln Park Zoo, as well as dining, shopping, and entertainment options.
