Apartment Sale is Lincoln Park’s Biggest This Year
Interra Realty brokered the sale of 1540 Fullerton, a four-story, 25-unit rental community at 1540 W. Fullerton Ave. in Chicago’s west Lincoln Park neighborhood. The asset sold for $10.635 million, or $425,400 per unit, reportedly the neighborhood’s largest multifamily sale year to date.
Interra Senior Managing Partner Joe Smazal represented the private seller in the transaction, while director Jeremy Morton and managing partner Ted Stratman advised the undisclosed buyer. The building’s residential units and a 965-square-foot commercial space were fully occupied at closing.
“This stabilized, newly-constructed rental community is exactly the kind of property today’s middle-market multifamily investor is seeking,” said Smazal. “There’s an enormous demand for high-quality buildings in core Chicago locations like Lincoln Park. We brought the asset to our network of investors and quickly procured multiple written offers.”
Completed in 2015, 1540 Fullerton offers 12 two-bedroom and 12 three-bedroom apartments, each with two baths.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).