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Bucktown MXU Fetches More Than $480K Per Unit
A mixed-use property in Chicago’s North Side’s Bucktown neighborhood has traded for one of the highest per-unit prices on record for the area. An Interra Realty team of Ted Stratman and Jeremy Morton arranged the sale of 2048 N. Damen Ave. for $2.9 million, or $483,000 per unit.
Stratman and Morton represented both the buyer, an affiliate of LEM Equities, and the private seller. The vintage building includes 1,100 square feet of ground-floor retail and five apartments that were gut-rehabbed in 2016.
“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 Stratman.
“The quality of the building, particularly compared with others nearby, contributed to the high level of investor interest we received,” said Morton. The property represented an entry into the market for LEM, which had sought to expand into Chicago.
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- ◦Sale/Acquisition
