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Buena Park Rentals Trade After Less Than Week on Market
Interra Realty has brokered the sale of 820-26 W. Cuyler Ave. in Buena Park, one of the neighborhood’s largest multifamily deals in two years. The 43-unit rental property, less than a mile north of Wrigley Field, traded for $8.2 million after less than a week on the market.
Senior managing partner Joe Smazal represented the seller, an LLC controlled by Chicago-based Mo2 Properties. Smazal and associate, Harrison Pinkus, also represented the private local buyer, which purchased the property through a 1031 exchange.
“The short market time demonstrates how multifamily investors are actively seeking deals near, but not necessarily in, core neighborhoods, where prices are higher despite offering similar amenities and lifestyle benefits,” said Smazal. For 820-26 W. Cuyler, “a location about a block away from Wrigleyville offers higher yield for the investor and lower rents for tenants, who are within walking distance of bars, restaurants and nightlife surrounding Wrigley Field.”
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- ◦Sale/Acquisition
