Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Edgewater Apartments Sale Mixes New and Old Stock
Connect Apartments is coming up on June 26th in Los Angeles. Here’s a link to find out more about the conference and to register.
Interra Realty has brokered the sale of 44 apartments and three retail spaces in the 5400 block of North Broadway Avenue in Chicago’s Edgewater neighborhood. One buyer purchased the two adjacent mixed-use properties: a modern, four-story building at 5427-37 N. Broadway for $15.8 million, and a vintage three-story building at 5439 N. Broadway for $745,000.
Craig Martin and Brian DiBasilio, directors of Interra, represented both buyer and seller, who were not disclosed, in the transaction. “We added value for the investor by negotiating the purchase of the abutting three-flat along with the acquisition of Broadway Place,” said Martin. “We also helped the buyer navigate a loan assumption, allowing them to benefit from the seller’s existing interest rate, which is lower than prevailing market rates.”
Martin added that the sales represented “a mix of what’s happening in Edgewater as a whole: new development and redevelopment of existing stock. Investors are attracted to the area for its proximity to transportation, the lakefront and other popular neighborhoods like Andersonville.”
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
