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Chicago & Midwest  + Downtown  + Apartments  | 

Interra Brokers Deal for New-Build River North Rentals

Interra Realty brokered the $9.58-million sale of 943 N. Crosby St., a 27-unit rental community in River North. The price per unit, including a street-level commercial space, was $342,419.
 
The firm’s Joe Smazal represented the buyer, Recon Properties LLC, owned by Michael Arrington, who was seeking a replacement property as part of a 1031 exchange. Smazal identified this off-market asset based on his existing relationship with seller Bryan Schroeder, owner of Metro Park LLC, which he also represented.
 
Built in 2018, the property is the first middle-market multifamily asset to trade hands in River North in nearly three years, according to CoStar Group data. Rent collections have remained strong even amid COVID-19, said Smazal.
 
“There are a limited number of newly constructed, boutique-sized apartment buildings in this part of the city, which makes them especially appealing to investors when they become available,” Smazal said.


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About Paul Bubny

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).

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