Interra Closes $12M Sale of Lakeview Mixed-Use Building

Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of The Bel, a mixed-use building at 937-41 W. Belmont Ave. featuring 37 apartments and two ground-floor commercial spaces. The property sold for $12.125 million, equating to $310,897 per unit.

Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra brokered the deal on behalf of the local private buyer. Smazal, Dykstra and Managing Partner Lucas Fryman represented the confidential seller, a local private developer.

“There has been little new supply to meet renter demand in Chicago neighborhoods like Lakeview, which is one of the reasons why this building attracted incredible interest and generated multiple written offers,” said Smazal.

Built in 2019, the transit-oriented development includes eight studios, 27 one-bedroom and two two-bedroom layouts, as well as two retail spaces totaling approximately 4,000 square feet. The commercial units are leased to Pedestrian Coffee and Devil Dawgs.