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Interra Closes on Reinstated Deal for Logan Square Apts.
Interra Realty brokered the $2.075-million sale of 3821-23 W. Wrightwood Ave., a 13-unit multifamily building in Logan Square. The price per unit was $159,615.
Senior managing partner Joe Smazal represented both the private seller and buyer, who acquired the property as part of a 1031 exchange. Originally scheduled to close in April, the sale was canceled in March due to the COVID-19 pandemic.
After the property and market performed well in the months that followed, the deal was reinstated at the original price and terms in late June.
“The buyer owns properties throughout the city and knows Logan Square is increasingly drawing renters willing to pay higher prices for quality residences,” said Smazal. “Although the deal initially went off the track when the pandemic hit, the buyer knew the building was a good long-term investment and came back to the table with equity from the sale of a Lakeview property.”
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- ◦Sale/Acquisition
