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Lakeview Apartment Building Sells for $17.5M
Interra Realty brokered the $17.5 million sale of a 60-unit multifamily building in Chicago’s Lakeview East neighborhood. The transaction equated to $291,667 per unit.
The firm’s Managing Partner Craig Martin and Senior Managing Partner Joe Smazal represented the buyer, Beal Properties, a Chicago-based private investment firm owned by Bill Silverstein. Martin and Smazal also represented the seller, Horizon Realty Group. “The fact we were able to secure an offer very close to asking price after only two weeks on the market demonstrates the continued demand for high-quality assets in desirable neighborhoods,” said Martin.
Located at 528 W. Oakdale Avenue., the elevator building includes 20 studios, 36 one-bedrooms and four two-bedrooms. Constructed in 1970, the property has undergone a full modernization over the past 18 months. The building is surrounded by dining, shopping and entertainment options and situated within walking distance of the Lincoln Park Zoo, Diversey Harbor and North Avenue Beach.
