Lakeview Sale Illustrates Demand for Well-Located Apartments
Interra Realty brokered the sale of 700 W. Grace St., a 16-unit rental property in the North Side’s Lakeview neighborhood. The $5.73-million sale price equates to $358,125 per unit.
Joe Smazal, Interra senior managing partner, represented both the East Coast-based seller and the private local buyer.
“This deal illustrates just how much demand there is for well-located multifamily properties, particularly in Chicago’s neighborhoods, where occupancies and collections have held up well over the past year,” said Smazal. “Our proactive marketing efforts generated multiple competitive written offers.”
Constructed in 1916, the three-story 700 W. Grace is located at the southeast corner of Grace Street and Pine Grove Avenue. The apartments were fully occupied at the time of sale.
In the past four years, Smazal—a 2021 Top Broker—has closed $139 million of multifamily transactions in the Lakeview, Buena Park and Lincoln Park neighborhoods.
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).