Lakeview Multifamily Sale is Submarket’s Largest in a Year
Interra Realty brokered the $28-million off-market sale of 944-54 W. Grace St., a fully leased, 80-unit rental community in Chicago’s Lakeview neighborhood, about a block north of Wrigley Field. It is the submarket’s largest multifamily transaction in more than a year, according to CoStar Group data.
Senior managing partner Joe Smazal represented both the seller, an entity of Chicago-based Mo2 Properties, and the buyer, an affiliate of Chicago-based Beal Properties, a private real estate investor led by Bill Silverstein. The new owner plans to make cosmetic improvements to the property’s exterior and rebrand it as The Nines on Grace.
“The market for Chicago multifamily assets remains strong, with buyers favoring well-located, core investments,” said Smazal. “Properties in the area surrounding Wrigley Field have benefitted from continued development that has brought numerous retail and restaurant offerings to the neighborhood, which also offers easy access to public transit and the lakefront.”
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).