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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.”
- ◦Sale/Acquisition
