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Lincoln Park Sale Reaches Pricing High Point
Interra Realty brokered the $5.78-million sale of 1513-17 W. Diversey Parkway, a 12-unit luxury apartment building in Lincoln Park. The price per unit was $481,250, reportedly the highest in the submarket in four years.
Director Jeremy Morton and managing partner Ted Stratman represented the seller, a private local real estate developer, using a virtual tour and marketing campaign that attracted multiple offers. The winning buyer was a private investor from California who purchased the property in a 1031 exchange.
“That we achieved this price in the middle of a pandemic attests to the stability of multifamily, particularly in a core neighborhood like Lincoln Park,” said Morton. “The 1031 buyer was looking for a turnkey property to buy and hold for the long term, and 1513-17 W. Diversey fit the bill. By appealing the property’s assessed value, which is currently inflated, the buyer should be able to reduce future tax obligations.”
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- ◦Sale/Acquisition
