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Chicago & Midwest  + North Side  + Apartments  | 

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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About Paul Bubny

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).

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