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North Side Apartment Building Sells for $11M
Interra Realty has brokered the $11.2 million sale of a multifamily property at 452 W. Oakdale Avenue in Chicago’s Lakeview East neighborhood. The 48-unit building traded in an off-market deal for $233,646 per unit.
Interra Senior Managing Partner Joe Smazal represented the buyer, Beal Properties, a Chicago-based private investment firm owned by Bill Silverstein. Smazal also represented the seller, a local investment group led by Cagan Management.
“With very little supply coming online on the city’s North Side, the investment outlook is strong for well-located midsize apartment properties,” said Smazal. Constructed in 1971, the property includes 16 studios and 32 one-bedroom units. All apartments were occupied at the time of sale.
452 W. Oakdale is surrounded by Lakeview East’s numerous dining, shopping and entertainment options and is within walking distance of the Lincoln Park Zoo, Diversey Harbor and North Avenue Beach. The property is served by the CTA’s Wellington Brown Line station and multiple bus routes.
