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Recently Renovated Uptown Apartments Fetch $5M

Interra Realty brokered the sale of a 42-unit multifamily property in Chicago’s Uptown neighborhood. The building sold for $5.2 million, or $123,809 per unit. 

Joe Smazal, senior managing principal with Interra Realty, represented the private local seller. Smazal also represented the buyer, a local private investor.  

The building, located at 4070 N. Kenmore Ave. in Uptown’s Buena Park section,was constructed in 1929 and recently renovated. It was fully occupied at the time of sale. All 42 units are studio apartments. As part of the transaction, the buyer assumed the existing loan on the asset, which had a below-market-rate and favorable fixed term remaining. 

“This property presented a unique opportunity, as it has recently undergone renovations but still allows the new owner room to correct the loss to lease in the rent roll,” said Smazal. “The ideal location, capital improvements and value-add potential all resulted in significant investor interest.” 


Inside The Story

Interra Realty

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 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).