Strong Investor Appetite Leads to Lincoln Park Multifamily Sale
Interra Realty brokered the $8.18-million sale of a 51-unit multifamily property in Chicago’s Lincoln Park neighborhood. The property, 2718 N. Hampden Ct., traded for $160,392 per unit.
Managing partner Craig Martin represented the seller, the Manilow family, second-generation owners who are planning to condense their real estate portfolio. The winning bidders, investors Gabe Horstick and Edwin Vdovets,also represented by Martin, will gut-renovate the building and add condo-quality finishes in the units.
“Investor appetite for Lincoln Park properties remains strong, which is apparent by the multiple walk-throughs and offers we received,” said Martin. “What we’ve seen from this portfolio is that well-located assets will continue to be in demand, despite the challenges of rising interest rates.”
2718 N. Hampden comprises all one-bedroom units. The property is located off Clark Street, with numerous restaurants, shops and grocery stores nearby, and is less than a mile walk from the Lincoln Park Conservatory.
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).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!