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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.
- ◦Sale/Acquisition
